Annual report pursuant to Section 13 and 15(d)

BORROWINGS (Tables)

v3.19.3.a.u2
BORROWINGS (Tables)
12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Schedule of Borrowings
 
 
 
 
December 31, 2019
 
December 31, 2018
 
 
Maturity
 
Interest Rate
 
Amount
 
Interest Rate
 
Amount
2019 Term Loan
 
May 2020 (1)
 
12% (2)
 
$
84,955

 
 
$

2018 Term Loan
 
September 2021
 
5%-8% + LIBOR (3)
 
60,000

 
5%-8% + LIBOR (3)
 
60,000

Unamortized deferred financing costs, discounts and fees
 
 
 
 
 
(8,306
)
 
 
 
(2,952
)
Total borrowings
 
 
 
 
 
$
136,649

 
 
 
$
57,048

(1) Subject to two six-month extensions if specific criteria are met.
(2) Of this amount, we may defer up to 4% each quarter as paid-in-kind interest.
(3) The applicable margin is 5% through the end of the first year from September 28, 2018 (the “Closing Date”), 7% through the end of the second year following the Closing Date and 8% thereafter.
Summary of Long-term Borrowings Maturities
A summary of borrowings maturities as of December 31, 2019, is as follows (in thousands):
 
Principal Payments
2020
$
76,773

2021
60,000

   Total
$
136,773