DEBT

3 Months Ended

Mar. 31, 2025

DEBT

DEBT

8.          DEBT

As of March 31, 2025 and December 31, 2024, the Company’s debt consisted of the following:

	March 31,		December 31,
(In millions)	2025		2024
Private Placement Term Loans:
3.37 %, payable through 2027	$	34.6	$	34.6
3.14 %, payable through 2031		93.0		100.1
Title XI Debt:
1.22 %, payable through 2043		150.3		150.3
1.35 %, payable through 2044		112.9		115.9
Total Debt		390.8		400.9
Less: Current portion		(39.7)		(39.7)
Total Long-term Debt		351.1		361.2
Less: Deferred loan fees		(10.2)		(10.4)
Total Long-term Debt, net of deferred loan fees	$	340.9	$	350.8

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, 2024.

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, 2025, the Company had $643.9 million of remaining borrowing availability under the revolving credit facility. The Company used $6.1 million of the revolving credit facility for letters of credit outstanding as of March 31, 2025. There were no outstanding borrowings under the revolving credit facility as of March 31, 2025 and December 31, 2024.

Debt Security and Guarantees: All of the debt of the Company and MatNav, including related guarantees, as of March 31, 2025 was unsecured, except for the Title XI debt.

Debt Maturities: As of March 31, 2025, debt maturities are as follows:

	As of
Year (in millions)	March 31, 2025
Remainder of 2025	$	29.6
2026		39.7
2027		39.7
2028		28.2
2029		28.2
Thereafter		225.4
Total Debt	$	390.8