v3.26.1
Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt Debt
Debt consisted of the following:
March 31,
2026
December 31, 2025
Term Loan Facility, maturing November 2031
$
990,025
$
992,512
Revolving Credit Facility, maturing September 2029
—
—
6.000% Senior Secured Notes, maturing November 2031
500,000
500,000
Mortgage Notes, various maturities
26,225
29,423
Other debt
3,298
3,298
Fair value adjustment
91
130
Total debt
1,519,639
1,525,363
Less unamortized debt discounts and issuance costs
(16,835)
(17,576)
Total debt less unamortized debt discounts and issuance costs
1,502,804
1,507,787
Less current maturities
(20,705)
(21,848)
Long-term debt, less current maturities
$
1,482,099
$
1,485,939
Term Loan Facility
The variable rate interest payments on our Term Loan Facility are hedged by our interest rate swaps. Pursuant to these interest rate swaps, we effectively pay fixed interest on our outstanding Term Loan Facility borrowings at 3.409%, plus an applicable margin. With the upgrade of our issuer credit rating by S&P Global Ratings on June 18, 2025, our applicable margin was reduced by 0.25% to 2.25% effective on June 19, 2025, and with the amendment to our Term Loan Facility on August 18, 2025, our applicable margin was reduced by an additional 0.25% to 2.00%. As a result, the effective fixed interest rate associated with our outstanding Term Loan Facility borrowings at March 31, 2026 was 5.409%. We are required to make quarterly principal payments of 0.25% of the outstanding balance on the Term Loan Facility. See Note 5, Derivative Instruments and Hedging Activities for more information regarding our interest rate swaps.
Revolving Credit Facility
We did not borrow or repay any amounts under our Revolving Credit Facility during the three months ended March 31, 2026. At March 31, 2026, there were no outstanding borrowings under our $650.0 million Revolving Credit Facility, and there were $33.1 million of outstanding letters of credit, resulting in total revolver availability of $616.9 million, which was available at intervals ranging from 30 to 180 days at interest rates of SOFR plus an applicable margin of 2.00% or base rate plus 1.00%.
Debt Covenants
We are required to comply with certain affirmative and restrictive covenants under our Term Loan Facility and Revolving Credit Facility (collectively, our “Credit Facilities”), 6.000% Senior Secured Notes and Mortgage Notes. We are also required to comply with a first lien net leverage ratio covenant under the Revolving Credit Facility, which requires us to maintain a first lien net leverage ratio, if 30.00% or more of the Revolving Credit Facility commitments are outstanding shortly after the end of any fiscal quarter (excluding all cash collateralized undrawn letters of credit and other undrawn letters of credit up to $90.0 million).
As of March 31, 2026, we were either in compliance in all material respects with the covenants or the covenants were not applicable.
Future Maturities of Long-Term Debt
Aggregate annual future maturities of long-term debt, excluding unamortized discounts, issuance costs and fair value adjustments, at March 31, 2026 were as follows:
April 2026 through March 2027
$
20,705
April 2027 through March 2028
25,757
April 2028 through March 2029
10,139
April 2029 through March 2030
10,150
April 2030 through March 2031
10,167
Thereafter
1,442,630
Total future maturities of long-term debt
$
1,519,548