v3.26.1
Long-Term Debt and Revolving Line of Credit
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Long-Term Debt and Revolving Line of Credit Long-Term Debt and Revolving Line of Credit
The Company has been a party to a Credit Agreement since August 2017 that provides for a senior secured term loan and commitments under a revolving credit facility (as amended, the “Credit Agreement”). On June 26, 2024, the Company entered into the Fifth Amendment to its Credit Agreement (the “Fifth Amendment”), which primarily (1) amended the principal amount of the term loan to $300,000 and its maturity date to June 26, 2031; and (2) extended the termination date associated with the $100,000 revolving credit commitment (the “Revolving Facility”) to June 26, 2029. On October 16, 2025, the Company entered into the Sixth Amendment to the Credit Agreement (the “Sixth Amendment”), which primarily refinanced the existing principal amount of the term loan with $296,250 principal amount of replacement term loans with the same maturity date of June 26, 2031 and reduced the applicable rate with respect to the term loans under the Credit Agreement. The Credit Agreement is collateralized by substantially all U.S. assets and stock pledges for the non-U.S. subsidiaries and contains various financial and nonfinancial covenants.

Borrowings under the Credit Agreement bear interest at a rate per annum equal to, at the election of the Company, either (i) the Term Secured Overnight Financing Rate (“SOFR”) rate, with a floor of 0.00% plus an applicable margin rate of 2.75% for the replacement term loans and between 2.75% and 3.50% for loans under the Revolving Facility, depending on the applicable first lien leverage ratio, or (ii) an Alternate Base Rate (“ABR”), with a floor of 1.00%, plus an applicable margin rate of 1.75% for the replacement term loans or between 1.75% and 2.50% for loans under the Revolving Facility, depending on the applicable first lien leverage ratio. The ABR is determined as the greatest of (a) the prime rate, (b) the federal funds effective rate, plus 0.50%, and (c) the Term SOFR rate plus 1.00%. Additionally, the Company is obligated to pay a commitment fee of the unused amount and other customary fees.
As of each of March 31, 2026 and December 31, 2025, available borrowings under the revolving lines of credit were $100,000.
The effective interest rate was 6.44% and 7.33% for the three months ended March 31, 2026 and 2025, respectively, for the term loan debt. As discussed previously, the Company entered into interest rate swap agreements and continues to use the swaps to mitigate the interest risk for the Company's debt obligations under the Credit Agreement.
Interest incurred on the Credit Agreement with respect to the term loan amounted to $4,754 and $5,470 for the three months ended March 31, 2026 and 2025, respectively. Accrued interest payable on the Credit Agreement with respect to the term loan amounted to $52 and $53 at March 31, 2026 and December 31, 2025, respectively, and is included in accrued expenses. Commitment fees incurred for the undrawn balance of the revolving line of credit was $63 and $94 for the three months ended March 31, 2026 and 2025, respectively. There was $1 accrued interest payable on the revolving line of credit as of each of March 31, 2026 and December 31, 2025.
Long-term debt consists of the following:
MARCH 31, 2026DECEMBER 31,
2025
(In thousands)
Term loans$294,769 $295,509 
Revolving line of credit— — 
Less: debt issuance costs(2,302)(2,415)
Total292,467 293,094 
Current portion of long-term debt(2,963)(2,963)
Long-term debt, net of current portion and debt issuance costs$289,504 $290,131 
The principal amount of long-term debt outstanding as of March 31, 2026 matures in the following years:
Remainder of 20262027202820292030ThereafterTOTAL
(In thousands)
Maturities$2,222 $2,963 $2,963 $2,963 $2,963 $280,695 $294,769 
The Credit Agreements require the Company to make an annual mandatory prepayment as it relates to the Company’s Excess Cash Flow calculation. For the year ended December 31, 2025, the Company was not required to make a mandatory prepayment on the term loan. Under the Credit Agreement (as amended by the Sixth Amendment), the Company is required to make a quarterly principal payment of $741 on the term loans that started on December 31, 2025.
The fair values of the Company’s variable interest term loan and revolving line of credit are not significantly different than their carrying value because the interest rates on these instruments are subject to change with market interest rates.