Long-Term Debt (Tables)
|
9 Months Ended |
Sep. 30, 2022 |
|---|
| Long-Term Debt |
|
| Reconciliation of principal balance of outstanding debt |
The following table reconciles the principal balances of our outstanding debt to our condensed consolidated balance sheets, in thousands:
|
|
|
|
|
|
|
|
|
As of |
|
|
September 30, |
|
December 31, |
|
|
2022 |
|
2021 |
3.625% Senior Notes due 2029 |
|
$ |
400,000 |
|
$ |
400,000 |
4.125% Senior Notes due 2032 |
|
|
500,000 |
|
|
500,000 |
Term loan |
|
|
573,750 |
|
|
596,250 |
Equipment notes |
|
|
10,625 |
|
|
17,085 |
Unamortized debt issuance costs |
|
|
(18,073) |
|
|
(20,212) |
Total debt, net of unamortized debt issuance costs |
|
|
1,466,302 |
|
|
1,493,123 |
Less: current portion of long-term debt |
|
|
37,367 |
|
|
38,640 |
Total long-term debt |
|
$ |
1,428,935 |
|
$ |
1,454,483 |
|
| Schedule of remaining principal payments of debt |
The following table sets forth our remaining principal payments for our outstanding debt balances as of September 30, 2022, in thousands:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments Due by Period |
|
|
2022 |
|
2023 |
|
2024 |
|
2025 |
|
2026 |
|
Thereafter |
|
Total |
3.625% Senior Notes |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
400,000 |
|
$ |
400,000 |
4.125% Senior Notes |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
500,000 |
|
|
500,000 |
Term loan |
|
|
7,500 |
|
|
33,750 |
|
|
45,000 |
|
|
48,750 |
|
|
438,750 |
|
|
- |
|
|
573,750 |
Equipment notes |
|
|
2,191 |
|
|
6,325 |
|
|
2,109 |
|
|
- |
|
|
- |
|
|
- |
|
|
10,625 |
Total |
|
$ |
9,691 |
|
$ |
40,075 |
|
$ |
47,109 |
|
$ |
48,750 |
|
$ |
438,750 |
|
$ |
900,000 |
|
$ |
1,484,375 |
|
| Summary of key terms of Amended Credit Agreement |
The following table outlines the key terms of our Amendment No. 2 to Credit Agreement (dollars in thousands):
|
|
|
|
Senior secured term loan facility |
$ |
300,000 |
|
Additional delayed draw term loan |
$ |
300,000 |
|
|
|
|
|
Additional term loan and/or revolver capacity available under incremental facility (a) |
$ |
300,000 |
|
|
|
|
|
Revolving facility |
$ |
500,000 |
|
Sublimit for issuance of letters of credit under revolving facility (b) |
$ |
100,000 |
|
Sublimit for swingline loans under revolving facility (b) |
$ |
35,000 |
|
|
|
|
|
Interest rate as of September 30, 2022 |
|
3.52 |
% |
Scheduled maturity date |
|
10/7/2026 |
|
| (a) |
Additional borrowing capacity is available under the incremental facility, subject to certain terms and conditions (including existing or new lenders providing commitments in respect of such additional borrowing capacity). |
| (b) |
Use of the sublimits for the issuance of letters of credit and swingline loans reduces the availability under the Revolving Facility. |
|
| Schedule of availability under the Revolving Facility |
The following table summarizes our availability under the Revolving Facility, in thousands:
|
|
|
|
|
|
|
|
|
As of |
|
|
September 30, |
|
December 31, |
|
|
2022 |
|
2021 |
Revolving facility |
|
$ |
500,000 |
|
$ |
500,000 |
Less: standby letters of credit |
|
|
(67,689) |
|
|
(69,936) |
Availability under revolving facility |
|
$ |
432,311 |
|
$ |
430,064 |
|
| Schedule of the key financial covenants |
|
|
|
|
|
As of September 30, 2022 |
Maximum Net Leverage Ratio |
|
3.50:1.00 |
Minimum Interest Coverage Ratio |
|
3.00:1.00 |
Compliance as of period end |
|
In Compliance |
|