Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt (Tables)

v3.22.2.2
Long-Term Debt (Tables)
9 Months Ended
Sep. 30, 2022
Long-Term Debt  
Reconciliation of principal balance of outstanding debt

The following table reconciles the principal balances of our outstanding debt to our condensed consolidated balance sheets, in thousands:

As of

September 30, 

December 31, 

2022

    

2021

3.625% Senior Notes due 2029

$

400,000

$

400,000

4.125% Senior Notes due 2032

500,000

500,000

Term loan

573,750

596,250

Equipment notes

10,625

17,085

Unamortized debt issuance costs

(18,073)

(20,212)

Total debt, net of unamortized debt issuance costs

1,466,302

1,493,123

Less: current portion of long-term debt

37,367

38,640

Total long-term debt

$

1,428,935

$

1,454,483

Schedule of remaining principal payments of debt

The following table sets forth our remaining principal payments for our outstanding debt balances as of September 30, 2022, in thousands:

Payments Due by Period

2022

2023

2024

2025

2026

Thereafter

Total

3.625% Senior Notes

$

-

$

-

$

-

$

-

$

-

$

400,000

$

400,000

4.125% Senior Notes

-

-

-

-

-

500,000

500,000

Term loan

    

7,500

33,750

45,000

48,750

438,750

-

    

573,750

Equipment notes

2,191

6,325

2,109

-

-

-

10,625

Total

$

9,691

$

40,075

$

47,109

$

48,750

$

438,750

$

900,000

$

1,484,375

Summary of key terms of Amended Credit Agreement

The following table outlines the key terms of our Amendment No. 2 to Credit Agreement (dollars in thousands):

Senior secured term loan facility

$

300,000

Additional delayed draw term loan

$

300,000

Additional term loan and/or revolver capacity available under incremental facility (a)

$

300,000

Revolving facility

$

500,000

Sublimit for issuance of letters of credit under revolving facility (b)

$

100,000

Sublimit for swingline loans under revolving facility (b)

$

35,000

Interest rate as of September 30, 2022

3.52

%

Scheduled maturity date

10/7/2026

(a) Additional borrowing capacity is available under the incremental facility, subject to certain terms and conditions (including existing or new lenders providing commitments in respect of such additional borrowing capacity).
(b) Use of the sublimits for the issuance of letters of credit and swingline loans reduces the availability under the Revolving Facility.
Schedule of availability under the Revolving Facility

The following table summarizes our availability under the Revolving Facility, in thousands:

As of

September 30, 

    

December 31,

    

2022

    

2021

Revolving facility

$

500,000

$

500,000

Less: standby letters of credit

(67,689)

(69,936)

Availability under revolving facility

$

432,311

$

430,064

Schedule of the key financial covenants

As of September 30, 2022

Maximum Net Leverage Ratio

3.50:1.00

Minimum Interest Coverage Ratio

3.00:1.00

Compliance as of period end

In Compliance