Long-term debt consists of the following:


	December 31, 2024			September 30, 2024
Series B term loan	$	733.0		$	732.8
Receivables financing agreement		69.4			76.2
Financing costs, net		(5.9	)		(6.5	)
Total debt, net	$	796.5		$	802.5
Less: Current portion of long-term debt		-			-
Long-term debt, net	$	796.5		$	802.5

In connection with the KKR Acquisition, the Company and a group of financial institutions entered into a credit agreement (the “Credit Agreement”) dated December 18, 2013. The Credit Agreement consisted of seven-year $1,460.0 term loans (“First Lien Term Loans”) and a five-year $210.0 revolving credit facility. All amounts outstanding under the Credit Agreement were collateralized by substantially all of the assets of the Company. The Credit Agreement, as amended, provides for: (i) a $1,200.0 seven-year term loan (the “Series B Term Loan”) and (ii) a $300.0 five-year revolving credit facility (the “Revolving Credit Facility”). The Series B Term Loan matures on April 22, 2029. An original issue discount of $12.0 was incurred when the Series B Term Loan was issued and is being amortized using the effective interest method over the life of the debt, resulting in an effective yield of 3.42%. There were no debt repayments for the Series B Term Loan for the three months ended December 31, 2024 and 2023.

On August 28, 2023, the Company voluntarily repaid $450.0 of the amount outstanding under the Company’s Amendment Agreement.

On May 28, 2024, the Company entered into Amendment No. 8 to the Credit Agreement (the “Eighth Credit Agreement Amendment”). Under the Eighth Credit Agreement Amendment, the existing Series B Term Loans were amended to bear interest at a rate per annum based on a secured overnight funding rate (“Term SOFR”), plus a margin of 2.50% or a base rate (“ABR”) plus a margin of 1.50%, subject to SOFR and ABR floors of 0.50% and 1.50%, respectively.

The Company has a five-year $300.0 revolving credit facility (the “Revolving Credit Facility”) that matures on April 22, 2027. Under the Eighth Credit Agreement Amendment, the Revolving Credit Facility currently bears interest at a rate per annum equal to Term SOFR plus a margin ranging from 2.00% to 2.50% or ABR plus a margin ranging from 1.0% to 1.50%, subject to SOFR and ABR floors of 0.00% and 1.00%, respectively, with the margin on the Revolving Credit Facility determined based on the Company's first lien net leverage ratio. The Revolving Credit Facility replaced the previous $260.0 revolving credit facility under the Credit Agreement as in effect prior to the Amendment Agreement. There were no borrowings or repayments under the facility during the three months ended December 31, 2024 and 2023. The Company had no of letters of credit issued and outstanding as of December 31, 2024 and September 30, 2024.

On April 28, 2017, the Company, through a wholly-owned subsidiary, entered into a receivables financing agreement (the “Receivables Financing Agreement”).

On June 27, 2024, the Company, through a wholly-owned subsidiary, entered into the Fifth Amendment to the Receivables Financing Agreement (the “Fifth Amendment”). The Fifth Amendment (i) increased the borrowing capacity to $325.0, and (ii) extended the term through June 27, 2027.

All amounts outstanding under the Receivables Financing Agreement are collateralized by substantially all of the accounts receivable and unbilled revenue of the Company. During the three months ended December 31, 2024 the Company borrowed $1.6 against the capacity and voluntarily repaid $8.4. During the three months ended December 31, 2023 the Company borrowed $0.5 against the capacity and voluntarily repaid $9.5. The Company had $82.7 of letters of credit issued and outstanding as of each of December 31, 2024 and September 30, 2024.

The following are the scheduled maturities of long-term debt for the remainder of fiscal 2025 and the following four fiscal years and thereafter, which do not include any estimated excess cash flow payments:


2025	$	—
2026		—
2027		69.4
2028		—
2029		738.0
2030 and thereafter		—
Total long-term debt		807.4
Less: Current maturities		—
Less: Original issue discount		5.0
Less: Financing costs		5.9
Total long-term debt, net	$	796.5

The Company has estimated the fair value of its long-term debt to be approximately $812.1 and $812.4 as of December 31, 2024 and September 30, 2024, respectively. Fair value is based on market bid prices around period-end (Level 2 inputs).