Debt

3 Months Ended

Mar. 31, 2024

Debt for the Company consists of the following:


	March 31, 2024			December 31, 2023
(in millions, except percentages)	Amount		Rate	Amount		Rate	Maturity Date
2023 Credit Agreement:
Term A Facility	$	493.8	(1)	$	500.0	(1)	October 10, 2028
Revolver	177.0		(1)	183.0		(1)	October 10, 2028
2031 Senior Notes	800.0		3.875%	800.0		3.875%	October 15, 2031
2029 Senior Notes	800.0		4.000%	800.0		4.000%	April 15, 2029
Securitized debt	165.0		(2)	157.6		(2)	April 7, 2025
Finance lease obligations (3)	96.8			92.1			Various
Other	61.8			60.9			Various
Total debt	2,594.4			2,593.6
Less: Deferred financing costs	20.7			21.7
Total debt, net	2,573.7			2,571.9
Less: Current portion	47.3			44.9
Total long-term debt, net	$	2,526.4		$	2,527.0


(1)			Interest at SOFR index plus 10 basis points of credit spread adjustment, plus applicable margin of 1.625%.
(2)			Interest at one month SOFR index plus 10 basis points of credit spread adjustment, plus 85 basis points.
(3)			New finance lease obligations are a non-cash financing activity.

As of March 31, 2024, the Company was in compliance with all applicable debt covenants.

2023 Credit Agreement

On October 10, 2023, the Company entered into the 2023 Credit Agreement with a syndicate of banks. The 2023 Credit Agreement provides for a $1.15 billion revolving credit facility, a $500.0 million term loan facility, and an incremental facility in an aggregate amount of up to the greater of $850.0 million and additional amounts subject to the conditions set forth in the 2023 Credit Agreement, plus the amount of certain prepayments, plus an additional unlimited amount subject to compliance with a maximum consolidated secured leverage ratio test. The 2023 Credit Agreement has a $60.0 million sub-facility for the issuance of letters of credit.

On February 6, 2024, the Company and certain other parties thereto entered into an amendment to the 2023 Credit Agreement which provides for a $625.0 million delayed draw term loan and a $40.0 million increase in availability on the existing revolving loan. Once drawn, the instruments will have the same terms and conditions as the Company's existing term loans and revolving loans, respectively, under the 2023 Credit Agreement. This amendment was executed in connection with the Company's financing strategy for the pending acquisition of Mattress Firm expected to close in the second half of 2024.

The Company had $177.0 million in outstanding borrowings under the revolving credit facility as of March 31, 2024. Total availability under the revolving facility was $1,012.4 million, after a $0.6 million reduction for outstanding letters of credit, as of March 31, 2024.

Securitized Debt

The Company and certain of its subsidiaries are party to a securitization transaction with respect to certain accounts receivable due to the Company and certain of its subsidiaries (as amended, the "Accounts Receivable Securitization"). As of March 31, 2024, the Company did not have availability under the Accounts Receivable Securitization. While subject to a $200.0 million overall limit, the availability of revolving loans varies over the course of the year based on the seasonality of the Company's accounts receivable.