Long-Term Debt (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| 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 |
|
|
June 30, 2023 |
|
December 31, 2022 |
3.625% Senior Notes due 2029 |
|
$ |
400,000 |
|
$ |
400,000 |
4.125% Senior Notes due 2032 |
|
|
500,000 |
|
|
500,000 |
Term loan due 2026 |
|
|
551,250 |
|
|
566,250 |
Equipment notes |
|
|
4,598 |
|
|
8,427 |
Unamortized debt issuance costs |
|
|
(15,912) |
|
|
(17,352) |
Total debt, net of unamortized debt issuance costs |
|
|
1,439,936 |
|
|
1,457,325 |
Less: current portion of long-term debt |
|
|
45,142 |
|
|
40,068 |
Total long-term debt |
|
$ |
1,394,794 |
|
$ |
1,417,257 |
|
| Schedule of remaining principal payments of debt |
|
|
|
|
|
|
|
|
|
As of |
|
|
June 30, 2023 |
|
December 31, 2022 |
3.625% Senior Notes due 2029 |
|
$ |
400,000 |
|
$ |
400,000 |
4.125% Senior Notes due 2032 |
|
|
500,000 |
|
|
500,000 |
Term loan due 2026 |
|
|
551,250 |
|
|
566,250 |
Equipment notes |
|
|
4,598 |
|
|
8,427 |
Unamortized debt issuance costs |
|
|
(15,912) |
|
|
(17,352) |
Total debt, net of unamortized debt issuance costs |
|
|
1,439,936 |
|
|
1,457,325 |
Less: current portion of long-term debt |
|
|
45,142 |
|
|
40,068 |
Total long-term debt |
|
$ |
1,394,794 |
|
$ |
1,417,257 |
|
| 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 |
$ |
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 June 30, 2023 |
|
6.20 |
% |
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). This incremental facility has not been accessed as of June 30, 2023. |
| (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 |
|
|
June 30, 2023 |
|
December 31, 2022 |
Revolving facility |
|
$ |
500,000 |
|
$ |
500,000 |
Less: standby letters of credit |
|
|
(67,539) |
|
|
(67,689) |
Availability under revolving facility |
|
$ |
432,461 |
|
$ |
432,311 |
|
| Schedule of the key financial covenants |
|
|
|
|
|
As of June 30, 2023 |
Maximum Net Leverage Ratio |
|
3.50:1.00 |
Minimum Interest Coverage Ratio |
|
3.00:1.00 |
Compliance as of period end |
|
In Compliance |
|