DEBT

9 Months Ended

Sep. 30, 2022

DEBT

DEBT

6.          DEBT

As of September 30, 2022 and December 31, 2021, the Company’s debt consisted of the following:

	September 30,		December 31,
(In millions)	2022		2021
Private Placement Term Loans:
3.66 %, payable through 2023	$	9.1	$	13.7
4.16 %, payable through 2027		—		28.8
3.37 %, payable through 2027		63.5		69.2
3.14 %, payable through 2031		132.8		151.2
4.31 %, payable through 2032		—		25.4
Title XI Debt:
5.34 %, payable through 2028		13.2		15.4
5.27 %, payable through 2029		15.4		17.6
1.22 %, payable through 2043		170.1		174.1
1.35 %, payable through 2044		127.7		133.6
Total Debt		531.8		629.0
Less: Current portion		(57.3)		(65.0)
Total Long-term Debt		474.5		564.0
Less: Deferred loan fees		(13.2)		(14.3)
Total Long-term Debt, net of deferred loan fees	$	461.3	$	549.7

Except as described below, the Company’s debt is described in Note 8 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

Revolving Credit Facility: The Company’s revolving credit facility has committed available borrowing of up to $650 million and matures on March 31, 2026. As of September 30, 2022, the Company had $642.2 million of remaining borrowing availability under the revolving credit facility. The Company used $7.8 million of the revolving credit facility for letters of credit outstanding as of September 30, 2022. There were no outstanding borrowings under the revolving credit facility as of September 30, 2022 and December 31, 2021.

Private Placement Term Loans: On September 15, 2022, the Company prepaid $26.2 million of outstanding principal on the 4.16 percent term loans due in 2027, and $24.2 million of outstanding principal on the 4.31 percent term loans due in 2032, which represented all of the remaining outstanding principal for both term loans.

Debt Security and Guarantees: All of the debt of the Company and MatNav, including related guarantees, as of September 30, 2022 was unsecured, except for the Title XI debt.

Debt Maturities: As of September 30, 2022, debt maturities during the next five years and thereafter are as follows:

	As of
Year (in millions)	September 30, 2022
Remainder of 2022	$	14.3
2023		52.7
2024		44.1
2025		44.1
2026		44.1
Thereafter		332.5
Total Debt	$	531.8