Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt (Tables)

v3.23.3
Long-Term Debt (Tables)
9 Months Ended
Sep. 30, 2023
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, 2023

    

December 31, 2022

3.625% Senior Notes due 2029

$

400,000

$

400,000

4.125% Senior Notes due 2032

500,000

500,000

Term loan due 2026

543,750

566,250

Equipment notes

3,216

8,427

Unamortized debt issuance costs

(15,192)

(17,352)

Total debt, net of unamortized debt issuance costs

1,431,774

1,457,325

Less: current portion of long-term debt

48,057

40,068

Total long-term debt

$

1,383,717

$

1,417,257

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, 2023, in thousands:

2023

2024

2025

2026

2027

Thereafter

Total

3.625% Senior Notes

$

-

$

-

$

-

$

-

$

-

$

400,000

$

400,000

4.125% Senior Notes

-

-

-

-

-

500,000

500,000

Term loan

11,250

45,000

48,750

438,750

-

-

543,750

Equipment notes

1,148

2,068

-

-

-

-

3,216

Total

$

12,398

$

47,068

$

48,750

$

438,750

$

-

$

900,000

$

1,446,966

Summary of key terms of the Credit Agreement

The following table outlines the key terms of the Credit Agreement (dollars in thousands):

Senior secured term loan facility

$

600,000

Additional delayed draw term loan (a)

$

550,000

Revolving facility (b)

$

500,000

Sublimit for issuance of letters of credit under revolving facility

$

100,000

Sublimit for swingline loans under revolving facility

$

35,000

Interest rate as of September 30, 2023

6.42

%

Scheduled maturity date

10/7/2026

(a) Represents Term Facility Two which has not been drawn upon as of September 30, 2023.
(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, 2023

    

December 31, 2022

Revolving facility

$

500,000

$

500,000

Less: standby letters of credit

(63,782)

(67,689)

Availability under Revolving facility

$

436,218

$

432,311

Schedule of the key financial covenants

As of September 30, 2023

Maximum Net Leverage Ratio

3.50:1.00

Minimum Interest Coverage Ratio

3.00:1.00

Compliance as of period end

In Compliance