Quarterly report pursuant to Section 13 or 15(d)

Long-term Debt

v3.20.1
Long-term Debt
 3 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
Long-term Debt
12. Long-term Debt:
The summary of long-term debt is as follows:
March 31,
2020		 December 31,
2019
Term Loan Facility $ 947,497    $ 947,497   
6.75% Senior Secured Notes due 2022 625,000    625,000   
5.75% Senior Unsecured Notes due 2025 295,000    295,000   
ABL Facility 63,989    —   
Other 65,283    64,629   
Total debt 1,996,769    1,932,126   
Original issue discount (15,010)   (13,434)  
Deferred financing costs (11,583)   (11,730)  
Total debt, net of original issue discount and deferred financing costs 1,970,176    1,906,962   
Less: current portion (8,489)   (7,766)  
Total long-term debt, excluding current portion $ 1,961,687    $ 1,899,196   
The fair value of a financial instrument is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. As of March 31, 2020 and December 31, 2019, the fair value of the term loan facility and senior secured and unsecured notes was $1,778,748 and $1,905,822, respectively. The fair value is classified as Level 2 based upon the fair value hierarchy (see Note 4 to these condensed consolidated financial statements for further information on fair value measurements).
Term Loan Facility
During the quarter ended March 31, 2020, the Company amended its Term Loan Facility to, among other things, (a) reduce the interest rate applicable to all LIBOR rate tranche B-1 term loans to LIBOR plus 2.25% per annum, (b) reduce the interest rate applicable to all base rate tranche B-1 term loans to the alternate base rate plus 1.25% per annum and (c) extend the maturity date of all tranche B-1 term loans to February 7, 2027.
As a result of amending the Term Loan Facility during the three months ended March 31, 2020, the Company recorded $2,188 of new creditor and third-party financing costs as debt extinguishment costs. In addition, previous unamortized deferred financing costs of $97 and original issue discount of $228 associated with the previously outstanding debt were written off as debt extinguishment costs.
Asset-Based Revolving Credit Facility (the “ABL Facility”)
On March 20, 2020, the Company amended its existing ABL Facility to increase the aggregate amount of the revolving loan commitments available by $50,000 to $250,000, consisting of up to $195,000 in U.S. commitments, up to $15,000 in Canadian commitments and up to $40,000 in European commitments. The maturity of the facility has been extended to March 20, 2025. Following the amendment, the borrowings under the amended ABL Facility bear interest at a rate equal to the LIBOR rate or the base rate plus a margin of between 1.25% to 1.75% or 0.25% to 0.75% respectively.