Long-Term Debt and Notes Payable

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Long-Term Debt and Notes Payable

Long-Term Debt and Notes Payable

As of September 30, 2021, the Company’s long-term debt and notes payable were as follows:

	Principal Outstanding		Unamortized Premium (Discount)		Unamortized Issuance Costs		Carrying Value		Fair Value
	(in thousands)
Select 6.250% senior notes	$	1,225,000	$	29,177	$	(14,707)	$	1,239,470	$	1,285,148
Select credit facilities:
Select term loan	2,103,437		(6,892)		(7,513)		2,089,032		2,087,661
Other debt, including finance leases	73,957		—		(236)		73,721		73,721
Total debt	$	3,402,394	$	22,285	$	(22,456)	$	3,402,223	$	3,446,530

Principal maturities of the Company’s long-term debt and notes payable were approximately as follows:

	2021		2022		2023		2024		2025		Thereafter		Total
	(in thousands)
Select 6.250% senior notes	$	—	$	—	$	—	$	—	$	—	$	1,225,000	$	1,225,000
Select credit facilities:
Select term loan	—		—		4,757		11,150		2,087,530		—		2,103,437
Other debt, including finance leases	14,087		4,928		19,247		23,796		334		11,565		73,957
Total debt	$	14,087	$	4,928	$	24,004	$	34,946	$	2,087,864	$	1,236,565	$	3,402,394

As of December 31, 2020, the Company’s long-term debt and notes payable were as follows:

	Principal Outstanding		Unamortized Premium (Discount)		Unamortized Issuance Costs		Carrying Value		Fair Value
	(in thousands)
Select 6.250% senior notes	$	1,225,000	$	33,773	$	(16,953)	$	1,241,820	$	1,316,875
Select credit facilities:
Select term loan	2,103,437		(8,393)		(9,149)		2,085,895		2,082,403
Other debt, including finance leases	74,606		—		(302)		74,304		74,304
Total debt	$	3,403,043	$	25,380	$	(26,404)	$	3,402,019	$	3,473,582

Select Credit Facilities

On June 2, 2021, Select entered into Amendment No. 5 to its senior secured credit agreement (the “Select credit agreement”) which, among other things, increased the aggregate commitments available under its revolving credit facility (the “Select revolving facility”) from $450.0 million to $650.0 million, including a $125.0 million sublimit for the issuance of standby letters of credit.

Concentra-JPM Revolving Facility

On June 2, 2021, Concentra Inc. terminated its obligations under its first lien credit agreement (the “Concentra-JPM first lien credit agreement”). The Concentra-JPM first lien credit agreement provided for commitments of $100.0 million under a revolving credit facility (the “Concentra-JPM revolving facility”), which was set to mature on March 1, 2022.