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Long-Term Debt
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
As of June 30, 2025, the Company’s long-term debt is as follows:
 Principal OutstandingUnamortized Premium (Discount)Unamortized Issuance CostsCarrying Value
(in thousands)
6.875% senior notes
$650,000 $— $(11,141)$638,859 
Credit facilities:
Revolving Credit Facility
85,000 — — 85,000 
Term Loan
947,625 (917)(11,679)935,029 
Other debt(1)
7,036 — — 7,036 
Total debt$1,689,661 $(917)$(22,820)$1,665,924 
____________________________________________
(1)        Other debt is primarily comprised of insurance financing arrangements, promissory notes executed in connection with business combinations, and finance leases.
As of June 30, 2025, principal maturities of the Company’s long-term debt and notes payable are as follows:
 20252026202720282029ThereafterTotal
(in thousands)
6.875% senior notes
$— $— $— $— $— $650,000 $650,000 
Credit facilities:
Revolving Credit Facility
— — — — 85,000 — 85,000 
Term Loan
4,750 9,500 9,500 9,500 9,500 904,875 947,625 
Other debt, including finance leases3,596 1,223 487 504 161 1,065 7,036 
Total debt$8,346 $10,723 $9,987 $10,004 $94,661 $1,555,940 $1,689,661 
As of December 31, 2024, the Company’s long-term debt and notes payable are as follows:
 Principal OutstandingUnamortized Premium (Discount)Unamortized Issuance CostsCarrying Value
(in thousands)
6.875% senior notes
$650,000 $— $(11,925)$638,075 
Credit facilities:
Term Loan
847,875 (995)(11,468)835,412 
Other debt(1)
5,523 — — 5,523 
Total debt$1,503,398 $(995)$(23,393)$1,479,010 
____________________________________________
(1)        Other debt is primarily comprised of insurance financing arrangements, promissory notes executed in connection with business combinations, and finance leases.
Credit Facilities
On July 26, 2024, Concentra Health Services, Inc. (“CHSI”), a wholly-owned subsidiary of Concentra, entered into a senior secured credit agreement (the “Credit Agreement”) that provides for an $850.0 million term loan (the “Term Loan”), and a $400.0 million revolving credit facility, including a $75.0 million sublimit for the issuance of standby letters of credit (the “Revolving Credit Facility” and, together with the Term Loan, the “Credit Facilities”). In March 2025, the Company completed an amendment to the Credit Agreement to increase our Revolving Credit Facility by $50.0 million from $400.0 million to $450.0 million. The interest rate for the Revolving Credit Facility has been reduced from Term SOFR plus 2.50% to Term SOFR plus 2.00%, subject to a leverage-based pricing grid. In addition, the amendment to the Credit Agreement also added new debt through an incremental term loan of $102.1 million, which provides an updated Term Loan of $950.0 million. The Term Loan interest rate has been reduced from Term SOFR plus 2.25% down to Term SOFR plus 2.00%, subject to a leverage-based pricing grid including 25-basis point step down at a net leverage ratio of ≤3.25x.
At June 30, 2025, the Company had $342.8 million of availability under its Revolving Credit Facility after giving effect to $85.0 million of borrowings under the Revolving Credit Facility and $22.2 million of outstanding letters of credit.
The Credit Facilities require CHSI to maintain a leverage ratio (as defined in the Credit Agreement), which is tested quarterly and currently must not be greater than 6.50 to 1.00. As of June 30, 2025,