Revolving Credit Facility and Term Loan
|6 Months Ended|
Mar. 31, 2021
|Revolving Credit Facility and Term Loan|
|7. Revolving Credit Facility and Term Loan||
Revolving Credit, Term Loan and Security Agreement
The Company and its subsidiaries, as borrowers, were parties to a Revolving Credit, Term Loan and Security Agreement (the “Credit Agreement”) with certain investment funds managed by MGG Investment Group LP ("MGG"). The Revolving Credit Facility and Term Loan under the Credit Agreement, as amended, had maturity date on June 30, 2023 and its principal and remaining unpaid accrued interest balances were fully repaid on April 20, 2021.
Revolving Credit Facility
As of March 31, 2021, the Company had $11,828 in outstanding borrowings under the MGG Revolving Credit Facility, which was at an interest rate of approximately 11%. On April 20, 2021, the Company fully repaid all outstanding principal and accrued interest outstanding under the MGG Revolving Credit Facility.
The Company had outstanding balances under its Term Loan, as follows:
As of March 31, 2021, the Company had $43,735 in outstanding borrowings under the Term Loan Facility that was at an interest of approximately 11%, plus additional interest at an annual rate 5% in the form of PIK (noncash, paid-in-kind), which accrues and is added to the balance of the Term Loan on a monthly basis. The Revolving Credit Facility and Term Loan cash interest were payable monthly. On April 20, 2021, the Company fully repaid all remaining Term Loan principal and accrued interest.