Debt

12 Months Ended

Dec. 31, 2020

2019 Revolving Credit Facility

On October 4, 2019, the Company entered into a Credit Agreement with Citizens Bank, N.A., for a $10.0 million Revolving Credit Facility. Borrowings under the Revolving Credit Facility bear interest at a rate equal to, at the Company’s option, either (1) the arithmetic average of the LIBOR rate determined by reference to the costs of funds for U.S. dollar deposits for the interest period (one, three or six months (or 12 months if agreed to by all applicable Lenders)) as selected by the Company relevant to such borrowing plus the applicable margin, or (2) a base rate determined by reference to the greatest of the federal funds rate plus 0.50%, the prime commercial lending rate as determined by the Agent, and the daily LIBOR rate plus 1.00%, in each case plus an applicable margin and subject to a floor of 0.00%. In addition, on a quarterly basis, the Company is required to pay each lender under the Revolving Credit Facility a 0.2% commitment fee in respect of commitments under the Revolving Credit Facility, which may be subject to adjustment based on the Company’s total leverage ratio. The outstanding balance under the Revolving Credit Facility as of December 31, 2020 is $10.0 million.

Convertible Senior Notes

On August 12, 2014, the Company issued $230.0 million aggregate principal amount of its 0.75% Convertible Senior Notes due in 2019 (the “2019 Notes”). The 2019 Notes were paid at maturity on August 15, 2019. The 2019 Notes bore an interest rate of 0.75% per annum payable semi-annually in arrears on February 15 and August 15 of each year. The Company accounted for the $230.0 million face value of the debt as a liability and capitalized approximately $7.1 million of financing fees, related to the issuance.

During the years ended December 31, 2020, 2019 and 2018, interest expense was $0.2 million, $0.4 million, and $1.6 million respectively.

Interest expense

The following table summarizes the Company’s interest expense:


	Twelve Months Ended December 31,
		2020		2019		2018
Convertible Senior Notes
Amortization of debt issuance costs		$	—	$	285	1,294
Interest on borrowings		—		363		1,578
Additional interest on default		—		—		191
2019 Revolving Credit Facility
Amortization of debt issuance costs		52		8		—
Commitment fee		4		5		—
Interest on borrowings		202		3		—
Capital leases		—		—		964
Other*		218		691		884
Total		$	476	$	1,355	$	4,911

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* Mainly finance leases’ related interest expense.