v3.26.1
Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt Disclosure DEBT
Long-term debt at the balance sheet dates consisted of:
June 30, 2026December 31, 2025
Interest Rate at June 30, 2026PrincipalUnamortized Debt CostsTotalPrincipalUnamortized Debt CostsTotal
2020 Notes, maturing 2028, fixed interest rate4.75%$275.0 $(1.1)$273.9 $275.0 $(1.3)$273.7 
ABL Credit Agreement (revolving loan), maturing 2027, variable interest rate5.0%79.0 — 79.0 64.0 — 64.0 
Finance leases8.2 — 8.2 8.4 — 8.4 
Total debt362.2 (1.1)361.1 347.4 (1.3)346.1 
Less: current portion(0.6)— (0.6)(0.6)— (0.6)
Net long-term portion$361.6 $(1.1)$360.5 $346.8 $(1.3)$345.5 
PCA CREDIT AGREEMENT
Our PCA Credit Agreement matures on May 1, 2029, subject to a springing maturity 91 days prior to the maturity of the Company’s 2020 Notes if the outstanding principal of the 2020 Notes plus $50 million at any time during such 91 day period is greater than the sum of our available borrowing liquidity and unrestricted cash. The
term revolver commitment under the PCA Credit Agreement is currently $259.3 million and is subject to an annual reduction of 2% of the commitments then in effect. As of June 30, 2026, no balance was outstanding on the term revolver commitment. We may increase term revolver commitments under the PCA Credit Agreement in an aggregate amount of up to $60.0 million, subject to obtaining commitments from any participating lenders and certain other conditions.
We may prepay and reborrow any borrowings under the PCA Credit Agreement, in whole or in part, at any time and from time to time without premium or penalty (except in certain circumstances). In addition, we must make mandatory prepayments of principal under the PCA Credit Agreement upon the occurrence of certain asset sales. We may also increase the term revolver commitments under the PCA Credit Agreement in an aggregate amount of up to $60.0 million, subject to obtaining commitments from any participating lenders and certain other conditions
ABL CREDIT AGREEMENT
Our ABL Credit Agreement matures on November 7, 2027. The revolving loan commitment under the ABL Credit Agreement is $375.0 million, subject to borrowing base limitations based on a percentage of applicable eligible receivables and eligible inventory. As of June 30, 2026, our eligible receivables and inventory supported up to $197.7 million availability under the line, of which we utilized $82.8 million, consisting of $79.0 million borrowings outstanding and $3.8 million to issue letters of credit. Borrowings under the ABL Credit Agreement are also subject to mandatory prepayment in certain circumstances, including in the event that borrowings exceed applicable borrowing base limits.
The ABL Credit Agreement also contains a financial covenant, which requires us to maintain a consolidated fixed charge coverage ratio of not less than 1.10x to 1.00x, provided that the financial covenant under the ABL Credit Agreement is only applicable during an event of default or if availability, as calculated under the ABL Credit Agreement, is at any time less than or equal to the greater of (i) 10.0% of the lesser of the borrowing base and the maximum $375 million of current revolving loan commitments and (ii) $25 million.
We may, at our option, prepay any borrowings under the ABL Credit Agreement, in whole or in part, at any time and from time to time without premium or penalty (except in certain circumstances). We may also increase the revolving commitments under the ABL Credit Agreement in an aggregate amount of up to $100 million, subject to obtaining commitments from any participating lenders and certain other conditions.