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Borrowings (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Summary of Borrowings under Credit Agreement

As of December 31, 2020 and December 31, 2019, total borrowings under the Successor Credit Agreement consisted of the following, respectively:

		December 31, 2020		December 31, 2019
Non-current indebtedness:
Term Loan		$262,653,996		$208,937,500
Revolving Credit Facility		—		10,000,000
Total borrowings under credit facility (1)		262,653,996		218,937,500
Less: Current maturities of long-term debt (2)		6,760,650		5,500,000
Less: Long-term loan debt issuance cost (3)		5,940,600		5,494,795
Total non-current borrowings		$249,952,746		$207,942,705

⁽¹⁾ The Term Loan, Delayed Draw Term Loan and Revolving Credit Facility bear interest, at variable rates, which were 3.65% and 5.26% as of December 31, 2020 and December 31, 2019, respectively

⁽²⁾ Pursuant to the terms of the Successor Credit Agreement, the Successor was 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 $1.4 million and $0.6 million of interest expense for the amortization of deferred debt issuance costs for the year ended December 31, 2020, and the period from July 11, 2020 to December 31, 2019, respectively. The Predecessor incurred $0.2 million for the period from January 1, 2019 to July 10, 2019.

Summary of Principal Maturities of Long-term Debt

Following is a summary of principal maturities of the Term Loans outstanding as of December 31, 2020 for each of the next five years ending December 31 and in the aggregate:

2021		6,760,650
2022		13,521,299
2023		19,831,949
2024		20,056,949
2025		202,483,149
2026		—
		$262,653,996

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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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