Long-Term Debt (Tables)
|
6 Months Ended |
Jun. 30, 2025 |
|---|
| 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:
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As of |
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|
June 30, 2025 |
|
December 31, 2024 |
3.625% Senior Notes due 2029 |
|
$ |
400,000 |
|
$ |
400,000 |
4.125% Senior Notes due 2032 |
|
|
500,000 |
|
|
500,000 |
Term loan due 2030 |
|
|
1,000,000 |
|
|
- |
Term loan due 2026 |
|
|
- |
|
|
487,500 |
Unamortized debt issuance costs |
|
|
(16,787) |
|
|
(11,591) |
Total debt, net of unamortized debt issuance costs |
|
|
1,883,213 |
|
|
1,375,909 |
Less: current portion of long-term debt |
|
|
50,000 |
|
|
48,750 |
Total long-term debt |
|
$ |
1,833,213 |
|
$ |
1,327,159 |
|
| Schedule of remaining principal payments of debt |
The following table sets forth our remaining principal payments for our outstanding debt balances as of June 30, 2025, in thousands:
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2025 |
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2026 |
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2027 |
|
2028 |
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2029 |
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Thereafter |
|
Total |
3.625% Senior Notes |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
400,000 |
|
$ |
- |
|
$ |
400,000 |
4.125% Senior Notes |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
500,000 |
|
|
500,000 |
Term loan |
|
|
25,000 |
|
|
50,000 |
|
|
50,000 |
|
|
50,000 |
|
|
50,000 |
|
|
775,000 |
|
|
1,000,000 |
Total |
|
$ |
25,000 |
|
$ |
50,000 |
|
$ |
50,000 |
|
$ |
50,000 |
|
$ |
450,000 |
|
$ |
1,275,000 |
|
$ |
1,900,000 |
|
| Summary of key terms of Amendment No. 5 to the Credit Agreement |
The following table outlines the key terms of Amendment No. 5 to the Credit Agreement (dollars in thousands):
|
|
|
|
Senior secured term loan facility |
$ |
1,000,000 |
|
Delayed draw term loan (a) |
$ |
250,000 |
|
|
|
|
|
Revolving facility (b) |
$ |
1,000,000 |
|
Sublimit for issuance of letters of credit under revolving facility |
$ |
150,000 |
|
Sublimit for swingline loans under revolving facility |
$ |
50,000 |
|
|
|
|
|
Interest rate as of June 30, 2025 |
|
5.58 |
% |
Scheduled maturity date |
|
May 16, 2030 |
|
| (a) |
The delayed draw term loan has not been drawn upon as of June 30, 2025. |
| (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:
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As of |
|
|
June 30, 2025 |
|
December 31, 2024 |
Revolving facility |
|
$ |
1,000,000 |
|
$ |
500,000 |
Less: standby letters of credit |
|
|
(61,198) |
|
|
(63,770) |
Availability under revolving facility |
|
$ |
938,802 |
|
$ |
436,230 |
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| Schedule of the key financial covenants |
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As of June 30, 2025 |
Maximum Net Leverage Ratio |
|
3.75:1.00 |
Minimum Interest Coverage Ratio |
|
3.00:1.00 |
Compliance as of period end |
|
In Compliance |
|