XML 25 R14.htm IDEA: XBRL DOCUMENT v3.22.1
Interest Expense
 3 Months Ended
Mar. 31, 2022
Interest and Debt Expense [Abstract]  
Interest Expense Interest Expense
The following table presents the components of interest expense: 
For the Three Months
Ended March 31,
20222021
 (Dollars in thousands)
Interest incurred on debt$11,358 $16,865 
Accretion of original issue discount on 2018 Term Loan Facility527 1,271 
Amortization of debt issuance and modification costs1,244 4,031 
Mark-to-market gain on de-designated interest rate swap(3,917)— 
Total interest expense$9,212 $22,167 
Interest Rates
The 2020 Senior Secured Notes carry a fixed interest rate of 4.625%. The 2018 Term Loan Facility had an effective interest rate of 3.50% as of March 31, 2022 and December 31, 2021. See Note 4, "Debt and Liquidity" for details of these transactions.
During the three months ended March 31, 2022 we made prepayments for a total of $70.0 million, under our 2018 Term Loan Facility. In connection with this, we recorded $0.3 million of accelerated accretion of the original issue discount and we recorded $0.5 million of accelerated amortization of the debt issuance costs.
During the three months ended March 31, 2021 we made prepayments for a total of $150.0 million under our 2018 Term Loan Facility. In connection with this, we recorded $0.9 million of accelerated accretion of the original issue discount and $1.5 million accelerated amortization of the debt issuance cost. We also recorded $1.6 million of modification costs related to the 2018 Term Loan Facility repricing in the first quarter of 2021. See Note 4, "Debt and Liquidity" for details of the Second Amendment.
The Company has several interest rate swap contracts to fix the cash flows associated with the risk in variability in the one-month USD London Interbank Offered Rate for the 2018 Term Loan Facility. See Note 9, "Fair Value Measurements and Derivative Instruments" for details of these transactions.