Debt

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Debt

Debt

The carrying amounts of debt consist of the following:

	March 31, 2022		December 31, 2021
Senior Revolver (1)	$	80.0	$	80.0
Senior Term Loan	691.3		695.6
Unamortized discount and issuance costs	(3.1)		(3.2)
Total debt	768.2		772.4
Less: Current maturities	(17.5)		(17.5)
Total long-term debt	$	750.7	$	754.9

(1) As of March 31, 2022, the Company had $80.0 million in borrowings, $0.5 million letters of credit outstanding, and $369.5 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”).

The interest rate as of March 31, 2022 was 2.21%.

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 March 31, 2022. 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.