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Debt | NOTE 5 – DEBT At June 30, 2025 and December 31, 2024, debt consisted of:
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:
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