Long-Term Debt

3 Months Ended

Mar. 31, 2026

Long-term debt consisted of the following (in millions):


	March 31, 2026		December 31, 2025
Senior Secured Credit Facility:
$500 million revolving credit facility, due 2028	$	340.0	$	45.0
Term loan A, due 2028	98.1		98.8
Term loan B, due 2030	487.5		488.8
Unsecured Senior Notes, due 2028	550.0		550.0
	1,475.6		1,182.6
Unamortized deferred loan costs	(4.0)		(4.4)
Principal payments due in the next 12 months	(9.4)		(8.8)
Long-term debt	$	1,462.2	$	1,169.4

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The Company is required to make quarterly minimum principal payments on its term loans until maturity as follows: (i) for term loan A, payments totaling $2.5 million for the first year and $5.0 million annually thereafter, and (ii) for term loan B, payments totaling $5.0 million annually. These payments are reflected in other current liabilities on the accompanying condensed consolidated balance sheets. Considering the annual required principal payments, the balances due at maturity will be $90.0 million for term loan A and $466.3 million for term loan B.

Senior Secured Credit Facility — The Company’s senior secured credit facility (the "facility”) is comprised of a term loan A, term loan B, and a $500.0 million revolving credit facility (the "revolver"). At the Company's election, interest rates are as follows:

i.Term loan A – secured overnight financing rate ("SOFR") plus 1.50 to 2.50 percent, or the bank's base rate plus 0.50 to 1.50 percent.

ii.Term loan B – SOFR plus 1.75 percent, or the bank’s base rate plus 0.75 percent.

iii.Borrowings under the revolver – SOFR plus a 10-basis points adjustment plus 2.00 to 3.00 percent, or the bank’s base rate plus 1.00 to 2.00 percent, depending on leverage levels. A commitment fee of 0.30 to 0.45 percent is payable on the undrawn portion of the revolver.

The facility is subject to various restrictive covenants, including a maximum ratio of senior secured debt to trailing-twelve-months of lender-defined consolidated EBITDA of 3.75 to 1, which was 2.13 to 1 at March 31, 2026. The facility is secured by substantially all of the Company's assets and at March 31, 2026, the Company was in compliance with its debt covenants.

Unsecured Senior Notes — The Company has $550.0 million of unsecured senior notes, due in 2028, which bear interest at 4.625 percent payable semiannually in arrears on May 15 and November 15. These notes are unsecured obligations and are subordinate to the senior secured credit facility. These notes also contain certain customary limitations, including the Company's ability to incur additional indebtedness, engage in mergers and acquisitions, transfer or sell assets, and make certain distributions.