Long-term debt

12 Months Ended

Dec. 31, 2024

NOTE 5 – Long-term debt

Our long-term debt is summarized below (in thousands):


	Dec. 31,
	2024			2023
Unsecured notes bearing fixed rate interest at 4.75% due March 2026	$	550,000		$	550,000
Unsecured notes bearing fixed rate interest at 7.75% due June 2027		200,000			200,000
Unsecured notes bearing fixed rate interest at 7.25% due September 2027		240,000			240,000
Unsecured notes bearing fixed rate interest at 4.625% due March 2028		1,000,000			1,000,000
Unsecured notes bearing fixed rate interest at 5.00% due September 2029		1,100,000			1,100,000
Total principal long-term debt		3,090,000			3,090,000
Debt issuance costs		(17,285	)		(22,226	)
Unamortized premiums and discounts, net		3,736			5,027
Total long-term debt	$	3,076,451		$	3,072,801

On January 25, 2024, we entered into an amendment to our revolving credit facility (the Credit Agreement). Among other things, the amendment amended the Credit Agreement to:

•

Reduce the Five-Year Commitments (as defined in the Credit Agreement) from $1.51 billion to $750 million;

•

Extend the term of such Five-Year Commitments from August 15, 2024 to January 25, 2029, subject to a 91-day springing maturity date if debt in excess of $300 million (subject to certain exceptions) were to mature before such date;

•

Add the right to obtain a temporary 0.5x step-up in the Total Leverage Ratio (as defined in the Credit Agreement) after consummating a Qualified Acquisition (as defined in the Credit Agreement);

•

Increase the amount of Unrestricted Cash (as defined in the Credit Agreement) to $600 million;

•

Amend the definition of Consolidated EBITDA to include an add-back for certain professional fees and expenses; and

•

Establish a $50 million swingline facility.

Under the amended Credit Agreement, the Company’s maximum Total Leverage Ratio (as defined in the Credit Agreement) remained unchanged at 4.50x.

As of December 31, 2024, cash and cash equivalents totaled $693.2 million and we had $11.8 million of letters of credit outstanding resulting in unused borrowing capacity of $738.2 million under our $750 million revolving credit facility, which expires in January 2029. As of December 31, 2024, we were in compliance with all covenants contained in our debt agreements and credit facility, including the leverage ratio (our one financial covenant). We believe, based on our current financial forecasts and trends, that we will remain compliant with all covenants for the foreseeable future.

Our debt maturities may be repaid with cash flow from operating activities, accessing capital markets or a combination of both. The following schedule discloses annual maturities of the principal amount of total debt due (in thousands):


Repayment schedule of principal long-term debt as of Dec. 31, 2024	Annual Maturities
2025	$	—
2026		550,000
2027		440,000
2028		1,000,000
2029		1,100,000
Thereafter		—
Total	$	3,090,000