Debt

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Debt

NOTE 5 – DEBT

At March 31, 2024 and December 31, 2023, debt consisted of:

	March 31, 2024				December 31, 2023
	Average Interest Rate	Outstanding Balance			Average Interest Rate	Outstanding Balance
Term Loan		$	204,000			$	207,750
Delayed-Draw Term Loan			217,250				220,000
Revolving Credit			56,904				6,340
Total before debt issuance costs	6.9%		478,154		6.7%		434,090
Unamortized debt issuance costs			(3,406	)			(3,683	)
Total		$	474,748			$	430,407

As of March 31, 2024, the Company had $541.3 million of unused borrowing capacity under the $600.0 million revolving line of credit under a credit agreement with a group of lenders (the “Credit Facility”). The unused borrowing capacity is inclusive of outstanding letters of credit totaling $1.8 million. The average interest rate on borrowings under the Credit Facility was 6.9% for the three months ended March 31, 2024 and 6.7% for the twelve months ended December 31, 2023. Inclusive of the impact of floating-to-fixed interest rate swaps (see “Note 7 – Derivative Instruments and Hedging Activities”), the average interest rate was 5.6% for the three months ended March 31, 2024 and for the twelve months ended December 31, 2023, respectively.

Future contractual repayments of debt principal are as follows:

Payments due by	Term Loan		Delayed-Draw Term Loan		Revolving Credit		Total
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)		144,000		173,250		56,904		374,154
Total	$	204,000	$	217,250	$	56,904	$	478,154