Debt |
6 Months Ended | ||
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Jun. 30, 2025 | |||
| Debt [Abstract] | |||
| Debt |
On
June 13, 2025, the Company entered into a Fourth Amended and Restated Credit Agreement (Credit Agreement). The Credit Agreement provides for a $400
million senior unsecured revolving credit facility, with up to $20 million of the facility being available as a sub-facility for standby
and commercial letters of credit and sub-limits of up to $50 million on swing line loans. The Credit Agreement amended and restated the
Company’s Third Amended and Restated Credit Agreement to, among other things, (i) increase the aggregate revolving commitment amount from $350
million to $400 million, (ii) increase the incremental revolving commitment from $100 million to $150 million, (iii) extend the maturity of the Company’s
revolving credit facility from to , and (iv) modify certain other provisions. Funds are available in U.S. dollars, Euros, English pounds, and other major currencies. Proceeds from the facility will be used to refinance existing indebtedness of the Company,
for working capital, and other general corporate purpose needs, including capital expenditures, of the Company.
On June 13, 2025, the Company also amended its term loan agreement with PNC Bank, N.A. to extend the termination date from to .
On June 30, 2025, the Company entered into Amendment No. 12 (Receivables Amendment) to the Receivables Purchase Agreement, dated October 3, 2016. The Receivables Amendment amends the Receivables Purchase Agreement to,
among other things, (i) increase the facility limit from $85 million to $105 million and (ii) extend the termination date of the Receivables Purchase Agreement from August 29, 2025 to August 31, 2026.
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