Debt

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Debt

NOTE 5 – DEBT

At September 30, 2024 and December 31, 2023, debt consisted of:

	September 30, 2024				December 31, 2023
	Average Interest Rate	Outstanding Balance			Average Interest Rate	Outstanding Balance
Term Loan		$	200,250			$	207,750
Delayed-Draw Term Loan			211,750				220,000
Revolving Credit			10,000				6,340
Total before debt issuance costs	6.8%		422,000		6.7%		434,090
Unamortized debt issuance costs			(2,854	)			(3,683	)
Total		$	419,146			$	430,407

	September 30, 2024		December 31, 2023
Current portion of long-term debt	$	13,750	$	26,000
Long-term debt - non-current		405,396		404,407
Total	$	419,146	$	430,407

As of September 30, 2024, the Company had $588.2 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 6.8% for the nine months ended September 30, 2024 and 6.7% for the twelve months ended December 31, 2023, respectively. Inclusive of the impact of floating-to-fixed interest rate swaps (see “Note 7 – Derivative Instruments and Hedging Activities”), the average interest rate was 5.4% for the nine months ended September 30, 2024 and 5.6% 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
September 30, 2025	$	—	$	13,750	$	—	$	13,750
September 30, 2026		—		16,500		—		16,500
May 6, 2027 (Maturity)		200,250		181,500		10,000		391,750
Total	$	200,250	$	211,750	$	10,000	$	422,000