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LONG-TERM DEBT

9 Months Ended

Sep. 30, 2022

NOTE 7. LONG–TERM DEBT

Long–term debt is comprised of the following:


	September 30, 2022		December 31, 2021
Credit Facility	$	202,000	$	234,500

6.25% senior notes due April 2028
Principal outstanding		800,000		800,000
Unamortized debt premium		11,031		12,536
Unamortized debt issuance costs		(9,158)		(10,406)
		801,873		802,130

6.875% senior notes due April 2027
Principal outstanding		500,000		500,000
Unamortized debt issuance costs		(4,978)		(5,805)
		495,022		494,195

Long-term debt	$	1,498,895	$	1,530,825

Our $750.0 million asset–based revolving Credit Facility, as amended (the “Credit Facility”), matures in November 2024. As of September 30, 2022, there were $5.8 million letters of credit outstanding under the Credit Facility and the applicable margin on borrowings outstanding was 2.4%. The weighted average annual interest rate on the outstanding balance under our Credit Facility, excluding the effect of interest rate swaps, was 5.5% and 2.6% at September 30, 2022 and December 31, 2021, respectively. We incurred $0.5 million of commitment fees on the daily unused amount of the Credit Facility in each of the three months ended September 30, 2022 and 2021 and $1.5 million in each of the nine months ended September 30, 2022 and 2021.

As of September 30, 2022, we were in compliance with all covenants under our Credit Facility agreement. As a result of the Credit Facility’s financial ratio requirements, $486.4 million of the $542.2 million of undrawn capacity was available for additional borrowings as of September 30, 2022.

In February 2021, we amended our Credit Facility to, among other things, reduce the aggregate revolving commitment from $1.25 billion to $750.0 million and adjust certain financial ratios. We wrote off $4.9 million of unamortized deferred financing costs as a result of the amendment, which was recorded to interest expense in our unaudited condensed consolidated statements of operations during the nine months ended September 30, 2021.