Long-term debt consists of the following:


	March 31, 2025			September 30, 2024
Series B term loan	$	733.4		$	732.8
Receivables financing agreement		71.9			76.2
Financing costs, net		(6.4	)		(6.5	)
Total debt, net	$	798.9		$	802.5
Less: Current portion of long-term debt		—			—
Long-term debt, net	$	798.9		$	802.5

On December 18, 2013, the Company and a group of financial institutions entered into a credit agreement (the “Credit Agreement”). The Credit Agreement consisted of seven-year $1,460.0 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 2.16%. There were no debt repayments for the Series B Term Loan for the three and six months ended March 31, 2025 and 2024, respectively.

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

On January 29, 2025, the Company entered into Amendment No. 9 to the Credit Agreement (the "Ninth Credit Agreement Amendment"). Under the Ninth 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 2.00% or a base rate ("ABR") plus a margin of 1.00%, subject to SOFR and ABR floors of 0.50% and 1.50%, respectively.

The Revolving Credit Facility matures on April 22, 2027. 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 1.00% 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. There were no borrowings or repayments under the facility during the three and six months ended March 31, 2025 and 2024. The Company had no of letters of credit issued and outstanding as of March 31, 2025 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, (ii) extended the term through June 27, 2027, and (iii) established a swingline facility of up to $50.0.

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 six months ended March 31, 2025 the Company borrowed $11.6 against the capacity and voluntarily repaid $16.0. During the six months ended March 31, 2024 the Company borrowed $0.5 against the capacity and voluntarily repaid $9.5. The Company had $82.3 of letters of credit issued and outstanding as of each of March 31, 2025 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		71.9
2028		—
2029		738.0
2030 and thereafter		—
Total long-term debt		809.9
Less: Current maturities		—
Less: Original issue discount		4.6
Less: Financing costs		6.4
Total long-term debt, net	$	798.9

The Company has estimated the fair value of its long-term debt to be approximately $801.5 and $812.4 as of March 31, 2025 and September 30, 2024, respectively. Fair value is based on market bid prices around period-end (Level 2 inputs).