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Borrowings (Tables)

6 Months Ended

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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Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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