Quarterly report pursuant to Section 13 or 15(d)

Long-term Debt

v3.20.2
Long-term Debt
 9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Long-term Debt
13. Long-term Debt:
The summary of long-term debt is as follows:
September 30,
2020		 December 31,
2019
Senior Secured Term Loan Facility due February 2027 $ 947,497  $ 947,497 
New Senior Secured Term Loan Facility due February 2027 648,375  — 
6.75% Senior Secured Notes due 2022 —  625,000 
5.75% Senior Unsecured Notes due 2025 295,000  295,000 
ABL Facility —  — 
Other 65,147  64,629 
Total debt 1,956,019  1,932,126 
Original issue discount (22,207) (13,434)
Deferred financing costs (14,267) (11,730)
Total debt, net of original issue discount and deferred financing costs 1,919,545  1,906,962 
Less: current portion (14,538) (7,766)
Total long-term debt, excluding current portion $ 1,905,007  $ 1,899,196 
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 September 30, 2020 and December 31, 2019, the fair value of the term loan facilities, senior secured and unsecured notes was $1,876,497 and $1,905,822, respectively. The fair value is classified as Level 2 based upon the fair value hierarchy (see Note 4 to these condensed consolidated financial statements for further information on fair value measurements).
In July 2020, the Company entered into an agreement for a new senior secured term loan facility in an aggregate principal amount of $650,000 with an original issue discount of 1.5% and interest at a floating rate of LIBOR (with a 1.0% minimum LIBOR floor) plus 3.0% per annum. The proceeds were used to redeem its existing $625,000 of 6.75% Senior Secured Notes due 2022 and pay the associated early redemption premiums. The new senior secured term loan facility requires scheduled quarterly amortization payments, each equal to 0.25% of the original principal amount of the loans under the new senior secured term loan facility.
As a result of redeeming the 6.75% Senior Secured Notes due 2022, the Company paid a redemption premium of $10,550 which were recorded as debt extinguishment costs for the three and nine months ended September 30, 2020. In addition, previous unamortized deferred financing costs of $2,085 and original issue discount of $1,186 associated with the previously outstanding debt were written off as debt extinguishment costs for the three and nine months ended September 30, 2020.
Other Debt
Included in the line item “Other” in the table above are obligations related to New Markets Tax Credit (“NMTC”) financing arrangements, subsidiary credit agreements related to the Company’s Sovitec subsidiaries and notes payable agreements payable by the Company’s subsidiary located in Japan. Each of these obligations are associated with subsidiaries that will be included in the sale of the Company’s Performance Materials business and will be assumed by the buyer upon consummation of the transaction. Refer to Note 22 of these condensed consolidated financial statements for additional information related to the sale of the segment.