Debt and Interest
|3 Months Ended|
Mar. 31, 2020
|Debt and Interest|
|Debt and Interest||
10. Debt and Interest
Total debt consists of the following as of March 31, 2020 and December 31, 2019:
Note 1: Formerly the Opus Credit Facility
Note 2: Interest rate is 9.0% plus one-month LIBOR Rate in excess of 2.5%.
Note 3: As a result of a one-year maturity date extension effective 2020, the interest rate increased by 1% to 9.0%.
Note 4: At March 31, 2020 and December 31,2019, $11.4 million and $6.0 million, respectively are included in Notes payable, short-term on the condensed consolidated balance sheets.
2019 Notes (formerly the Opus Credit Facility Agreement)
As of December 31, 2019, Opus Point Healthcare Innovations Fund, LP (“OPHIF”) dissolved and distributed it assets among its limited partners. Following the distribution, the facility is comprised of three separate notes herein referred to as the 2019 Notes. The allocation of the $9.0 million facility was as follows: DAK Capital Inc.: $3.8 million; Fortress’s Chairman, President and Chief Executive Officer (Lindsay A. Rosenwald): $2.9 million; and Fortress’s Executive Vice President, Strategic Development (Michael S. Weiss): $2.3 million. Terms of the 2019 Notes did not change.
The following table shows the details of interest expense for all debt arrangements during the periods presented. Interest expense includes contractual interest and amortization of the debt discount and amortization of fees represents fees associated with loan transaction costs, amortized over the life of the loan:
Note 1: Amortization of fees
Note 2: Imputed interest expense related to Ximino purchase (see Note 9).
The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef