DEBT

3 Months Ended

Mar. 31, 2023

DEBT

DEBT

6.          DEBT

As of March 31, 2023 and December 31, 2022, the Company’s debt consisted of the following:

	March 31,		December 31,
(In millions)	2023		2022
Private Placement Term Loans:
3.66 %, payable through 2023	$	4.5	$	4.5
3.37 %, payable through 2027		57.7		57.7
3.14 %, payable through 2031		123.6		132.8
Title XI Debt:
5.34 %, payable through 2028		—		13.2
5.27 %, payable through 2029		—		15.4
1.22 %, payable through 2043		166.2		166.2
1.35 %, payable through 2044		124.7		127.7
Total Debt		476.7		517.5
Less: Current portion		(46.3)		(76.9)
Total Long-term Debt		430.4		440.6
Less: Deferred loan fees		(12.5)		(12.9)
Total Long-term Debt, net of deferred loan fees	$	417.9	$	427.7

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, 2022.

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 March 31, 2023, the Company had $642.1 million of remaining borrowing availability under the revolving credit facility. The Company used $7.9 million of the revolving credit facility

for letters of credit outstanding as of March 31, 2023. There were no outstanding borrowings under the revolving credit facility as of March 31, 2023 and December 31, 2022.

On February 9, 2023, the Company amended the revolving credit facility to replace LIBOR with a new benchmark interest rate, the Secured Overnight Financing Rate (“SOFR”). There were no other significant changes to the revolving credit facility as a result of this amendment.

Title XI Bonds: On January 27, 2023, the Company prepaid $14.3 million of outstanding principal on the 5.27 percent Title XI Bond representing all of the remaining outstanding principal for this bond. On March 3, 2023, the Company also prepaid $12.1 million of outstanding principal on the 5.34 percent Title XI Bond representing all of the outstanding principal for this bond.

Debt Security and Guarantees: All of the debt of the Company and MatNav, including related guarantees, as of March 31, 2023 was unsecured, except for the Title XI debt.

Debt Maturities: As of March 31, 2023, debt maturities during the next five years and thereafter are as follows:

	As of
Year (in millions)	March 31, 2023
Remainder of 2023	$	36.1
2024		39.7
2025		39.7
2026		39.7
2027		39.7
Thereafter		281.8
Total Debt	$	476.7