Long-Term Debt (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| 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:
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As of |
|
|
September 30, 2024 |
|
December 31, 2023 |
3.625% Senior Notes due 2029 |
|
$ |
400,000 |
|
$ |
400,000 |
4.125% Senior Notes due 2032 |
|
|
500,000 |
|
|
500,000 |
Term loan due 2026 |
|
|
498,750 |
|
|
532,500 |
Equipment notes |
|
|
137 |
|
|
2,039 |
Unamortized debt issuance costs |
|
|
(12,311) |
|
|
(14,472) |
Total debt, net of unamortized debt issuance costs |
|
|
1,386,576 |
|
|
1,420,067 |
Less: current portion of long-term debt |
|
|
45,137 |
|
|
47,039 |
Total long-term debt |
|
$ |
1,341,439 |
|
$ |
1,373,028 |
|
| 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, 2024, in thousands:
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2024 |
|
2025 |
|
2026 |
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2027 |
|
2028 |
|
Thereafter |
|
Total |
3.625% Senior Notes |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
400,000 |
|
$ |
400,000 |
4.125% Senior Notes |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
500,000 |
|
|
500,000 |
Term loan |
|
|
11,250 |
|
|
48,750 |
|
|
438,750 |
|
|
- |
|
|
- |
|
|
- |
|
|
498,750 |
Equipment notes |
|
|
137 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
137 |
Total |
|
$ |
11,387 |
|
$ |
48,750 |
|
$ |
438,750 |
|
$ |
- |
|
$ |
- |
|
$ |
900,000 |
|
$ |
1,398,887 |
|
| Summary of key terms of the Credit Agreement |
The following table outlines the key terms of the Credit Agreement (dollars in thousands):
|
|
|
|
Senior secured term loan facility |
$ |
600,000 |
|
|
|
|
|
Revolving facility (a) |
$ |
500,000 |
|
Sublimit for issuance of letters of credit under revolving facility |
$ |
100,000 |
|
Sublimit for swingline loans under revolving facility |
$ |
35,000 |
|
|
|
|
|
Interest rate as of September 30, 2024 |
|
5.95 |
% |
Scheduled maturity date |
|
10/7/2026 |
|
| (a) |
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:
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|
|
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As of |
|
|
September 30, 2024 |
|
December 31, 2023 |
Revolving facility |
|
$ |
500,000 |
|
$ |
500,000 |
Less: standby letters of credit |
|
|
(63,770) |
|
|
(63,770) |
Availability under revolving facility |
|
$ |
436,230 |
|
$ |
436,230 |
|
| Schedule of the key financial covenants |
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As of September 30, 2024 |
Maximum Net Leverage Ratio |
|
3.50:1.00 |
Minimum Interest Coverage Ratio |
|
3.00:1.00 |
Compliance as of period end |
|
In Compliance |
|