Annual report pursuant to Section 13 and 15(d)

Debt and Financing Lease Liabilities (Tables)

v3.20.4
Debt and Financing Lease Liabilities (Tables)
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Summary of Long-term Debt
Long-term debt was comprised of the following:  
Commencement Date Maturity Date
Acceleration Clause (2)
Rate as of December 31, 2020
 As of December 31,
2020 2019
Senior secured credit facility, interest at varying rates monthly in arrears June 2015 June 2024 NA 3.359  % $ 110,761  $ 112,636 
Variable rate term loan payable in semi-annual installments (4)
January 2006 February 2021 Yes 2.488  % 350  625 
Variable rate term loan payable in semi-annual installments (4)
January 2006 June 2024 Yes 2.238  % 6,081  6,609 
Term loan payable in quarterly installments March 2011 March 2021 Yes 7.250  % 171  831 
Term loan payable in monthly installments October 2011 June 2028 NA 6.110  % 3,339  3,649 
Variable rate term loan payable in quarterly installments October 2012 May 2025 NA 2.488  % 40,750  28,217 
Variable rate term loan payable in quarterly installments September 2015 March 2023 NA 2.988  % 14,867  16,200 
Term loan payable in quarterly installments August 2016 July 2031 NA 4.950  % 3,527  3,813 
Term loan payable in quarterly installments March 2017 March 2028 NA 5.000  % 3,118  3,548 
Term loan payable in monthly installments April 2017 April 2027 NA 4.500  % 18,403  22,553 
Term loan payable in quarterly installments April 2017 February 2034 NA 5.610  % 2,589  2,739 
Variable rate term loan payable in quarterly installments June 2017 December 2027 NA 2.688  % 10,541  11,783 
Variable rate term loan payable in quarterly installments February 2018 March 2026 Yes 6.238  % 34,451  15,766 
Term loan payable in quarterly installments June 2018 December 2038 Yes 5.150  % 27,695  29,947 
Variable rate term loan payable in semi-annual installments June 2018 June 2033 Yes 2.288  % 8,348  9,027 
Variable rate term loan payable in monthly/quarterly installments October 2018 October 2029 Yes 2.644  % 8,503  9,200 
Term loan payable in quarterly installments December 2019 December 2021 Yes 6.500  % 11,621  27,473 
Fixed rate note April 2020 April 2040 NA 5.000  % 222  — 
Fixed rate note payable in quarterly installments November 2020 December 2027 NA 3.575  % 3,548  — 
Construction revolver June 2020 May 2021 Yes 4.750  % 15,177  — 
Construction revolver July 2020 July 2022 Yes 1.988  % 11,581  — 
Long-term financing facility in semi-annual installments (3)
July 2019 July 2039 NA 0.280  % 3,625  3,841 
Long-term financing facilities in semi-annual installments (3)
November 2019 December 2040 NA —  % 26,069  8,794 
Long-term financing facilities in quarterly installments (3)
December 2020 December 2030 NA —  % 2,924  — 
Financing leases (1)
23,500  28,497 
Total debt and financing leases 391,761  345,748 
Less: current maturities 69,362  69,969 
Less: unamortized discount and debt issuance costs 10,725  9,598 
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs $ 311,674  $ 266,181 
(1) Financing leases are sale-leaseback arrangements under previous guidance and do not include approximately $18,791 in future interest payments as of December 31, 2020 and $22,015 as of December 31, 2019. See Note 8.
(2) These agreements have acceleration causes that, in the event of default, as defined, the payee has the option to accelerate payment terms and make the remaining principal and the required interest balance due according to the agreement.
(3) These agreements are sale-leaseback arrangements and are accounted for as failed sales under the new guidance and are classified as financing liabilities. See Note 8.
(4) As of December 31, 2020, we were in default on these loans for failure to maintain a projected consolidated debt service coverage ratio equal to or exceeding 1.20 to 1.00, however, a limited waiver was received in January 2021.
The table below sets forth amounts outstanding under the credit facility, net of unamortized debt discounts and debt issuance costs:
Rate as of December 31, 2020
 As of December 31,
2020 2019
Term loan 3.00  % $ 57,574  $ 62,409 
Revolving credit facility 3.75  % $ 52,696  $ 49,588 
Total senior secured credit facility outstanding (1)
$ 110,270  $ 111,997 
(1) Net of unamortized debt discount and debt issuance costs of $491 in 2020 and $639 in 2019.
Schedule of Aggregate Maturities of Long-Term Debt
The following table presents the aggregate maturities of long-term debt and financing leases as of December 31, 2020:
2021 $ 69,362 
2022 26,327 
2023 40,311 
2024 116,391 
2025 48,092 
Thereafter 91,278 
Less: unamortized debt discount and issuance costs (10,725)
Total maturities $ 381,036