XML 41 R28.htm IDEA: XBRL DOCUMENT v3.23.1
Revolving Credit Facility and Long-Term Debt (Tables)
3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments Principal balances outstanding under our long-term debt obligations as of March 31, 2023 and December 31, 2022 consisted of the following (in thousands):

    

March 31, 2023

    

December 31, 2022

Term loans

$

121,875

$

124,688

Revolving credit loans

 

75,948

 

73,500

Less unamortized debt issuance costs

 

(150)

 

(179)

Total long-term debt

 

197,673

 

198,009

Less current portion

 

11,250

 

11,250

Long-term portion

$

186,423

$

186,759

Schedule of Long-term Debt Covenants

The Third Amended Credit Agreement is collateralized by substantially all our assets. The Third Amended Credit Agreement contains affirmative and negative covenants, representations and warranties, events of default and other terms customary for loans of this nature. In particular, the Third Amended Credit Agreement requires that we maintain certain financial covenants, as follows:

 

Covenant Requirement

Consolidated Total Leverage Ratio (1)

 

4.0 to 1.0

Consolidated Interest Coverage Ratio (2)

 

3.0 to 1.0

Facility Capital Expenditures (3)

$50 million

(1)Maximum Consolidated Total Net Leverage Ratio (as defined in the Third Amended Credit Agreement) as of any fiscal quarter end.
(2)Minimum ratio of Consolidated EBITDA (as defined in the Third Amended Credit Agreement and adjusted for certain expenditures) to Consolidated Interest Expense (as defined in the Third Amended Credit Agreement) for any period of four consecutive fiscal quarters.
(3)Maximum level of the aggregate amount of all Facility Capital Expenditures (as defined in the Third Amended Credit Agreement) in any fiscal year.

Schedule of Maturities of Long-term Debt

Future minimum principal payments on our long-term debt, as of March 31, 2023, were as follows (in thousands):

Years Ending

Future Minimum

December 31,

    

Principal Payments

Remaining 2023

 

$

8,438

2024

189,385

Total future minimum principal payments

$

197,823