Long-Term Debt (Tables)
|
9 Months Ended |
Sep. 30, 2021 |
|---|
| 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, |
|
|
2021 |
|
2020 |
3.625% Senior Notes |
|
$ |
400,000 |
|
$ |
— |
5.625% Senior Notes |
|
|
— |
|
|
400,000 |
Term loan |
|
|
292,500 |
|
|
288,750 |
Equipment notes |
|
|
19,194 |
|
|
25,451 |
Unamortized debt issuance costs |
|
|
(12,570) |
|
|
(7,479) |
Total debt, net of unamortized debt issuance costs |
|
|
699,124 |
|
|
706,722 |
Less: current portion of long-term debt |
|
|
23,557 |
|
|
23,326 |
Total long-term debt |
|
$ |
675,567 |
|
$ |
683,396 |
|
| 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, 2021, in thousands:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments Due by Period |
|
|
2021 |
|
2022 |
|
2023 |
|
2024 |
|
2025 |
|
Thereafter |
|
Total |
3.625% Senior Notes |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
400,000 |
|
$ |
400,000 |
Term loan |
|
|
3,750 |
|
|
15,000 |
|
|
20,625 |
|
|
22,500 |
|
|
28,125 |
|
|
202,500 |
|
|
292,500 |
Equipment notes |
|
|
2,109 |
|
|
8,640 |
|
|
6,325 |
|
|
2,120 |
|
|
— |
|
|
— |
|
|
19,194 |
Total |
|
$ |
5,859 |
|
$ |
23,640 |
|
$ |
26,950 |
|
$ |
24,620 |
|
$ |
28,125 |
|
$ |
602,500 |
|
$ |
711,694 |
|
| Summary of key terms of Amended Credit Agreement |
The following table outlines the key terms of our Amended Credit Agreement (dollars in thousands):
|
|
|
|
Senior secured term loan facility |
$ |
300,000 |
|
|
|
|
|
Additional term loan and/or revolver capacity available under incremental facility (a) |
$ |
300,000 |
|
|
|
|
|
Revolving Facility |
$ |
450,000 |
|
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, 2021 |
|
1.08 |
% |
Scheduled maturity date |
|
3/20/2026 |
|
| (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, |
|
|
2021 |
|
2020 |
Revolving Facility |
|
$ |
450,000 |
|
$ |
450,000 |
Less: standby letters of credit |
|
|
(68,111) |
|
|
(60,382) |
Availability under Revolving Facility |
|
$ |
381,889 |
|
$ |
389,618 |
|
| Schedule of the key financial covenants |
|
|
|
|
|
As of September 30, 2021 |
Maximum Net Leverage Ratio |
|
3.50:1.00 |
Minimum Interest Coverage Ratio |
|
3.00:1.00 |
Compliance as of period end |
|
In Compliance |
|