v3.26.1
Note 8 - Debt, Credit Agreement and Leases
 3 Months Ended
Mar. 31, 2026
Disclosure Text Block [Abstract]  
Debt, Credit Agreement and Leases

Note 8. Debt, Credit Agreement and Leases

 

Our debt as of March 31, 2026 and December 31, 2025 consisted of our 7.25% Senior Notes due February 15, 2028 (“Senior Notes”) and any drawn amounts on our $225 million Credit Agreement, which is described separately below.

 

The following tables summarize our long-term debt balances as of March 31, 2026 and December 31, 2025 (in thousands):

 

 

 

March 31, 2026

 

 

 

Senior Notes

 

Principal

 

$

263,000

 

Unamortized discount and issuance costs

 

 

(927

)

Long-term debt

 

$

262,073

 

 

 

 

December 31, 2025

 

 

 

Senior Notes

 

Principal

 

$

263,000

 

Unamortized discount/premium and issuance costs

 

 

(1,053

)

Total debt

 

$

261,947

 

 

The following table summarizes the scheduled annual future payments, including interest, for our Senior Notes, finance and operating leases as of March 31, 2026 (in thousands). Operating leases are included in other current and non-current liabilities on our condensed consolidated balance sheets. See Note 14 for more information.

 

Twelve-month period ending March 31,

 

Senior Notes

 

 

Finance Leases

 

 

Operating Leases

 

2027

 

$

19,068

 

 

$

3,747

 

 

$

3,948

 

2028

 

 

279,769

 

 

 

579

 

 

 

3,927

 

2029

 

 

—

 

 

 

—

 

 

 

3,933

 

2030

 

 

—

 

 

 

—

 

 

 

3,938

 

2031

 

 

—

 

 

 

—

 

 

 

2,764

 

Thereafter

 

 

—

 

 

 

—

 

 

 

5,235

 

 

 

 

298,837

 

 

 

4,326

 

 

 

23,745

 

Less: effect of discounting

 

 

—

 

 

 

(152

)

 

 

(4,862

)

Total

 

$

298,837

 

 

$

4,174

 

 

$

18,883

 

 

Credit Agreement

 

On May 3, 2024 we entered into an amended revolving credit agreement with various financial institutions (the "Lenders"), which provided the Company with borrowing capacity up to $225 million with a maturity date of July 21, 2028 (accelerated to August 15, 2027 if our Senior Notes are not refinanced by that date), the proceeds may be used for general corporate purposes.

 

At March 31, 2026, we had no amounts drawn and $8.0 million of outstanding letters of credit under the Credit Agreement. Letters of credit that are outstanding reduce availability under the Credit Agreement.

 

We believe we were in compliance with all covenants under the Credit Agreement as of March 31, 2026.