DEBT (Tables)
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9 Months Ended |
Sep. 30, 2022 |
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| Debt Disclosure [Abstract] |
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| Components of Debt |
The components of the Company’s debt are as follows:
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Effective Interest Rate |
Maturity Date |
September 30, 2022 |
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December 31, 2021 |
| Principal amounts: |
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| Senior Notes |
38% |
January 2023 |
$ |
74,935 |
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$ |
75,193 |
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| Acquisition Facility |
14% |
October 2026 |
65,000 |
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|
40,000 |
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| Acquisition-related promissory notes payable |
8% - 23% |
November 2022 - April 2027 |
59,628 |
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|
25,767 |
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Other debt (1)
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7% - 12% |
March 2022 - July 2050 |
16,639 |
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|
11,728 |
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| Total debt - principal amounts |
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$ |
216,202 |
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$ |
152,688 |
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| Less: debt issuance costs and original issue discounts |
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(16,303) |
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(23,536) |
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| Total debt - carrying amounts |
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$ |
199,899 |
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$ |
129,152 |
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| Debt - current portion |
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$ |
137,967 |
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$ |
6,181 |
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| Debt - non-current portion |
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$ |
61,932 |
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$ |
122,971 |
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| Schedule of Future Contractual Debt Maturities |
As of September 30, 2022, aggregate future contractual maturities of the Company’s debt are as follows:
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Remainder of the year |
2023 |
2024 |
2025 |
2026 |
Thereafter |
Total |
| Senior Notes |
$ |
— |
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$ |
74,935 |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
74,935 |
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| Acquisition Facility |
— |
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— |
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4,875 |
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6,500 |
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53,625 |
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— |
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65,000 |
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Acquisition-related promissory notes payable (1)
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2,411 |
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3,449 |
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22,385 |
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1,970 |
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6,971 |
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22,442 |
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59,628 |
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| Other debt |
3,831 |
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588 |
|
116 |
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125 |
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132 |
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11,847 |
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16,639 |
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| Total |
$ |
6,242 |
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$ |
78,972 |
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$ |
27,376 |
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$ |
8,595 |
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$ |
60,728 |
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$ |
34,289 |
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$ |
216,202 |
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| Schedule of Interest Expense |
Interest expense, net is comprised of the following:
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2022 |
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2021 |
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2022 |
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2021 |
| Interest and accretion - Senior Notes |
$ |
6,779 |
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$ |
4,673 |
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$ |
18,015 |
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$ |
14,244 |
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| Interest - Finance lease liabilities |
2,754 |
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2,516 |
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8,668 |
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6,203 |
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| Interest and accretion - Promissory notes |
1,709 |
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418 |
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3,794 |
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|
1,033 |
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| Interest and accretion - Acquisition Facility |
1,918 |
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— |
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5,212 |
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— |
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| Interest and accretion - Other debt |
266 |
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117 |
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|
885 |
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|
370 |
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| Capitalized interest |
(124) |
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(222) |
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(2,171) |
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(461) |
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| Total interest expense |
$ |
13,302 |
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$ |
7,502 |
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$ |
34,403 |
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$ |
21,389 |
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| Interest income |
(191) |
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(60) |
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(229) |
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(244) |
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| Total interest expense, net |
$ |
13,111 |
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$ |
7,442 |
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$ |
34,174 |
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$ |
21,145 |
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| Schedule of Total Leverage Ratio |
Total Leverage Ratio, calculated as the ratio of Total Funded Indebtedness to EBITDAR (all such terms are defined in the Acquisition Facility agreement) not to exceed the correlative ratio below:
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| Applicable Ratio |
Fiscal Quarter Ending |
6.00 to 1.00 |
March 31, 2023 |
5.00 to 1.00 |
June 30, 2023 |
4.00 to 1.00 |
September 30 and December 31, 2023 |
3.50 to 1.00 |
March 31, 2024 and all fiscal quarters ending thereafter |
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