Long-Term Debt

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

LONG-TERM DEBT

LONG-TERM DEBT

The components of long-term debt are as follows:

	December 31,
(in thousands)	2021		2020
Bank revolving credit facility	$	4,000	$	5,000
Term debt	265,498		280,233
Capital lease obligations	56		153
Total debt	269,554		285,386
Less current maturities	15,032		15,066
Total long-term debt	$	254,522	$	270,320

On October 24, 2019, the Company, as Borrower, and each of its domestic subsidiaries as guarantors, entered into a Second Amended and Restated Credit Agreement (the Credit Agreement) with Bank of America, N.A., as Administrative Agent. The Credit Agreement provides the Company with the ability to request loans and other financial obligations in an aggregate amount of up to $650.0 million and, subject to certain conditions, the Company has the option to request an increase in aggregate commitments of up to an additional $200.0 million. Pursuant to the Credit Agreement, the Company has borrowed $300.0 million pursuant to a Term Facility repayable with interest quarterly at a percentage of the initial principal amount of the Term Facility of 5.0% per year with the remaining principal due in 5 years. Up to $350.0 million is available under the Credit Agreement pursuant to a Revolver Facility which terminates in 5 years. Outstanding loans under the revolving credit facility bear interest at a variable rate generally based on LIBOR or an alternative variable rate based on the highest of the Bank of America prime rate, the federal funds rate or a rate generally based on LIBOR, in each case depending on the leverage ratio. The Agreement requires the Company to maintain two financial covenants - a maximum leverage ratio and a minimum asset coverage ratio. The Agreement also contains various covenants relating to limitations on indebtedness, limitations on investments and acquisitions, limitations on sale of properties and limitations on liens and capital expenditures. The Agreement also contains other customary covenants, representations and events of defaults. The

expiration date of the Term Facility and the Revolver Facility is October 24, 2024. As of December 31, 2021, $269.5 million was outstanding under the Credit Agreement. Of the total outstanding, $265.5 million was on the Term Facility at a rate of 1.60% and $4.0 million was on the Revolver Facility at a rate of 3.75%. On December 31, 2021, $2.4 million of the revolver capacity was committed to irrevocable standby letters of credit issued in the ordinary course of business as required by vendors' contracts resulting in $255.0 million in available borrowings. The Company is in compliance with the covenants under the Credit Agreement.

The aggregate maturities of long-term debt, as of December 31, 2021, are as follows: $15.0 million in 2022; $15.0 million in 2023; $239.5 million in 2024; $0.01 million in 2025; and zero thereafter.