DEBT AND CREDIT FACILITIES

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

DEBT AND CREDIT FACILITIES

DEBT AND CREDIT FACILITIES

Debt Obligations

The following table summarizes the Company’s outstanding debt obligations.

	September 30, 2024		December 31, 2023
Term loans	$	62,187	$	74,062
Accrued interest payable	951		—
Less: deferred financing costs	(556)		(781)
Total debt	$	62,582	$	73,281

During the nine months ended September 30, 2024, the Company partially repaid $11.9 million of the outstanding Term loans.

Credit Facilities

At September 30, 2024, the Company had the following letter of credit (“LOC”) facilities:

	Capacity		LOCs issued		Termination Date
Citibank Europe plc ("Citi LOC")	$	229,752	$	229,752	August 20, 2024
CIBC Bank USA ("CIBC LOC")	200,000		55,969		December 21, 2024
	$	429,752	$	285,721

The above LOCs issued are cash collateralized (see Note 5). The LOC facilities are subject to various customary affirmative, negative and financial covenants. At September 30, 2024, the Company was in compliance with all LOC facilities covenants.

On August 20, 2024, the $275 million committed capacity under the Citi LOC agreement was terminated, but continues to be in effect on an uncommitted basis.