DEBT

9 Months Ended

Sep. 30, 2024

DEBT

DEBT

8.          DEBT

As of September 30, 2024 and December 31, 2023, the Company’s debt consisted of the following:

	September 30,		December 31,
(In millions)	2024		2023
Private Placement Term Loans:
3.37 %, payable through 2027	$	40.3	$	46.2
3.14 %, payable through 2031		100.1		114.4
Title XI Debt:
1.22 %, payable through 2043		154.3		158.2
1.35 %, payable through 2044		115.9		121.8
Total Debt		410.6		440.6
Less: Current portion		(39.7)		(39.7)
Total Long-term Debt		370.9		400.9
Less: Deferred loan fees		(10.7)		(11.6)
Total Long-term Debt, net of deferred loan fees	$	360.2	$	389.3

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, 2023.

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, 2024, the Company had $644.2 million of remaining borrowing availability under the revolving credit facility. The Company used $5.8 million of the revolving credit facility for letters of credit outstanding as of September 30, 2024. There were no outstanding borrowings under the revolving credit facility as of September 30, 2024 and December 31, 2023.

Debt Security and Guarantees: All of the debt of the Company and MatNav, including related guarantees, as of September 30, 2024 was unsecured, except for the Title XI debt.

Debt Maturities: As of September 30, 2024, debt maturities are as follows:

	As of
Year (in millions)	September 30, 2024
Remainder of 2024	$	9.7
2025		39.7
2026		39.7
2027		39.7
2028		28.2
Thereafter		253.6
Total Debt	$	410.6