DEBT (Tables)

3 Months Ended

Mar. 31, 2025

As of March 31, 2025 and December 31, 2024, our total long-term debt and finance lease obligations are summarized as follows (in thousands):


	March 31, 2025		December 31, 2024
	(unaudited)
2022 ABL Credit Agreement	$	85,886	$	112,671
First Lien Term Loan1	167,451		—
2025 Second Lien Term Loan1	93,868		—
ME/RE Loans1	—		22,119
Corre Uptiered Loan1	—		143,955
Corre Incremental Term Loan1	—		39,824
Equipment Finance Loan	898		1,399
Total	348,103		319,968
Finance lease obligations	5,521		5,143
Total long-term debt and finance lease obligations	353,624		325,111
Current portion of long-term debt and finance lease obligations	(3,811)		(6,485)
Total long-term debt and finance lease obligations, less current portion	$	349,813	$	318,626

1 Comprised of principal amount outstanding, less unamortized debt issuance costs. See below for additional information.

Summary of Debt

The terms of the Revolving Credit Loans are described in the table below (dollar amounts are presented in thousands):


Maturity date						9/30/2027
Interest rate						SOFR + applicable margin (base + applicable margin)
Actual interest rate:
3/31/2025						8.69%
3/31/2024						10.09%
Interest payments						monthly
Cash paid for interest
YTD 3/31/2025						$1,761
YTD 3/31/2024						$2,000
Principal balance
3/31/2025						$85,886
12/31/2024						$77,905
Unamortized balance of deferred financing cost
3/31/2025						$1,026
12/31/2024						$693
Available amount at 3/31/2025						$6,273

The terms of the Initial First Lien Term Loans are described in the table below (dollar amounts are presented in thousands):


Maturity date						3/12/2030
Stated interest rate						SOFR+applicable margin (base+applicable margin)
Principal payments						$438 quarterly
Effective interest rate
3/31/2025						12.64%
Actual interest rate
3/31/2025						10.83%
Interest payments						quarterly
Cash paid for interest
YTD 3/31/2025						$—
Balances at 3/31/2025
Principal balance						$175,000
Unamortized balance of debt discount and issuance cost1						$(7,549)
Net carrying balance						$167,451

1 Consists of debt discount of $3,932 and debt issuance cost of $3,617.

The terms of the 2025 Second Lien Term Loans are described in the table below (dollar amounts are presented in thousands):


Maturity date						6/10/2030
Principal payments						$244 quarterly
Effective interest rate
3/31/2025						16.01%
Actual interest rate
3/31/2025						13.50%
Interest payments						quarterly
Cash paid for interest
3/31/2025						$—
PIK interest added to principal balance
3/31/2025						$—
Balances at 3/31/2025
Principal balance						$97,413
Unamortized balance of debt issuance cost						$(3,545)
Net carrying balance						$93,868

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details