Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt

v3.22.2.2
Long-Term Debt
3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
Long-Term Debt
6.
Long-Term Debt

 

Long-term debt consisted of the following:

 

 

 

March 31,

 

 

December 31,

 

 

 

2022

 

 

2021

 

FP Term Loan

 

$

71,512

 

 

$

71,512

 

Other

 

 

4,607

 

 

 

4,464

 

Total long-term debt

 

 

76,119

 

 

 

75,976

 

Less: Debt issuance costs

 

 

(23,437

)

 

 

(24,852

)

Non-current portion of long-term debt

 

$

52,682

 

 

$

51,124

 

 

The Company recorded interest expense from long-term debt of $1,627 for the three months ended March 31, 2022, and $504 for the three months ended March 31, 2021.

FP Term Loan Facility

On April 15, 2021, the Company entered into a credit agreement with FP Credit Partners, L.P., as agent for several lenders (as amended on May 17, 2021), for a $70,000 term loan facility (the “FP Term Loan”). The FP Term Loan includes covenants that limit the Company’s ability to, among other things, make investments, dispose of assets, consummate mergers and acquisitions, incur additional indebtedness, grant liens, enter into transactions with affiliates, pay dividends or other distributions without preapproval by the FP Lenders. The Company was required to maintain minimum unrestricted cash of at least $15,000 as of each fiscal quarter end, except for the quarter immediately following the first quarter where the Company reports positive earnings before interest, taxes, depreciation, and amortization (EBITDA), until the closing of a qualifying initial public offering (IPO), which includes the Merger.

Government Loan

In November 2021, the Company completed the Acquisition and assumed an interest free loan agreement with the Strategic Innovation Fund ("SIF") which was recorded at an amount equal to the proceeds received. As of March 31, 2022 and December 31, 2021, $4,607 and $4,500, respectively, were included in Long-term debt, non-current on the Condensed Consolidated Balance Sheets. Under this agreement and subsequent amendment, the Company is eligible to receive funding for certain expenditures incurred from February 13, 2018 to May 12, 2023 to a maximum of $5,701. The loan is repayable in 15 annual payments beginning February 28, 2026.