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INTEREST RATE SWAPS (Tables)

9 Months Ended

Sep. 30, 2024

INTEREST RATE SWAPS

Schedule of interest rate swap agreements

Information related to the Company’s interest rate swap agreements as of September 30, 2024 is presented below (in thousands):


Hedged Item ⁽¹⁾		Effective Date		Maturity Date		Rate		Amount			Fair Value as of September 30, 2024
2026 Term Loan		3/29/2024		3/10/2026		1.44% + 0.10% + applicable spread		$	50,000		$	1,495
2026 Term Loan		8/31/2021		3/10/2026		0.70% + 0.10% + applicable spread		$	15,000		$	605
2026 Term Loan⁽²⁾		3/10/2026		3/10/2031		3.80% + 0.10% + applicable spread		$	40,000		$	(1,198)
2027 Term Loan		3/29/2024		1/31/2027		1.35% + 0.10% + applicable spread		$	100,000		$	4,499
2027 Term Loan⁽²⁾		1/31/2027		1/30/2032		3.75% + 0.10% + applicable spread		$	60,000		$	(1,515)
2028 Term Loan		9/30/2022		1/31/2028		3.78% + 0.10% + applicable spread		$	50,000		$	(836)
2028 Term Loan		9/30/2022		1/31/2028		3.78% + 0.10% + applicable spread		$	50,000		$	(843)
2028 Term Loan ⁽²⁾		1/31/2028		1/31/2033		3.81% + 0.10% + applicable spread		$	60,000		$	(1,356)
2029 Term Loan⁽³⁾		1/31/2023		1/31/2030		3.27% + 0.10% + applicable spread		$	50,000		$	(140)
2029 Term Loan⁽³⁾		1/31/2023		1/31/2030		3.26% + 0.10% + applicable spread		$	33,000		$	(79)
2029 Term Loan⁽³⁾		1/31/2023		1/31/2030		3.36% + 0.10% + applicable spread		$	17,000		$	(118)
Credit Facility		2/1/2024		1/31/2028		3.85% + 0.10% + applicable spread		$	50,000		$	(919)

⁽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.

⁽³⁾	Prior to September 30, 2024, these interest rate swaps were assigned to the Credit Facility. Effective September 30, 2024, these hedges were redesignated to the 2029 Term Loan.