Long-Term Debt

6 Months Ended

Jun. 30, 2023

NOTE 6 – LONG-TERM DEBT

At June 30, 2023 and December 31, 2022, long-term debt consisted of:


	June 30, 2023				December 31, 2022
	Average Interest Rate	Outstanding Balance			Average Interest Rate	Outstanding Balance
Term Loan		$	281,250			$	288,750
Delayed-Draw Term Loan			220,000				220,000
Revolving Credit			105,000				52,616
Total before debt issuance costs	6.5%		606,250		3.3%		561,366
Unamortized debt issuance costs			(4,453	)			(5,032	)
Total		$	601,797			$	556,334

As of June 30, 2023, the Company had unused delayed-draw term loan facility of $180.0 million (available through November 6, 2023) and unused borrowing capacity under the $600.0 million revolving line of credit of $492.6 million under a credit agreement with a group of lenders (the “Credit Facility”). The unused borrowing capacity is inclusive of outstanding letters of credit totaling $2.4 million. Considering the financial, performance-based limitations, available borrowing capacity was $388.5 million as of June 30, 2023. The average interest rate on borrowings under the Credit Facility was 6.6% and 6.5% for the three- and six-months period ended June 30, 2023, respectively, and 3.3% for the twelve-month 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- and six-months period ended June 30, 2023 and 3.7% for the twelve-month 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
June 30, 2024	$	15,000	$	5,500	$	—	$	20,500
June 30, 2025		16,875		12,375		—		29,250
June 30, 2026		22,500		16,500		—		39,000
May 6, 2027 (Maturity)		226,875		185,625		105,000		517,500
Total	$	281,250	$	220,000	$	105,000	$	606,250