Quarterly report pursuant to Section 13 or 15(d)

Debt

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Debt
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Debt Debt
The following tables set forth the carrying value and estimated fair value of the Company's debt obligations as of March 31, 2024 and December 31, 2023:

  March 31, 2024
  Issuance Amount Unamortized Issuance Costs Carrying Value Fair Value (Level II)
(in thousands)
Revolving Credit Facility $ —  $ —  $ —  $ — 
Convertible Notes due 2025 317,500  (2,514) 314,986  309,404 
Convertible Notes due 2027 575,000  (12,144) 562,856  609,500 
Total debt $ 892,500  $ (14,658) $ 877,842  $ 918,904 

  December 31, 2023
  Issuance Amount Unamortized Issuance Costs Carrying Value Fair Value (Level II)
(in thousands)
Revolving Credit Facility $ —  $ —  $ —  $ — 
Convertible Notes due 2025 317,500  (2,968) 314,532  294,958 
Convertible Notes due 2027 575,000  (12,920) 562,080  571,746 
Total debt $ 892,500  $ (15,888) $ 876,612  $ 866,704 

Revolving Credit Facility

The Revolving Credit Facility provides for a $500.0 million revolving line of credit, including a sub-facility for a $20.0 million letter of credit. There were no amounts outstanding under the Revolving Credit Facility as of March 31, 2024 and December 31, 2023.

As of March 31, 2024 and December 31, 2023, debt issuance costs related to the Revolving Credit Facility included in prepaid expenses and other current assets in the condensed consolidated balance sheets was $0.7 million and $0.7 million, respectively, and included in other assets in the condensed consolidated balance sheets was $1.3 million and $1.5 million, respectively.

The Revolving Credit Facility contains customary conditions, representations and warranties, affirmative and negative covenants, mandatory prepayment provisions and events of default. The covenants include certain financial covenants requiring the Company to maintain compliance with a maximum total leverage ratio and a minimum interest coverage ratio.

On February 20, 2024, the Company entered into a Waiver with respect to the Revolving Credit Facility, between the Company, the Guarantors party thereto from time to time, the Lenders party thereto from time to time and Bank of Montreal, as administrative agent. Under the Waiver, the Lenders party thereto waived the events of default resulting from the non-compliance with the Total Leverage Ratio financial covenant for the fiscal quarters ended on March 31, 2023 and June 30, 2023. The Company was in compliance with all other covenants in the Revolving Credit Facility as of March 31, 2024.
Interest Expense

Interest expense was comprised of the following and is included in other expense, net in the condensed consolidated statements of operations:

  Three Months Ended
  March 31,
  2024 2023
(in thousands)
Convertible Notes interest $ 4,369  $ 4,565 
Amortization of debt discount and issuance costs 1,405  1,442 
Undrawn and other fees 315  313 
 Total interest expense $ 6,089  $ 6,320 

The effective interest rate of the Convertible Notes was equal to the stated interest rate plus the amortization of the debt issuance costs and is set forth below:

Three Months Ended
  March 31,
  2024 2023
Convertible Notes due 2023 N/A 2.4  %
Convertible Notes due 2025 1.3  % 1.3  %
Convertible Notes due 2027 3.2  % 3.2  %