Long-Term Debt (Tables)
|
9 Months Ended |
Sep. 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:
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|
|
As of |
|
|
September 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 |
|
|
543,750 |
|
|
566,250 |
Equipment notes |
|
|
3,216 |
|
|
8,427 |
Unamortized debt issuance costs |
|
|
(15,192) |
|
|
(17,352) |
Total debt, net of unamortized debt issuance costs |
|
|
1,431,774 |
|
|
1,457,325 |
Less: current portion of long-term debt |
|
|
48,057 |
|
|
40,068 |
Total long-term debt |
|
$ |
1,383,717 |
|
$ |
1,417,257 |
|
| 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, 2023, in thousands:
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|
2023 |
|
2024 |
|
2025 |
|
2026 |
|
2027 |
|
Thereafter |
|
Total |
3.625% Senior Notes |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
400,000 |
|
$ |
400,000 |
4.125% Senior Notes |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
500,000 |
|
|
500,000 |
Term loan |
|
|
11,250 |
|
|
45,000 |
|
|
48,750 |
|
|
438,750 |
|
|
- |
|
|
- |
|
|
543,750 |
Equipment notes |
|
|
1,148 |
|
|
2,068 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
3,216 |
Total |
|
$ |
12,398 |
|
$ |
47,068 |
|
$ |
48,750 |
|
$ |
438,750 |
|
$ |
- |
|
$ |
900,000 |
|
$ |
1,446,966 |
|
| 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 |
|
Additional delayed draw term loan (a) |
$ |
550,000 |
|
|
|
|
|
Revolving facility (b) |
$ |
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, 2023 |
|
6.42 |
% |
Scheduled maturity date |
|
10/7/2026 |
|
| (a) |
Represents Term Facility Two which has not been drawn upon as of September 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:
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|
|
|
|
|
|
|
As of |
|
|
September 30, 2023 |
|
December 31, 2022 |
Revolving facility |
|
$ |
500,000 |
|
$ |
500,000 |
Less: standby letters of credit |
|
|
(63,782) |
|
|
(67,689) |
Availability under Revolving facility |
|
$ |
436,218 |
|
$ |
432,311 |
|
| Schedule of the key financial covenants |
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|
|
|
|
As of September 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 |
|