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DEBT
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
DEBT
NOTE 4 – DEBT
In October 2018, the Company entered into a credit agreement (the “Credit Agreement”) with a lender. Under the terms of the Credit Agreement, we obtained a $34.0 million term loan. In May 2021, the Company amended the Credit Agreement by adding an incremental $52.0 million senior secured term loan, resulting in an $83.6 million term loan in aggregate. The proceeds from this loan plus excess cash on the balance sheet were used to pay a distribution to EBS Parent, LLC (the "Parent") of approximately $59.7 million and the related fees for this transaction. Beginning on June 30, 2021, the quarterly principal payments increased from $100,000 to $212,500.
On August 11, 2022 the Company amended the Credit Agreement to provide for (i) the payment of cash dividends in an amount not to exceed $23.0 million on or prior to September 30, 2022 and (ii) the payment of cash dividends in an amount not to exceed $2.0 million with respect to securities that are not vested at the time such cash dividend is paid. In doing so, the Company incurred an amendment fee of $0.2 million. There were no other changes in the terms of the Credit Agreement during the three and nine months ended September 30, 2022.
Total borrowings as of September 30, 2022 and December 31, 2021 were as follows (in 000’s):
September 30,
2022		December 31,
2021
Term loan$83,625 $84,262 
Unamortized debt discounts and issuance costs(1,173)(1,657)
Total debt, net82,452 82,605 
Less: Current portion(850)(850)
Long-term debt, net$81,602 $81,755 
As of September 30, 2022, the Company had $5.0 million available on the revolving credit facility.
The scheduled future maturities of long-term debt as of September 30, 2022 is as follows (in 000’s):
2022
$212 
2023
83,413 
Total maturities$83,625 
All borrowings under the Credit Agreement are cross collateralized by substantially all assets of the Company and are subject to certain restrictive covenants including quarterly total leverage ratio, fixed charge ratio requirements and a limit
on capital expenditures. The Company is in compliance with all covenants and has no letter of credit outstanding as of September 30, 2022.