Long-Term Debt

3 Months Ended

Mar. 31, 2023

NOTE 6 – LONG-TERM DEBT

At March 31, 2023 and December 31, 2022, long-term debt consisted of:


	March 31, 2023				December 31, 2022
	Average Interest Rate	Outstanding Balance			Average Interest Rate	Outstanding Balance
Term Loan		$	285,000			$	288,750
Delayed-Draw Term Loan			220,000				220,000
Revolving Credit			97,721				52,616
Total before debt issuance costs	6.3%		602,721		3.3%		561,366
Unamortized debt issuance costs			(4,742	)			(5,032	)
Total		$	597,979			$	556,334

As of March 31, 2023, the Company had unused delayed draw term loan facility $180.0 million (available through May 6, 2023, with an additional six-month extension upon request by the Company) and unused borrowing capacity under the $600.0 million revolving line of credit of $499.6 million under the Credit Facility. The unused borrowing capacity is inclusive of outstanding letters of credit totaling $2.7 million. Considering the financial, performance-based limitations, available borrowing capacity was $403.5 million as of March 31, 2023. The average interest rate on borrowings under the Credit Facility was 6.3% for the three-months period ended March 31, 2023 and 3.3% for the twelve-months period ended December 31, 2022. Inclusive of the impact of floating-to-fixed interest rate swaps (see “Note 8 — Derivative Instruments and Hedging Activities”), the average interest rate was 5.5% for the three-months period ended March 31, 2023 and 3.7% for the twelve-months period ended December 31, 2022.

Future scheduled repayments of debt principal are as follows:


Payments due by	Term Loan		Delayed-Draw Term Loan		Revolving Credit		Total
March 31, 2024	$	15,000	$	11,000	$	—	$	26,000
March 31, 2025		15,000		11,000		—		26,000
March 31, 2026		22,500		16,500		—		39,000
March 31, 2027		22,500		16,500		—		39,000
May 6, 2027 (Maturity)		210,000		165,000		97,721		472,721
Total	$	285,000	$	220,000	$	97,721	$	602,721