DEBT

9 Months Ended

Sep. 30, 2022

DEBT

DEBT

7 – DEBT

Long-term debt, net consists of the following:

	September 30,		December 31,
	2022		2021
Principal amount	$	179,750	$	246,000
Less: Unamortized deferred financing costs		(6,505)		(7,771)
Less: Current portion		—		—
Long-term debt, net	$	173,245	$	238,229

$450 Million Credit Facility

On August 3, 2021, the Company entered into the $450 Million Credit Facility, a five-year senior secured credit facility which is allocated between an up to $150,000 term loan facility and an up to $300,000 revolving credit facility which was used to refinance the Company’s two prior credit facilities into one facility.

As of September 30, 2022, there was $215,900 of availability under the $450 Million Credit Facility. Total debt repayments of $8,750 and $66,250 were made during the three and nine months ended September 30, 2022, respectively, under the $450 Million Credit Facility.

As of September 30, 2022, the Company was in compliance with all of the financial covenants under the $450 Million Credit Facility.

Interest rates

The following table sets forth the effective interest rate associated with the interest expense for the Company’s debt facilities noted above, including the cost associated with unused commitment fees, if applicable. The following table also includes the range of interest rates on the debt, excluding the impact of unused commitment fees, if applicable:

	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Effective Interest Rate	5.34	%	3.47	%	4.01	%	3.28	%
Range of Interest Rates (excluding unused commitment fees)	3.82 % to 5.27	%	2.54 % to 3.38	%	2.26 % to 5.27	%	2.54 % to 3.38	%