Debt

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Debt

8. Debt

As of September 30, 2024 and December 31, 2023, the Company’s indebtedness was comprised as follows:

	September 30, 2024		December 31, 2023
	(dollars in thousands)
Credit Agreement	$	375,000	$	59,000
5.625% Notes	1,100,000		1,100,000
Debt issuance costs	(11,075)		(13,172)
5.625% Notes, net of debt issuance costs	1,088,925		1,086,828
Total long-term debt	$	1,463,925	$	1,145,828

Interest expense related to long-term debt included in Interest expense, net on the Unaudited Consolidated Statements of Operations for the three and nine months ended September 30, 2024 was $24.4 million and $67.9 million, respectively, and for the three and nine months ended September 30, 2023 was $25.3 million and $65.9 million, respectively.

The amortization of debt issuance costs included in Interest expense, net on the Unaudited Consolidated Statements of Operations for the three and nine months ended September 30, 2024 was $0.7 million and $2.1 million, respectively, and for the three and nine months ended September 30, 2023 was $0.7 million and $2.5 million, respectively.

Revolving Credit Agreement

The Company is party to a senior secured revolving credit facility with a five-year maturity with a syndicate of banks (the “Credit Agreement”). The Credit Agreement provides revolving commitments of up to $640.0 million and permits restricted payments for share repurchases or redemptions from certain of its stockholders in an aggregate principal amount of up to $150.0 million.

The Credit Agreement contains a number of financial and nonfinancial covenants and is guaranteed by substantially all of our present and future subsidiaries, subject to customary exceptions. The Company was in compliance with all covenants as of September 30, 2024.

A portion of the Credit Agreement in an amount not to exceed $50.0 million is available for the issuance of standby letters of credit. As of September 30, 2024 and December 31, 2023, the Company had issued undrawn outstanding letters of credit of $15.5 million and $16.2 million, respectively.

Senior Notes

The Company had $1.1 billion aggregate principal amount of 5.625% senior notes (“5.625% Notes”) outstanding as of September 30, 2024. The 5.625% Notes are due August 15, 2029 and bear annual interest of 5.625% to be paid semiannually on February 15 and August 15 of each year.

The 5.625% Notes are also subject to certain covenants, customary events of default, including cross-payment default and cross-acceleration provisions. The Company was in compliance with all covenants as of September 30, 2024.