XML 21 R14.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Long-term debt | 6 Months Ended
--- | ---
Jun. 30, 2024
Debt Disclosure [Abstract] |
Long-term debt | 6. Long-term debt The carrying values of the Company's outstanding debt obligations as of June 30, 2024, and December 31, 2023, were as follows:
(U.S. Dollars, in thousands) |  | June 30, 2024 |  |  | December 31, 2023 |
|  | (Unaudited) |  |  |  |
Initial Term Loan and Delayed Draw Term Loan |  |  |  |  |  |
Principal amount |  | $ | 125,000 |  |  | $ | 100,000 |
Unamortized original debt discount |  |  | (3,769 | ) |  |  | (4,331 | )
Unamortized debt issuance costs and lenders fees |  |  | (3,228 | ) |  |  | (1,312 | )
Total indebtedness from initial term loan and delayed draw term loan |  |  | 118,003 |  |  |  | 94,357 |
Revolving Credit Facilities |  |  |  |  |  |
Principal amount outstanding |  |  | — |  |  |  | — |
Total indebtedness outstanding |  | $ | 118,003 |  |  | $ | 94,357 |
Current portion of long-term debt |  | $ | 4,688 |  |  | $ | 1,250 |
Long-term debt |  |  | 113,315 |  |  |  | 93,107 |
Total indebtedness outstanding |  | $ | 118,003 |  |  | $ | 94,357 |
On January 10, 2024, the Company borrowed $15.0 million under its senior secured revolving credit facility (the "Revolving Credit Facility") as part of its Financing Agreement with Blue Torch Finance LLC. On March 22, 2024, the secured delayed draw term loan facility (the "Delayed Draw Term Loan") of $25.0 million was fully funded and the proceeds were used to repay the $15.0 million outstanding under the Revolving Credit Facility. The Financing Agreement contains financial covenants requiring the Company to maintain a minimum level of liquidity at all times, a maximum consolidated leverage ratio (measured on a quarterly basis), and a minimum asset coverage ratio (measured on a monthly basis). As of June 30, 2024, the Company was in compliance with all required financial covenants. On March 15, 2024, the Company entered into Amendment No.1 to the Financing Agreement with Blue Torch Finance LLC (the "First Amendment"). Under the terms of the First Amendment, the parties agreed to reduce the number of business days to submit a notice of borrowing for the Delayed Draw Term Loan, and redefine certain terms within the asset coverage financial covenant. The maturity date remains November 6, 2027, for each of the Initial Term Loan, Delayed Draw Term Loan, and Revolving Credit Facility. As of June 30, 2024, the Company had no borrowings on its available lines of credit in Italy, which provide up to an aggregate amount of €5.5 million ($5.9 million).

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/470/tableOfContent + Details
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration