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Note 5 - Long-term Debt

9 Months Ended

Sep. 30, 2023

Note 5 - Long-Term Debt

On September 1, 2022, we entered into an Amended and Restated Credit Agreement (the “2022 Credit Agreement”), which provides for a five-year secured revolving loan facility with an aggregate principal amount of up to $350 million. Details of the revolving loan facility, including the basis for interest and covenants are described in the 2022 Credit Agreement.

The revolving loans under the 2022 Credit Agreement may be repaid and reborrowed at our discretion, with any remaining outstanding principal amount due and payable on the maturity date of the revolving loan on September 1, 2027. During the first nine months of fiscal 2023, we made discretionary payments totaling $130 million on the revolving loans outstanding under the 2022 Credit Agreement.

The fair value of our long-term debt approximates the carrying value, which is reflected in our Consolidated Balance Sheets as follows:

	*September 30,*		*December 31,*
(In thousands)	*2023*		*2022*
Principal amount	$	-	$	130,000
Unamortized original issuance discount and debt costs		—		(1,248	)
Long-term debt, net of unamortized debt issue costs	$	-	$	128,752

We pay a quarterly commitment fee of 0.20% on the unused portion of the revolving facility. Interest expense related to our long-term debt was included in Interest expense on our Consolidated Statements of Operations as follows:

	*Three Months Ended*				*Nine Months Ended*
	*September 30,*		*October 1,*		*September 30,*		*October 1,*
(In thousands)	*2023*		*2022*		*2023*		*2022*
Contractual interest	$	83	$	1,328	$	2,701	$	2,690
Amortization of original issuance discount and debt costs		67		76		200		243
Total interest expense related to long-term debt	$	150	$	1,404	$	2,901	$	2,933