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DEBT, NET
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
DEBT, NET DEBT, NET
The carrying values of the Company's debt, net of discounts, deferred financing and debt issuance costs were as follows:

Successor
March 31, 2023December 31, 2022
Term Loan1,2
$360,777 $364,525 
Revolving Facility 50,000 50,000 
Total Debt, net$410,777 $414,525 
1 Includes loan fees of $996 and $1,061, respectively, recorded as a reduction of the carrying amount of the debt and amortized to interest expense using the effective interest method.
2 Estimated fair value of the Term Loan was $317,300 as of March 31, 2023.

On April 10, 2023, Orchid Sub, a wholly-owned subsidiary of the Company, entered into a $20,000 Revolving Note (the “2023 Revolving Note”) with Lone Star Friends Trust (acting by and through its trustee, Stanley Blend, “Lone Star”) and CEE Holding Trust (acting by and through its trustee, Jackson Hole Trust Company, “CEE”, and together with Lone Star, collectively, the “Lenders” and each, a “Lender”), which are trusts established for the benefit of Michael Blend (Chief Executive Officer, co-founder and stockholder) and Charles Ursini (co-founder and stockholder), respectively, in a private transaction approved by the independent and noninterested members of the Company’s Board of Directors (the “Board”). Each Lender provided a $10,000 commitment for an aggregate principal of $20,000 under the 2023 Revolving Note to Orchid Sub on a several but not joint basis (each, a
“Commitment” and, collectively, the “Commitments”). The available balance on the 2023 Revolving Note was $15,000 as of the date of this filing.

As of the date of this filing, the Company is in compliance with all debt covenants.