Debt (Tables)

9 Months Ended

Sep. 30, 2023

The following table summarizes our outstanding debt (in thousands):


	September 30, 2023		December 31, 2022


ABL Credit Facility due 2028	$	—	$	—


Term Loan Credit Agreement due 2030	547,250		—
7.75% Senior Secured Notes due 2025	—		281,000
Term Loan B Facility due 2026	—		203,125
12.875% Senior Secured Notes due 2026	—		31,314
Other long-term debt	4,901		—





Principal amount of long-term debt	552,151		515,439
Less: unamortized discount and deferred financing costs	(15,211)		(9,907)
Total debt, net of unamortized discount and deferred financing costs	536,940		505,532
Less: current maturities, net of unamortized discount and deferred financing costs	(4,287)		(10,956)
Long-term debt, net of current maturities	$	532,653	$	494,576

Schedule of Term Loan Agreement

The Term Loan Credit Agreement bears interest at a fluctuating rate per annum equal to either a SOFR rate or base rate “Base Rate”, provided that the Base Rate shall not be below 1.5%, as defined in the Term Loan Credit Agreement. The SOFR rate and Base Rate definitions are summarized below:



SOFR Rate loan			Secured overnight financing rate plus the applicable margin of 4.250% per annum with a stepdown in the applicable margin of 0.25% in the event the Company’s credit rating is upgraded to Ba3/BB-,
Base Rate loan			A per annum rate plus the applicable margin of 3.250%. The base rate is the greatest of:
•			a rate as calculated by the Federal Reserve Bank of New York based on such day’s federal funds transactions by depository institutions (“Federal Funds Rate”) for such day, plus 0.5%;
•			a rate equal to adjusted term SOFR for a one month interest period as of such day plus 1.0%; or
•			a rate as announced by Wells Fargo (the “Prime Rate”).