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Long-Term Debt
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
Components of long-term debt were as follows as of June 30, 2023 and December 31, 2022:
June 30,
December 31,
20232022
2021 Senior Secured Notes, non-current$129,671 $289,500 
Unamortized discount and issuance costs(6,523)(16,719)
Long-term debt, non-current$123,148 $272,781 
Open Market Debt Repurchases
During the six months ended June 30, 2023, the Company’s repurchased approximately $159.8 million of its senior secured notes. In connection with the repurchase, the Company’s recognized a gain on extinguishment of $15.2 million on the consolidated statements of operations. The gain primarily reflected the payment discounts as the notes were redeemed for total consideration below the notes par value of the notes as well as the write-off of unamortized debt issuance costs and discounts. The Company’s recognized the gain on debt extinguishment of $15.2 million adjusted for the non-cash write-off of unamortized
discounts of $6.2 million and unamortized debt issuance costs of $2.6 million on the condensed consolidated statements of cash flows for the six months ended June 30, 2023.
2021 Senior Secured Notes
In December 2021, the Company entered into a $300 million of 10.25% secured notes in a private placement to certain institutional buyers. The interest is payable semiannually on June 15 and December 15 of each year, beginning on June 15, 2022. At issuance, the effective interest rate on the notes was 12.14%. The notes will mature on December 15, 2026, unless repurchased or redeemed earlier. On September 1, 2022, the Company repurchased $10.5 million of the principal amount of the 2021 Senior Secured Notes at 69.5% for $7.3 million plus accrued interest of $0.2 million. This resulted in a gain on extinguishment of debt of $2.6 million as the notes were redeemed for total consideration below par value of the notes as well as the write-off of unamortized debt issuance costs and discounts. After giving effect to the 2022 and the 2023 open market repurchases, as of June 30, 2023, $129.7 million of the senior secured notes remained outstanding and the effective interest rate is 12.09%. The secured notes contain customary covenants restricting the Company’s ability to incur debt, incur liens, make distributions to stockholders, make certain transactions with our affiliates, as well as certain other financial covenants. The Company was in compliance with all covenants as of June 30, 2023.
In accounting for the senior secured notes, unamortized discount and issuance costs were deducted from the carrying value in the condensed consolidated balance sheets. Issuance costs was recognized as interest expense over the five-year term of the senior secured notes. The senior secured notes are classified as Level 2 financial instruments, and its fair value is presented for disclosure purposes only. The Company determined the fair value of the notes was $105.7 million as of June 30, 2023 based on secondary market quotes.
Interest is paid semi-annually. Accrued interest as of June 30, 2023 was $0.6 million and was recorded within other current liabilities in the Company’s condensed consolidated balance sheets. $12.1 million cash was paid for interest in the quarter ended June 30, 2023.
The following table outlines maturities of the principle related to the Company’s long-term debt as of June 30, 2023:
Amount
2023 (excluding the six months ended June 30, 2023)$— 
2024— 
2025— 
2026129,671 
Total$129,671