v3.23.3
Debt (Tables)
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Schedule of long-term debt
The following table presents the components of outstanding long-term debt on the Company’s condensed consolidated balance sheets as of each of the dates indicated.
September 30, 2023December 31, 2022
(in thousands)
Term loan facilities$377,150 $566,622 
Revolving facility20,000 — 
Convertible senior notes527,000 380,000 
Deferred government grant obligations3,500 3,500 
Other borrowings2,118 3,688 
Less: unamortized debt discount and issuance costs(46,678)(17,666)
Total debt883,090 936,144 
Less: current portion of long-term debt(4,966)(7,580)
Total long-term debt$878,124 $928,564 
The net carrying amount of the 2025 Notes consists of the following as of each of the dates indicated:
September 30, 2023December 31, 2022
(in thousands)
Principal$380,000 $380,000 
Unamortized issuance costs(3,331)(4,898)
Net carrying amount$376,669 $375,102 
The net carrying amount of the 2030 Notes consist of the following as of the date indicated:
September 30, 2023
(in thousands)
Principal$147,000 
Unamortized debt discount and issuance costs(19,867)
Net carrying amount$127,133 
Schedule of maturities of long-term debt
Future principal payments for the term loans under the Second Amended Credit Agreement, the 2025 Notes, the 2030 Notes, and the government grants, as of the date indicated are as follows:
September 30, 2023
(in thousands)
Remainder of 2023$950 
20243,800 
2025383,800 
2026368,600 
2027*1,500 
Thereafter*149,000 
Total future principal payments$907,650 
*
Amounts due in 2027 and thereafter include $1.5 million and $2.0 million, respectively, of conditional loan obligations that may be forgiven, provided that the Company attains certain conditions related to employment levels at 2U’s Lanham, Maryland headquarters.