v3.22.4
Borrowings (Tables)
 3 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
The Company's debt, net of unamortized debt issuance costs consisted of the following as of December 31, 2022 and September 30, 2022:
in thousandsMaturity DateDecember 31, 2022September 30, 2022
6.750% Senior Notes (2025 Notes)
March 2025$211,195 $211,195 
5.875% Senior Notes (2027 Notes)
October 2027357,255 357,255 
7.250% Senior Notes (2029 Notes)
October 2029350,000 350,000 
Unamortized debt issuance costs(6,907)(7,280)
Total Senior Notes, net911,543 911,170 
Junior Subordinated Notes (net of unamortized accretion of $27,986 and $28,503, respectively)
July 203672,787 72,270 
Secured Revolving Credit Facility
February 2024(a)
N/A(c)
— 
Senior Unsecured Revolving Credit Facility
October 2026(b)
— 
N/A(c)
Total debt, net$984,330 $983,440 
(a) The Secured Revolving Credit Facility (Secured Facility) provided working capital and letter of credit capacity of $250.0 million and was scheduled to mature in February 2024; however, the Secured Facility was terminated early in October 2022 in conjunction with the Company entering into the Senior Unsecured Revolving Credit Facility. Refer to below for further discussion. As of September 30, 2022, no borrowings were outstanding, and $5.5 million letters of credit were outstanding under the Secured Facility, resulting in a remaining capacity of $244.5 million.
(b) The Senior Unsecured Revolving Credit Facility was entered into on October 13, 2022. Refer to below for further discussion.
(c) N/A - not applicable
Debt Instrument Redemption
For additional redemption features, refer to the table below that summarizes the redemption terms of our Senior Notes:
Senior Note DescriptionIssuance DateMaturity DateRedemption Terms
6.750% Senior Notes
March 2017March 2025
Callable at any time prior to March 15, 2020, in whole or in part, at a redemption price equal to 100.000% of the principal amount, plus a customary make-whole premium; on or after March 15, 2020, callable at a redemption price equal to 105.063% of the principal amount; on or after March 15, 2021, callable at a redemption price equal to 103.375% of the principal amount; on or after March 15, 2022, callable at a redemption price equal to 101.688% of the principal amount; on or after March 15, 2023, callable at a redemption price equal to 100.000% of the principal amount, plus, in each case, accrued and unpaid interest.
5.875% Senior Notes
October 2017October 2027
Callable at any time prior to October 15, 2022, in whole or in part, at a redemption price equal to 100.000% of the principal amount, plus a customary make-whole premium; on or after October 15, 2022, callable at a redemption price equal to 102.938% of the principal amount; on or after October 15, 2023, callable at a redemption price equal to 101.958% of the principal amount; on or after October 15, 2024, callable at a redemption price equal to 100.979% of the principal amount; on or after October 15, 2025, callable at a redemption price equal to 100.000% of the principal amount, plus, in each case, accrued and unpaid interest.
7.250% Senior Notes
September 2019October 2029
Callable at any time prior to October 15, 2024, in whole or in part, at a redemption price equal to 100.000% of the principal amount, plus a customary make-whole premium; on or after October 15, 2024, callable at a redemption price equal to 103.625% of the principal amount; on or after October 15, 2025, callable at a redemption price equal to 102.417% of the principal amount; on or after October 15, 2026, callable at a redemption price equal to 101.208% of the principal amount; on or after October 15, 2027, callable at a redemption price equal to 100.000% of the principal amount, plus, in each case, accrued and unpaid interest.