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INTEREST RATE SWAPS (Tables)

3 Months Ended

Mar. 31, 2024

INTEREST RATE SWAPS

Schedule of interest rate swap agreements

Information related to the Company’s interest rate swap agreements as of March 31, 2024 is presented below (in thousands):


Hedged Item ⁽¹⁾		Effective Date		Maturity Date		Rate		Amount			Fair Value as of March 31, 2024
2026 Term Loan		3/29/2024		3/10/2026		1.44% + 0.10% + applicable spread		$	50,000		$	2,862
2026 Term Loan		8/31/2021		3/10/2026		0.70% + 0.10% + applicable spread		$	15,000		$	1,066
2026 Term Loan⁽²⁾		3/10/2026		3/10/2031		3.80% + 0.10% + applicable spread		$	40,000		$	(437)
2027 Term Loan		3/29/2024		1/31/2027		1.35% + 0.10% + applicable spread		$	100,000		$	7,717
2027 Term Loan⁽²⁾		1/31/2027		1/30/2032		3.75% + 0.10% + applicable spread		$	60,000		$	(547)
2028 Term Loan		9/30/2022		1/31/2028		3.78% + 0.10% + applicable spread		$	50,000		$	474
2028 Term Loan		9/30/2022		1/31/2028		3.78% + 0.10% + applicable spread		$	50,000		$	464
2028 Term Loan ⁽²⁾		1/31/2028		1/31/2033		3.81% + 0.10% + applicable spread		$	60,000		$	(566)
Credit Facility		1/31/2023		1/31/2030		3.27% + 0.10% + applicable spread		$	50,000		$	1,540
Credit Facility		1/31/2023		1/31/2030		3.26% + 0.10% + applicable spread		$	33,000		$	1,036
Credit Facility		1/31/2023		1/31/2030		3.36% + 0.10% + applicable spread		$	17,000		$	451
Credit Facility		2/1/2024		1/31/2028		3.85% + 0.10% + applicable spread		$	50,000		$	344

⁽¹⁾	On September 30, 2022, the Company converted its existing interest rate swaps from 1-month LIBOR to SOFR.

⁽²⁾	The Company entered into forward swaps to further fix interest rates through periods that the Company reasonably expects to extend its current term loans.