Debt

6 Months Ended

Mar. 31, 2021

Long‑term debt consists of the following:


	March 31, 2021		September 30, 2020
First Lien Term Loan, due December 20, 2024 (1)	$	814,538	$	819,276
First Lien Credit Agreement Revolving Credit Facility (1)	—		—
Equipment Financing, due April 30, 2021 to July 5, 2029, interest rates ranging from 3.25% to 8.07%	74,382		63,918
Notes Payable, due July 31, 2023	507		611
Mortgage (2)	—		1,665
Total debt	889,427		885,470
Less unamortized deferred financing fees	(8,392)		(9,436)
Total net debt	881,035		876,034
Less current portion	(21,343)		(14,339)
Total long‑term debt	$	859,692	$	861,695

(1)On April 1, 2021, the Company paid off the outstanding balance of the First Lien Term Loan (as defined below) and entered into the 2021 Credit Agreement (as defined below). See Note 23, “Subsequent Events” for further discussion.

(2)In November 2020, the Company paid off the outstanding balance of the mortgage due June 30, 2028.

Term Facilities and Revolving Credit Facility

On January 15, 2014, EWT III entered into a First Lien Credit Agreement (as modified, amended or supplemented from time to time, the “Credit Agreement”) and a Second Lien Credit Agreement among EWT III, EWT II, the lenders party thereto and Credit Suisse AG as administrative agent and collateral agent. The term loans outstanding under the Second Lien Credit Agreement were prepaid on October 28, 2016. The Credit Agreement also makes available to the Company a revolving credit facility (the “Revolver”) of up to $125,000, with a letter of credit sublimit of up to $45,000. The term loans outstanding under the Credit Agreement (the “First Lien Term Loan”) mature on December 20, 2024, and the Revolver matures on December 20, 2022.

The Company makes quarterly principal payments of $2,369. At March 31, 2021, the interest rate on borrowings was 2.61%, comprised of 0.11% LIBOR plus the 2.50% spread.

Deferred financing fees related to the First Lien Term Loan were included as a contra liability to debt on the Consolidated Balance Sheets as follows:


	March 31, 2021		September 30, 2020
Current portion of deferred financing fees (1)	$	(2,147)	$	(2,112)
Long-term portion of deferred financing fees (2)	(6,245)		(7,324)
Total deferred financing fees	$	(8,392)	$	(9,436)

(1)Included in Current portion of debt, net of deferred financing fees on the Consolidated Balance Sheets.

(2)Included in Long-term debt, net of deferred financing fees on the Consolidated Balance Sheets.

Amortization of deferred financing fees included in interest expense were $518 and $421 for the three months ended March 31, 2021 and 2020, respectively and $1,044 and $936 for the six months ended March 31, 2021 and 2020, respectively.

The following summarizes the Company’s outstanding borrowings under the Revolver and outstanding letters of credit as of March 31, 2021 and September 30, 2020, respectively.


	March 31, 2021		September 30, 2020
Borrowing availability under the Revolver	$	125,000	$	125,000
Outstanding borrowings under the Revolver	—		—
Outstanding letters of credit under the Revolver	11,904		12,963
Unused amounts under the Revolver	$	113,096	$	112,037

Additional letters of credit under a separate arrangement	$	33	$	52

The Credit Agreement contains limitations on incremental borrowings, is subject to leverage ratios and allows for optional prepayments. Under certain circumstances, the Company may be required to remit excess cash flows as defined based upon exceeding certain leverage ratios. The Company did not exceed such ratios during the six months ended March 31, 2021, does not anticipate exceeding such ratios during the year ending September 30, 2021, and therefore does not anticipate any additional repayments during the year ending September 30, 2021.

Equipment Financings

During the six months ended March 31, 2021, the Company completed the following equipment financings:


Date Entered	Due	Fixed Interest Rate		Principal Amount
March 31, 2021	March 31, 2028	3.85	%	$	3,630
March 31, 2021	April 30, 2021 (1)	3.25	%	2,559
December 31, 2020	April 30, 2021 (1)	3.25	%	3,899
December 30, 2020	December 30, 2027	3.73	%	3,905
				$	13,993

(1) Represents an advance received from the lender in which the Company is making interest only payments. The Company may convert to a term loan financing for eight years at any time through June 30, 2021.

Repayment Schedule

Aggregate maturities of all long‑term debt, including current portion of long‑term debt and excluding finance lease obligations as of March 31, 2021, are presented below:


Fiscal Year
Remainder of 2021	$	14,982
2022	17,293
2023	17,598
2024	797,448
2025	8,081
Thereafter	34,025
Total	$	889,427