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v3.23.1

LONG-TERM DEBT (Tables) | 3 Months Ended
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Mar. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Long-Term Debt | Long-term debt consists of the following:
(in thousands) |  | March 31, 2023 |  | December 31, 2022
Senior Secured Term Loans |  | $ | 227,204 |  |  | $ | 247,204 |
Less: Debt issuance and amendment costs, net |  | (5,070) |  |  | (878) |
Less: Unamortized discount, net |  | (8,025) |  |  | (833) |
Net Senior secured term loans |  | 214,109 |  |  | 245,493 |
Revolver |  | — |  |  | — |
Less: Debt issuance costs, net |  | (230) |  |  | (263) |
Net Revolver |  | (230) |  |  | (263) |
Total Long-term debt |  | $ | 213,879 |  |  | $ | 245,230 |
Schedule of Debt | The PIK component of the interest rate is subject to adjustment based on the amount of Aggregate Paydowns as set forth in the table below. Based on Aggregate Paydowns of $20 million through March 31, 2023, the PIK component of the interest rate declined to 4.50%.
Aggregate Paydowns | PIK Component of Interest Rate
Less than $20 million | 5.00%
$20 million+ but less than below | 4.50%
$30 million+ but less than below | 3.75%
$40 million+ but less than below | 3.50%
$45 million+ but less than below | 3.00%
$50 million+ but less than below | 2.50%
$55 million+ but less than below | 2.00%
$60 million+ but less than below | 1.00%
$65 million+ but less than below | 0.50%
$70 million+ | 0.00%

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