Long-Term Debt

9 Months Ended

Sep. 30, 2023

NOTE 6 – LONG-TERM DEBT

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


	September 30, 2023				December 31, 2022
	Average Interest Rate	Outstanding Balance			Average Interest Rate	Outstanding Balance
Term Loan		$	277,500			$	288,750
Delayed-Draw Term Loan			220,000				220,000
Revolving Credit			40,888				52,616
Total before debt issuance costs	6.6%		538,388		3.3%		561,366
Unamortized debt issuance costs			(4,451	)			(5,032	)
Total		$	533,937			$	556,334

As of September 30, 2023, the Company had an unused balance of $180.0 million under its delayed-draw term loan facility (available through November 6, 2023) and unused borrowing capacity under the $600.0 million revolving line of credit of $557.5 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 $1.6 million. Considering financial, performance-based limitations under the Credit Facility, available borrowing capacity was $465.8 million as of September 30, 2023. The average interest rate on borrowings under the Credit Facility was 6.9% and 6.6% for the three- and nine-month periods ended September 30, 2023, respectively, 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 both the three- and nine-month periods ended September 30, 2023, respectively, 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
September 30, 2024	$	15,000	$	8,250	$	—	$	23,250
September 30, 2025		18,750		13,750		—		32,500
September 30, 2026		22,500		16,500		—		39,000
May 6, 2027 (Maturity)		221,250		181,500		40,888		443,638
Total	$	277,500	$	220,000	$	40,888	$	538,388