Debt

3 Months Ended

Mar. 31, 2025

Total debt consisted of the following:


	Interest rate	March 31, 2025		December 31, 2024

Term loan due March 2026	SOFR + 2.25%	$	—	$	235,000
Notes due March 2027	6.875%	372,500		380,000
Notes due March 2028	SOFR + 6.9%	—		96,563
Term loan due March 2028	SOFR + 4.0%	—		433,125
Term loan due March 2028	SOFR + 2.35%	160,000		—
Notes due March 2029	7.25%	335,000		350,000
Term loan due March 2032	SOFR + 3.75%	615,000		—
Notes due January 2037	5.25%	35,841		35,841
Notes due March 2043	6.70%	425,000		425,000


Principal amount		1,943,341		1,955,529
Less: unamortized costs, net		30,189		35,821
Total debt		1,913,152		1,919,708
Less: current portion long-term debt		14,150		53,250
Long-term debt		$	1,899,002	$	1,866,458

In the first quarter of 2025, we redeemed the remaining outstanding balance of the Notes due March 2028 and recorded a loss of $17 million in other expense. Additionally, we entered into a new senior secured credit agreement (the "New Credit Agreement"), which provides for $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. We recorded a loss of $8 million in connection with this refinance in other expense. We also purchased an aggregate $23 million of the Notes due March 2027 and Notes due March 2029.

From April 1, 2025 through May 2, 2025, we purchased an additional aggregate $14 million of the Notes due March 2027 and Notes due March 2029.

Under the New Credit Agreement, we are required to maintain (with maintenance tested quarterly) (i) a Consolidated Interest Coverage Ratio (as defined in the New Credit Agreement) of not less than 2.00 to 1.00, (ii) a Consolidated Secured Net Leverage Ratio (as defined in the New Credit Agreement) of no greater than 3.00 to 1.00 and (iii) a Consolidated Total Net Leverage Ratio (as defined in the New Credit Agreement) 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 March 31, 2025, we were in compliance with these financial covenants and there were no outstanding borrowings under the revolving credit facility. Borrowings under our New Credit Agreement are secured by assets of the Company.

The New Credit Agreement also contains provisions whereby if, on any day between the period commencing on September 14, 2026 and ending on March 15, 2027 the Notes due March 2027 have not been redeemed in full and liquidity is less than an amount equal to the amount to redeem the Notes due March 2027 plus $100 million, the Term loan due March 2028 and any borrowings under the revolving credit facility would become due on such date (the "Pro Rata Springing Maturity Date"), and if on any date during the period beginning on December 14, 2026 and ending on March 15, 2027, the Notes due March 2027 remain outstanding and the Pro Rata Springing Maturity Date has occurred, the Term loan due March 2032 would be become due on such date. We are considering various strategies and fully intend to redeem the Notes due March 2027 before September 2026 either with available cash on hand or refinance through the capital markets.