v3.25.2
Debt
6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Debt

NOTE 5 – DEBT

At June 30, 2025 and December 31, 2024, debt consisted of:

 

 

June 30, 2025

 

 

December 31, 2024

 

 

 

Average
Interest Rate

 

Outstanding
Balance

 

 

Average
Interest Rate

 

Outstanding
Balance

 

Term Loan

 

 

 

$

200,250

 

 

 

 

$

200,250

 

Delayed-Draw Term Loan

 

 

 

 

154,000

 

 

 

 

 

156,750

 

Revolving Credit

 

 

 

 

110,000

 

 

 

 

 

57,225

 

 Total before debt issuance costs

 

5.7%

 

 

464,250

 

 

6.6%

 

 

414,225

 

 Unamortized debt issuance costs

 

 

 

 

(1,931

)

 

 

 

 

(2,482

)

Total

 

 

 

$

462,319

 

 

 

 

$

411,743

 

 

 

 

June 30, 2025

 

 

December 31, 2024

 

Current portion of long-term debt

 

$

 

 

$

 

Long-term debt - non-current

 

 

462,319

 

 

 

411,743

 

Total

 

$

462,319

 

 

$

411,743

 

As of June 30, 2025, the Company had $488.3 million of unused borrowing capacity under the $600.0 million revolving line of credit under a credit agreement with a group of lenders (the “Credit Facility”). The unused borrowing capacity is inclusive of outstanding letters of credit totaling $1.7 million. The average interest rate on borrowings under the Credit Facility was 5.7% for both the three months and the six months ended June 30, 2025, respectively, and 6.6% for the twelve months ended December 31, 2024. Inclusive of the impact of floating-to-fixed interest rate swaps (see “Note 7 Derivative Instruments and Hedging Activities”), the average interest rate was 5.6% for the three months ended June 30, 2025, 5.4% for the six months ended June 30, 2025, and 5.3% for the twelve months ended December 31, 2024, respectively.

Future scheduled repayments of debt principal are as follows:

Payments due by

 

Term Loan

 

 

Delayed-Draw Term Loan

 

 

Revolving Credit

 

 

Total

 

June 30, 2026

 

$

 

 

$

 

 

$

 

 

$

 

May 6, 2027 (Maturity)

 

 

200,250

 

 

 

154,000

 

 

 

110,000

 

 

 

464,250

 

 Total

 

$

200,250

 

 

$

154,000

 

 

$

110,000

 

 

$

464,250