Long-Term Debt and Financing Matters

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Long-Term Debt and Financing Matters

Long-Term Debt and Financing Matters

Long-term debt consists of the following (in thousands):

	September 30, 2024	December 31, 2023
Senior secured term loan facility	$773,515	$874,262
5.75% Senior Notes	299,574	299,506
Finance leases	19,848	21,706
Other debt	18,796	12,322
Deferred financing costs	(15,841)	(20,938)
Total debt	1,095,892	1,186,858
Less current maturities	(12,167)	(18,605)
Long-term debt, less current maturities	$1,083,725	$1,168,253

As of September 30, 2024 and December 31, 2023, the senior secured term loan facility reflected an original issue discount

(“OID”) of $4.0 million and $5.5 million, respectively. As of September 30, 2024 and December 31, 2023, the 5.75% Senior

Notes balance reflected an OID of $0.4 million and $0.5 million, respectively.

Senior Secured Credit Facilities  

On August 24, 2021, the Company entered into a credit agreement for its senior secured term loan facility (the "Term Loan B

Facility"), which provides funding up to a principal amount of $900.0 million.  The Term Loan B Facility has a seven year

maturity with principal due in consecutive equal quarterly installments of 0.25% of the initial $900.0 million principal

amount (subject to certain reductions from time to time as a result of the application of prepayments), with the remaining

balance due upon maturity of the Term Loan B Facility.  The proceeds from the Term Loan B Facility were used to prepay in

full the Company's $825.0 million senior secured term loan facility (the "2018 Term Loan B Facility"), including any accrued

and unpaid interest, fees and other expenses related to the transaction. On June 8, 2023, the Company further amended and

restated the Term Loan B Facility credit agreement (the "Term Loan B Credit Agreement") to replace LIBOR with the Term

Secured Overnight Financing Rate ("SOFR") and Daily Simple SOFR (each as defined in the amended Term Loan B Credit

Agreement) as the reference interest rate effective June 30, 2023. On June 26, 2024, the Company used cash on hand to

prepay $100.0 million of the $877.5 million outstanding principal on the Term Loan B Facility; no modification was made to

the Term Loan B Credit Agreement as a result of this prepayment. On September 18, 2024, the Company executed an

amendment to reprice its Term Loan B Credit Agreement. The repricing reduced the applicable interest rate by 50 basis

points from Term SOFR plus 3.25% to Term SOFR plus 2.75% and eliminated the credit spread adjustment. No

modifications were made to the maturity of the loans as a result of the repricing and all other terms were substantially

unchanged.

Effective July 8, 2021, the Company entered into an amended and restated senior credit agreement for its $225.0 million

senior secured asset based revolving credit facility (the “ABL Credit Agreement”). The ABL Credit Agreement consisted of a

$225.0 million senior secured asset-based revolving credit facility with a five-year maturity. On April 21, 2023, the Company

further amended and restated the ABL Credit Agreement to replace LIBOR with the Term SOFR and Daily Simple SOFR

(each, as defined in the amended ABL Credit Agreement) as the reference interest rate. On June 26, 2024, the Company

further amended the ABL Credit Agreement to increase the revolving commitment to $325.0 million and extend its maturity

date to June 26, 2029.

The Term Loan B Credit Agreement and ABL Credit Agreement contain a number of customary affirmative and negative

covenants that limit or restrict the ability of the Company and its subsidiaries to (subject, in each case, to a number of

important exceptions, thresholds and qualifications as set forth in the Term Loan B Credit Agreement and ABL Credit

Agreement):

•incur additional indebtedness (including guarantee obligations);

•incur liens;

•make certain investments;

•make certain dispositions and engage in certain sale / leaseback transactions;

•make certain payments or other distributions; and

•engage in certain transactions with affiliates.

In addition, the ABL Credit Agreement contains a springing financial covenant that requires the maintenance, after failure to

maintain a specified minimum amount of availability to borrow under the senior secured asset-based revolving credit facility,

of a minimum fixed charge coverage ratio of 1.00 to 1.00, as determined at the end of each fiscal quarter. Management

believes that, as of September 30, 2024 and December 31, 2023, the Company maintained more than the minimum amount of

availability under the senior secured asset-based revolving credit facility and, therefore, the minimum fixed charge ratio

described herein was not applicable.