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Long-Term Debt
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
The Company’s long-term debt obligations consist of the following:
(in thousands)September 30, 2023December 31, 2022
Series 2018-1 Securitization Senior Notes, Class A-2$259,875 $261,938 
Series 2019-1 Securitization Senior Notes, Class A-2285,750 288,000 
Series 2019-2 Securitization Senior Notes, Class A-2264,000 266,063 
Series 2020-1 Securitization Senior Notes, Class A-2169,313 170,625 
Series 2020-2 Securitization Senior Notes, Class A-2437,625 441,000 
Series 2021-1 Securitization Senior Notes, Class A-2441,000 444,375 
Series 2022-1 Securitization Senior Notes, Class A-2361,350 364,088 
Term Loan Facility492,500 496,250 
Revolving Credit Facility215,000 — 
Other debt (a)
19,262 51,836 
Total debt2,945,675 2,784,175 
Less: unamortized debt issuance costs(36,747)(45,908)
Less: current portion of long-term debt(31,869)(32,986)
Total long-term debt, net$2,877,059 $2,705,281 
(a) Consists primarily of finance lease obligations.
Series 2019-3 Variable Funding Securitization Senior Notes
In December 2019, Driven Brands Funding, LLC (the “Issuer”) issued Series 2019-3 Variable Funding Senior Notes, Class A-1 (the “2019 VFN”) in the revolving amount of $115 million. The 2019 VFN have a final legal maturity date in January 2050. The commitment under the 2019 VFN were set to expire in July 2022, with the option of three one-year extensions. In July 2023, the Company exercised the first of three one-year extension options. The 2019 VFN are secured by substantially all assets of the Issuer and are guaranteed by the Securitization Entities. As of July 1, 2023, borrowings will incur interest at the Base Rate plus an applicable margin or Secured Overnight Financing Rate (“SOFR”) plus an applicable term adjustment. No amounts were outstanding under the 2019 VFN as of September 30, 2023 and no borrowings or repayments were made during the nine months ended September 30, 2023. As of September 30, 2023, there were $25 million of outstanding letters of credit which reduced the borrowing availability under the 2019 VFN.
Driven Holdings Revolving Credit Facility
In May 2021, Driven Holdings, LLC, (“the Borrower”) a Delaware limited liability company and indirect wholly-owned subsidiary of Driven Brands Holdings Inc., entered into a credit agreement to secure a revolving line of credit with a group of financial institutions (“Revolving Credit Facility”), which provides for an aggregate amount of up to $300 million, and has a maturity date in May 2026 (“Credit Agreement”). On June 2, 2023, the Credit Agreement was amended pursuant to which as of July 1, 2023, borrowings will incur interest at the Base Rate plus an applicable margin or SOFR plus an applicable term adjustment. The Revolving Credit Facility also includes periodic commitment fees based on the available unused balance and a quarterly administrative fee.
There was $215 million outstanding on the Revolving Credit Facility as of September 30, 2023 with $335 million of borrowings and $120 million of repayments made during the nine months ended September 30, 2023.
The Company’s debt agreements are subject to certain quantitative and qualitative covenants. As of September 30, 2023, the Company and its subsidiaries were in compliance with such covenants.