Debt | 8. Debt Debt outstanding, excluding capital leases, consisted of the following: March 31, 2017 December 31, 2016 (In thousands) Principal Balance Unamortized Discount and Debt Issuance Costs Net Carrying Amount Principal Balance Unamortized Discount and Debt Issuance Costs Net Carrying Amount 1.25% Cash Convertible Senior Notes $ 345,000 $ 45,941 $ 299,059 $ 345,000 $ 49,186 $ 295,814 Senior Secured Credit Facility 436,250 4,356 431,894 441,875 4,691 437,184 Netsmart Non-Recourse Debt: First Lien Term Loan 431,837 11,178 420,659 432,925 11,655 421,270 Second Lien Term Loan 167,000 8,530 158,470 167,000 8,901 158,099 Other debt 0 0 0 13 0 13 Total debt $ 1,380,087 $ 70,005 $ 1,310,082 $ 1,386,813 $ 74,433 $ 1,312,380 Less: debt payable within one year - excluding Netsmart 18,750 473 18,277 15,638 480 15,158 Less: debt payable within one year - Netsmart 4,351 1,895 2,456 4,351 1,900 2,451 Total long-term debt, less current maturities $ 1,356,986 $ 67,637 $ 1,289,349 $ 1,366,824 $ 72,053 $ 1,294,771 Interest expense consisted of the following: Three Months Ended March 31, (In thousands) 2017 2016 Interest expense $ 4,834 $ 3,538 Amortization of discounts and debt issuance costs 3,581 3,431 Netsmart: Interest expense (1) 10,917 0 Amortization of discounts and debt issuance costs 848 0 Total interest expense $ 20,180 $ 6,969 (1) Includes interest expense related to capital leases. Interest expense related to the 1.25% Notes was comprised of the following: Three Months Ended March 31, (In thousands) 2017 2016 Coupon interest at 1.25% $ 1,078 $ 1,078 Amortization of discounts and debt issuance costs 3,246 3,108 Total interest expense related to the 1.25% Notes $ 4,324 $ 4,186 Allscripts Senior Secured Credit Facility As of March 31, 2017, $231.3 million under a term loan, $205.0 million under our revolving credit facility, and $0.8 million in letters of credit were outstanding under our senior secured credit facility. As of March 31, 2017, the interest rate on the borrowings under our senior secured credit facility was LIBOR plus 2.00%, which totaled 2.98%. We were in compliance with all covenants under the senior secured credit facility agreement as of March 31, 2017. As of March 31, 2017, we had $344.2 million available, net of outstanding letters of credit, under our revolving credit facility. There can be no assurance that we will be able to draw on the full available balance of our revolving credit facility if the financial institutions that have extended such credit commitments become unwilling or unable to fund such borrowings. As of March 31, 2017, the if-converted value of the 1.25% Notes did not exceed the 1.25% Notes’ principal amount. As of March 31, 2017, $431.8 million under the Netsmart First Lien Term Loan, $167.0 million under the Netsmart Second Lien Term Loan and $1.5 million in letters of credit under the Netsmart Revolving Facility were outstanding (collectively, the “Credit Agreements”). As of March 31, 2017, the interest rate on the borrowings under the Netsmart First Lien Term Loan was Adjusted LIBO plus 4.50%, which totaled 5.65%, and the Netsmart Revolving Facility was Adjusted LIBO plus 4.75%, which totaled 7.75%. As of March 31, 2017, the interest rate on the borrowings under the Netsmart Second Lien Term Loan was Adjusted LIBO plus 9.50%, which totaled 10.55%. Netsmart was in compliance with all covenants under its Credit Agreements as of March 31, 2017. As of March 31, 2017, Netsmart had $48.5 million available, net of outstanding letters of credit, under the Netsmart Revolving Facility. There can be no assurance that Netsmart will be able to draw on the full available balance of the Netsmart Revolving Facility if the financial institutions that have extended such credit commitments become unwilling or unable to fund such borrowings. The following table summarizes our future payment obligations under our debt as of March 31, 2017: (In thousands) Total Remainder of 2017 2018 2019 2020 2021 Thereafter 1.25% Cash Convertible Senior Notes (1) $ 345,000 $ 0 $ 0 $ 0 $ 345,000 $ 0 $ 0 Term Loan 231,250 12,500 28,125 40,625 150,000 0 0 Revolving Facility (2) 205,000 0 0 0 205,000 0 0 Netsmart Non-Recourse Debt (2) First Lien Term Loan 431,837 3,263 4,351 4,351 4,351 4,351 411,170 Second Lien Term Loan 167,000 0 0 0 0 0 167,000 Total debt $ 1,380,087 $ 15,763 $ 32,476 $ 44,976 $ 704,351 $ 4,351 $ 578,170 (1) (2) |