Quarterly report pursuant to Section 13 or 15(d)

Notes Payable, Net

v3.21.2
Notes Payable, Net
 9 Months Ended
Sep. 30, 2021
Notes Payable [Abstract]  
Notes Payable, Net
19.
Notes Payable, Net
A summary of the outstanding notes payable, net, is presented in the table below (in thousands):
 
Description
  
Maturity Date
 
  
Interest Rate
 
 
September 30, 2021
 
  
December 31, 2020
 
 
  
 
 
  
 
 
 
Successor
 
  
Predecessor
 
Senior Unsecured Notes
   
 
November 2025
   
 
 
7.9
%
  
$
350,000
     
$
 350,000  
Financing Agreement
   
 
 January 2021   
 
 
 5.5%
 
  
 
—  
 
      9  
    
 
     
 
 
  
 
  
 
 
     
 
 
  
Total aggregate principle amount
 
  
 
350,000
        350,009  
Fair value adjustment, net of amortization
(1)
 
  
 
 
3,567
  
  
 
—  
Less: Debt issuance costs
 
 
 
—  
  
  
 
(13,436
) 
 
 
 
 
  
 
 
 
Total notes payable, net
 
 
$
353,567
  
  
$
336,573
 
 
 
 
  
 
 
 
 
(1)
In conjunction with the Business Combination discussed in Note 4, the Company was required to adjust the liabilities assumed to fair value, resulting in a premium on the Notes and the elimination of the previously recognized debt issuance costs.
Interest expense was $7.6 million for the Successor three months ended September 30, 2021, $15.1 million for the Successor period from April 1, 2021 to September 30, 2021, and $7.7 million for the Predecessor period from January 1, 2021 to March 31, 2021. Interest expense for the Predecessor was $0.0 million and $0.7 million for the three months ended and nine months ended September 30, 2020, respectively. The Company was in compliance with all required covenants related to the Notes as of September 30, 2021 (Successor).