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Borrowings (Tables) | 6 Months Ended
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Jun. 30, 2020
Debt Disclosure [Abstract] |
Summary of Borrowings under Credit Agreement | At June 30, 2020 and December 31, 2019, total borrowings under the New Credit Agreement consisted of the following, respectively:
|  | June 30, 2020 |  |  | December 31, 2019 |
Non-current indebtedness: |  |  |  |  |  |  |  |
Term Loan |  | $ | 266,398,321 |  |  | $ | 208,937,500 |
Revolving Credit Facility |  |  | — |  |  |  | 10,000,000 |
Total borrowings under credit facility (1) |  |  | 266,398,321 |  |  |  | 218,937,500 |
Less: Current maturities of long-term debt (2) |  |  | 7,175,650 |  |  |  | 5,500,000 |
Less: Long-term loan debt issuance cost (3) |  |  | 6,693,319 |  |  |  | 5,494,795 |
Total non-current borrowings |  | $ | 252,529,352 |  |  | $ | 207,942,705 |
(1) | The Term Loan, Delayed Draw Term Loan and Revolving Credit Facility bear interest, at variable rates, which were 3.81% and 5.26% at June 30, 2020 and December 31, 2019, respectively
(2) | Pursuant to the terms of the New Credit Agreement, the Company is required to make quarterly principal payments equal to 0.625% of the initial principal amount of the Term Loan and Delayed Draw Term Loan (collectively the “Term Loans”).
(3) | The Company incurred $0.3 million and $0.6 million of interest expense for the amortization of deferred debt issuance costs for the three and six months ended June 30, 2020, respectively. The Company incurred $0.1 million and $0.2 million for the three and six months ended June 30, 2019, respectively.
Summary of Principal Maturities of Long-term Debt | Following is a summary of principal maturities of long‑term debt for each of the next five years ending December 31 and in the aggregate:
2020 |  | $ | 3,744,325 |
2021 |  |  | 10,011,650 |
2022 |  |  | 16,406,137 |
2023 |  |  | 19,248,273 |
2024 |  |  | 19,398,931 |
2025 |  |  | 197,589,006 |
|  | $ | 266,398,321 |

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