v3.25.2
Debt
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Debt
6. Debt
Total debt consisted of the following:
June 30, 2025December 31, 2024
 
(Dollars in millions)
4.875 percent senior notes, due 2029 (“2029 Senior Notes”)
$500.0 $500.0 
$350.0 revolving credit facility, due 2026 (“Revolving Facility”)
— — 
Total borrowings$500.0 $500.0 
Debt issuance costs(6.6)(7.7)
Total debt$493.4 $492.3 
Revolving Facility
As of June 30, 2025, the Revolving Facility had no outstanding balance, leaving $350.0 million available. Additionally, the Company has certain letters of credit totaling $7.3 million, which do not reduce the Revolving Facility's available balance.
In July 2025, the Company amended and extended the maturity of its Revolving Facility to July 2030 under substantially similar terms. The amendment also reduced the Revolving Facility capacity by $25.0 million to $325.0 million.
Covenants
Under the terms of the Revolving Facility, the Company is subject to a maximum consolidated net leverage ratio of 4.50:1.00 and a minimum consolidated interest coverage ratio of 2.50:1.00. The Company's debt agreements contain other covenants and events of default that are customary for similar agreements and may limit our ability to take various actions including our ability to pay a dividend or repurchase our stock.
If we fail to perform our obligations under these and other covenants, the lenders' credit commitment could be terminated and any outstanding borrowings, together with accrued interest, under the Revolving Facility could be declared immediately due and payable. The Company has a cross default provision that applies to our indebtedness having a principal amount in excess of $35.0 million.
As of June 30, 2025, the Company was in compliance with all applicable debt covenants. We do not anticipate violation of these covenants nor do we anticipate that any of these covenants will restrict our operations or our ability to obtain additional financing.