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Notes Payable
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Notes Payable

14. NOTES PAYABLE

The carrying amounts of the Company's notes payable in its Condensed Consolidated Balance Sheets were as follows:

 

 

 

Fair Value as of

 

 

Carrying Value as of

 

 

Carrying Value as of

 

(In thousands)

 

September 30, 2022

 

 

September 30, 2022

 

 

December 31, 2021

 

Syndicated credit agreement note payable

 

$

29,611

 

 

$

29,782

 

 

$

—

 

Deutsche Bank term loan

 

 

—

 

 

 

—

 

 

 

—

 

Total Notes Payable

 

$

29,611

 

 

$

29,782

 

 

$

—

 

 

Syndicated Credit Agreement Note Payable

 

In September 2018, ADVA entered into a syndicated credit agreement with Bayerische Landesbank and Deutsche Bank AG Branch German Business to borrow $63.7 million. The interest rate for the note payable is adjusted periodically based on a defined leverage ratio and is currently EURIBOR plus 1.35% as of September 30, 2022. The note payable matures in September 2023.

 

Deutsche Bank Term Loan

In October 2019, ADVA entered into a $9.8 million revolving line of credit with Deutsche Bank that bears interest of EURIBOR plus 1.1%. The line of credit matured in September 2022 and was repaid as of September 30, 2022.