Quarterly report pursuant to Section 13 or 15(d)

Long-term Debt

v3.21.1
Long-term Debt
 3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
Long-term Debt
13. Long-term Debt:
The summary of long-term debt is as follows:
March 31,
2021		 December 31,
2020
Senior Secured Term Loan Facility due February 2027 $ 671,710  $ 671,710 
New Senior Secured Term Loan Facility due February 2027 459,653  459,653 
5.75% Senior Unsecured Notes due 2025 295,000  295,000 
ABL Facility —  — 
Total debt 1,426,363  1,426,363 
Original issue discount (15,072) (15,641)
Deferred financing costs (9,718) (10,353)
Total debt, net of original issue discount and deferred financing costs 1,401,573  1,400,369 
Less: current portion —  — 
Total long-term debt, excluding current portion $ 1,401,573  $ 1,400,369 
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, 2021 and December 31, 2020, the fair value of the term loan facilities, senior secured and unsecured notes was $1,428,967 and $1,427,123, respectively. The fair value is classified as Level 2 based upon the fair value hierarchy (see Note 5 to these condensed consolidated financial statements for further information on fair value measurements).