Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2024

Long-Term Debt.

Summary of long-term debt

Long-term debt consisted of the following (in millions):

	September 30,		December 31,
	2024		2023
Borrowings under amended and restated senior secured revolving credit agreement with third-party lenders, interest payments quarterly, borrowings due January 2027, weighted average interest rates of 7.7% and 6.8% for the nine months ended September 30, 2024 and the year ended December 31, 2023, respectively.	$	225.9	$	136.7
Borrowings under amended secured MRL revolving credit agreement with third-party lender, interest payments quarterly, borrowings due November 2027, weighted average interest rate of 7.3% and 6.9% for the nine months ended September 30, 2024 and the year ended December 31, 2023, respectively.		—		13.0
Borrowings under the 2024 Secured Notes, interest at a fixed rate of 9.25%, interest payments semiannually, borrowings due July 2024, effective interest rate of 9.5% for the year ended December 31, 2023.		—		179.0
Borrowings under the 2025 Notes, interest at a fixed rate of 11.0%, interest payments semiannually, borrowings due April 2025, effective interest rate of 11.4% for the nine months ended September 30, 2024 and the year ended December 31, 2023.		363.5		413.5
Borrowings under the 2027 Notes, interest at a fixed rate of 8.125%, interest payments semiannually, borrowings due July 2027, effective interest rate of 8.3% for the nine months ended September 30, 2024 and the year ended December 31, 2023.		325.0		325.0
Borrowings under the 2028 Notes, interest at a fixed rate of 9.75%, interest payments semiannually, borrowings due July 2028, effective interest rate of 10.2% for the nine months ended September 30, 2024 and the year ended December 31, 2023.		325.0		325.0
Borrowings under the 2029 Secured Notes, interest at a fixed rate of 9.25%, interest payments semiannually, borrowings due July 2029, effective interest rate of 9.4% for the nine months ended September 30, 2024.		200.0		—
MRL Term Loan Credit Agreement		73.9		74.4
Shreveport terminal asset financing arrangement		44.9		50.8
Montana terminal asset financing arrangement		34.7		—
Montana refinery asset financing arrangement		110.0		—
MRL asset financing arrangements		372.5		384.6
Finance lease obligations, at various interest rates, interest and principal payments monthly through June 2028		2.9		3.0
Less unamortized debt issuance costs (1)		(16.2)		(16.1)
Less unamortized discounts		(2.8)		(3.5)
Total debt	$	2,059.3	$	1,885.4
Less current portion of long-term debt		400.3		55.7
Total long-term debt	$	1,659.0	$	1,829.7

(1) Deferred debt issuance costs are being amortized by the effective interest rate method over the lives of the related debt instruments. These amounts are net of accumulated amortization of $30.3 million and $26.6 million at September 30, 2024 and December 31, 2023, respectively.

Summary of principal payments on debt obligations and future minimum rentals on finance lease obligations

As of September 30, 2024, principal payments on debt obligations and future minimum rentals on finance lease obligations are as follows (in millions):

Year	Maturity
2024	$	9.7
2025		406.2
2026		51.6
2027		615.9
2028		430.8
Thereafter		563.2
Total	$	2,077.4