DEBT

9 Months Ended

Sep. 30, 2023

DEBT

DEBT

3.    DEBT

Our debt as of September 30, 2023 and December 31, 2022 consists of the following (amounts in thousands):

	As of September 30, 2023						As of December 31, 2022
	Principal		Debt Issuance Costs		Total		Principal		Debt Issuance Costs		Total
		(Amounts in thousands)						(Amounts in thousands)
Revolving credit facility	$	325,000	$	(4,250)	$	320,750	$	575,000	$	(3,428)	$	571,572
Total debt	$	325,000	$	(4,250)	$	320,750	$	575,000	$	(3,428)	$	571,572

Revolving credit facility

On March 6, June 6, and September 6, 2023, we repaid $75 million, $100 million, and $75 million, respectively, on our revolving credit facility.

On June 28, 2023, we entered into a fifth amendment to our revolving credit facility dated as of June 2, 2017, as amended. The fifth amendment extended the scheduled maturity date from July 7, 2026 to June 28, 2028, replaced LIBOR with Secured Overnight Financing Rate (“Term SOFR”) as a benchmark interest rate and made certain other administrative changes to the existing revolving credit facility.

As of September 30, 2023, we had $325 million outstanding and $675 million available under our revolving credit facility. The interest rate on borrowings under our revolving credit facility as of September 30, 2023, was Term SOFR plus 1.20% for an all-in rate of 6.7%. Interest expense, which includes interest on outstanding borrowings and amortization of debt issuance costs, was $6.7 million and $23.0 million for the three and nine months ended September 30, 2023, respectively, and $3.9 million and $4.4 million for the three and nine months ended September 30, 2022, respectively. We were in compliance with each financial covenant (leverage ratio and interest coverage ratio) under our revolving credit facility as of September 30, 2023.

We may repay any borrowings under our revolving credit facility at any time without premium or penalty.