The table below presents details of the Company’s debt as of the following periods including the effective interest rate as of March 31, 2023:
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Effective interest rate |
|
March 31, 2023 |
|
December 31, 2022 |
Adams Street Term Loan |
11.55 |
% |
|
$ |
30,702 |
|
|
$ |
30,626 |
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|
|
|
|
|
|
Adams Street Delayed Draw Term Loan |
11.54 |
|
|
14,856 |
|
|
14,819 |
|
Adams Street Incremental Term Loan |
11.49 |
|
|
31,773 |
|
|
31,695 |
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|
|
|
|
|
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|
|
|
|
|
|
D&O Financing Loans |
1.92 |
|
|
899 |
|
|
1,798 |
|
Total debt |
|
|
78,230 |
|
|
78,938 |
|
Less: unamortized discounts and issuance costs |
|
|
1,532 |
|
|
1,615 |
|
Total debt, net |
|
|
76,698 |
|
|
77,323 |
|
Less: Short-term debt, including current portion of long-term debt |
|
|
1,679 |
|
|
2,578 |
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Total long-term debt, net |
|
|
$ |
75,019 |
|
|
$ |
74,745 |
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As of March 31, 2023, outstanding principal on the Adams Street Credit Agreement incurs cash interest in accordance with the prime rate plus the applicable rates as set forth in the table below:
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Eurocurrency Rate |
|
Base Rate |
Term loans |
6.00 |
% |
|
5.00 |
% |
Revolving credit facility: |
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|
|
Aggregate principal of $5.0 million or less |
6.00 |
|
|
5.00 |
|
Aggregate principal in excess of $5.0 million |
7.50 |
|
|
6.50 |
|
|