Debt

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Debt

Debt

The carrying amounts of debt consist of the following (in millions):

	September 30, 2021		December 31, 2020
Senior Revolver (1)	$	100.0	$	70.0
Senior Term Loan	700.0		484.6
Unamortized discount and issuance costs	(3.4)		(2.6)
Total debt	796.6		552.0
Less: Current maturities	(17.5)		(32.3)
Total long-term debt	$	779.1	$	519.7

(1) As of September 30, 2021, the Company had $100.0 million in borrowings, $0.5 million letters of credit outstanding, and $349.5 million of availability under the Senior Revolver.

Amended and Restated Senior Secured Credit Facilities

On July 1, 2021, the Company and certain of its subsidiaries entered into an amended and restated senior credit agreement (the “A&R Credit Agreement”) with Bank of America, N.A., as administrative agent, and the lenders named therein, governing the Company’s amended and restated senior secured credit facilities (the “Senior Secured Credit Facilities”), consisting of a $700.0 million senior secured term loan facility (the “Senior Term Loan”) and a $450.0 million senior secured revolving credit facility (the “Senior Revolver”).

Borrowings under the Senior Secured Credit Facilities bear interest, at the Company’s option, at: (i) an Alternate Base Rate (“ABR”) equal to the greater of (a) the prime rate of Bank of America, N.A., (b) the federal funds rate plus 0.50% per annum, and (c) the Eurodollar rate for an interest period of one-month beginning on such day plus 100 basis points, plus between 0.25% and 1.25% dependent on the Company's net leverage ratio (provided that the Eurodollar rate applicable to the Senior Term Loan shall not be less than 0.00% per annum); or (ii) the Eurodollar rate (provided that the Eurodollar rate applicable to the Senior Term Loan shall not be less than 0.00% per annum), plus between 1.25% and 2.25%, dependent on the Company's net leverage ratio. The interest rate as of September 30, 2021 was 2.33%. The Company is also required to pay an unused commitment fee to the lenders under the Senior Revolver at a rate between 0.20% and 0.40% of the average daily unutilized commitments thereunder dependent on the Company's net leverage ratio.

The A&R Credit Agreement contains a number of financial and non-financial covenants. The Company was in compliance with all of the covenants in the A&R Credit Agreement as of September 30, 2021. The obligations under the A&R Credit Agreement are secured by a pledge of 100% of the capital stock of certain domestic subsidiaries owned by the Company and a security interest in substantially all of the Company’s tangible and intangible assets and the tangible and intangible assets of certain domestic subsidiaries.

In connection with the entry into the A&R Credit Agreement, the Company used all of the proceeds, in addition to cash on hand, to refinance, in full, all existing debt under the Company’s 2019 credit agreement and to fund the VisitPay Acquisition. Debt amounts presented as of December 31, 2020 were incurred under the 2019 credit agreement.

Debt Maturities

Scheduled maturities of the Company’s long-term debt are summarized as follows (in millions):

	Scheduled Maturities
Remainder of 2021	$	4.4
2022	17.5
2023	21.9
2024	35.0
2025	35.0
2026	686.2
Total	$	800.0

For further details on the Company's 2019 credit agreement, refer to Note 13 of the Company's 2020 Form 10-K.