XML 31 R22.htm IDEA: XBRL DOCUMENT

Notes Payable

12 Months Ended

Dec. 31, 2022

Note 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)	December 31, 2022		December 31, 2022		December 31, 2021
Syndicated credit agreement note payable	$	24,598	$	24,598	$	—
Deutsche Bank term loan		—		—		—
Total Notes Payable	$	24,598	$	24,598	$	—

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. As of December 31, 2022, the amount outstanding under the note payable is $24.6 million. The interest rate for the note payable is adjusted periodically based on a defined leverage ratio and is currently 2.49% as of December 31, 2022. The note payable matures in September 2023.

Deutsche Bank Term Loan

In October 2019, ADVA entered into a $9.8 million term loan with Deutsche Bank that bears interest of EURIBOR plus 1.1%. The term loan matured in September 2022 and was repaid as of December 31, 2022.