v3.26.1
INDEBTEDNESS
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
INDEBTEDNESS INDEBTEDNESS
Long-term debt consisted of the following as of June 30, 2026 (in thousands):
Principal AmountDiscountDebt Issuance CostsNet Balance
Revolver Facility$— $— $— $— 
First Lien Term Loan672,915 (4,233)(4,592)664,090 
Senior Notes500,000 — (5,270)494,730 
$1,172,915 $(4,233)$(9,862)1,158,820 
Less: current portion(6,780)
Total long-term debt$1,152,040 
Long-term debt consisted of the following as of December 31, 2025 (in thousands):
Principal AmountDiscountDebt Issuance CostsNet Balance
Revolver Facility$— $— $— $— 
First Lien Term Loan676,305 (4,552)(4,937)666,816 
Senior Notes500,000 — (5,984)494,016 
$1,176,305 $(4,552)$(10,921)1,160,832 
Less: current portion(6,780)
Total long-term debt$1,154,052 
On March 30, 2026, the Company entered into the fifth amendment (the “Fifth Amendment”) to the amended and restated First Lien Credit Agreement (the “Credit Agreement”) dated as of October 27, 2021. The Fifth Amendment, among other things, increases the existing revolving credit commitments under the Credit Agreement (the “Revolver Facility”) by $450.0 million, resulting in an aggregate capacity amount of $850.0 million.
The interest rate on the Company’s term loan (the “First Lien Term Loan”) was 5.37% and 5.67% as of June 30, 2026 and December 31, 2025, respectively. The weighted average interest rate incurred on the First Lien Term Loan was 5.40% and 5.42% for the three and six months ended June 30, 2026, respectively. The weighted average interest rate incurred on the First Lien Term Loan was 6.57% and 6.58% for the three and six months ended June 30, 2025, respectively. The First Lien Term Loan matures on September 22, 2032.
The interest rate on the Senior Unsecured Notes (the “Senior Notes”) was 4.375% as of June 30, 2026 and December 31, 2025. The weighted average interest rate incurred on the Senior Notes was 4.375% for the three and six months ended June 30, 2026 and 2025. The Senior Notes mature on October 31, 2029.
As of June 30, 2026, the Company had $4.0 million of undrawn letters of credit issued and outstanding, resulting in net borrowing availability under the Revolver Facility of $846.0 million. The Revolver Facility matures on the date that is the earlier of (i) September 22, 2030 and (ii) the date that is 91 days prior to the stated maturity date applicable to the Senior Notes to the extent any amount of the Senior Notes remains unpaid and outstanding as of the date that is 91 days prior to the stated maturity date applicable to the Senior Notes.
Long-term debt matures as follows (in thousands):
Fiscal Year Ended December 31,Minimum Payments
2026$3,390 
20276,780 
20286,780 
2029506,780 
20306,780 
Thereafter642,405 
Total$1,172,915 
During the three and six months ended June 30, 2026 and 2025, the Company engaged in hedging activities to limit its exposure to changes in interest rates. See Note 11, Derivative Instruments, for further discussion.
The following table presents the estimated fair values of the Company’s debt obligations as of June 30, 2026 (in thousands):
Financial Instrument
Carrying Value as of June 30, 2026
Markets for Identical Items (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
First Lien Term Loan$664,090 $— $672,915 $— 
Senior Notes494,730 — 476,250 — 
Total debt instruments$1,158,820 $— $1,149,165 $— 
See Note 12, Fair Value Measurements, for further discussion.