Debt (Tables)

12 Months Ended

Dec. 31, 2023

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


	December 31,
	2023		2022
ABL Credit Facility due 2028	$	115,000	$	—
Term Loan Credit Agreement due 2030	545,875		—




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	4,746		—



Principal amount of long-term debt	665,621		515,439
Less: unamortized discount and deferred financing costs	(14,763)		(9,907)
Total debt, net of unamortized discount and deferred financing costs	650,858		505,532
Less: current maturities, net of unamortized discount and deferred financing costs	(4,255)		(10,956)
Long-term debt, net of current maturities	$	646,603	$	494,576

Schedule of Annual Maturities of Long-term Debt

Annual maturities of our long-term debt for the next five years and thereafter are as follows (in thousands):


Year Ended	Amount Due
2024	$	6,138
2025	6,169
2026	6,201
2027	6,234
2028	121,269
Thereafter	519,610
Total	$	665,621

Schedule of Applicable Margin for Debt Instrument

Under the ABL Credit Agreement, the applicable margins for the ABL Credit Facility and advances under the ABL Credit Facility are as specified below:


Level	Arithmetic Mean of Daily Availability (as a percentage of the borrowing base)	Term SOFR Loans	Base Rate Loans
1	>50%	1.25%	0.25%
2	>30% but ≤50%	1.50%	0.50%
3	≤30%	1.75%	0.75%

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”).