Debt

12 Months Ended

Dec. 31, 2024


		December 31,
	Interest rate	2024		2023

Term loan due March 2026	SOFR + 2.25%	$	235,000	$	285,500
Notes due March 2027	6.875%	380,000		380,000
Notes due March 2028	SOFR + 6.9%	96,563		274,313
Term loan due March 2028	SOFR + 4.0%	433,125		437,625
Notes due March 2029	7.25%	350,000		350,000
Notes due January 2037	5.25%	35,841		35,841
Notes due March 2043	6.70%	425,000		425,000
Other debt		—		1,181
Principal amount		1,955,529		2,189,460
Less: unamortized costs, net		35,821		43,428
Total debt		1,919,708		2,146,032
Less: current portion long-term debt		53,250		58,931
Long-term debt		$	1,866,458	$	2,087,101

During 2024, we repaid $178 million of the Notes due March 2028 and made other scheduled principal repayments of $56 million. In January 2025, we redeemed the remaining outstanding balance of the Notes due March 2028 and recognized a loss of approximately $17 million in connection with this redemption.

In August 2024, we amended the credit agreement that governs our secured revolving credit facility and the term loan due March 2026 (the "Credit Agreement") and the note purchase agreement that governs our $275 million notes due March 2028. The amendments, among other things, permit the Ecommerce Restructuring, funding under the DIP Facility, amend certain covenants, including relief for expenses incurred pursuant to the Ecommerce Restructuring, release the guarantees provided by the Ecommerce Debtors and the liens on the assets of the Ecommerce Debtors and reduce the total aggregate amount of permitted borrowings under the revolving credit facility from $500 million to $400 million. The Credit Agreement contains certain financial covenants. At December 31, 2024, we were in compliance with these financial covenants and there were no outstanding borrowings under the revolving credit facility. Borrowings under our Credit Agreement are secured by assets of the company.

In February 2025, we entered into a new senior secured credit agreement (the "New Credit Agreement"), which provided a $265 million revolving credit facility maturing March 2028, a $160 million term loan maturing March 2028 and a $615 million term loan maturing March 2032. The proceeds were used to repay the outstanding balances of the Term loan due March 2026 and Term loan due March 2028 and for general corporate purposes. Borrowings under our New Credit Agreement are secured by assets of the Company.

Under the New Credit Agreement, the Company is required to maintain (with maintenance tested quarterly) (i) a Consolidated Interest Coverage Ratio (as defined) of not less than 2.00 to 1.00, (ii) a Consolidated Secured Net Leverage Ratio (as defined) of no greater than 3.00 to 1.00 and (iii) a Consolidated Total Net Leverage Ratio (as defined) of no greater than (a) 5.25 to 1.00 for the fiscal quarters ending March 31, 2025 and June 30, 2025, (b) 5.00 to 1.00 for the fiscal quarters ending September 30, 2025 and December 31, 2025 and (c) 4.75 to 1.00 for each fiscal quarter ending on or after March 31, 2026.

At December 31, 2024, the interest rate on the term loan due 2026 was 6.7%, the interest rate on the term loan due 2028 was 8.5% and the interest rate on the March 2028 notes was 11.2%.

The PB Bank (the Bank), a wholly owned subsidiary, is a member of the Federal Home Loan Bank (FHLB) of Des Moines and has access to certain credit products as a funding source known as "advances." As of December 31, 2024, there were no outstanding advances.

Annual maturities of outstanding principal at December 31, 2024 are as follows:


2025	$	53,250
2026	196,250
2027	387,250
2028	507,938
2029	350,000
Thereafter	460,841
Total	$	1,955,529