v3.26.1
Long-Term Debt And Lines Of Credit
 6 Months Ended
Jun. 30, 2026
Long-Term Debt And Lines Of Credit [Abstract]  
Long-Term Debt And Lines Of Credit 5.    Long-Term Debt and Lines of Credit

On April 10, 2026, we replaced our existing credit facility (the “Prior Credit Agreement”) with a sixth amended and restated Credit Agreement (“Credit Agreement”). Terms of the Credit Agreement consist of a five-year $450.0 million revolving credit facility including $100.0 million for letters of credit. This Credit Agreement has a floating interest rate that is the secured overnight financing rate (“SOFR”) plus an additional tiered rate which varies based on our current leverage ratio. As of June 30, 2026, the interest rate is SOFR plus 100 basis points. The Credit Agreement includes an expansion feature that provides the Company the opportunity to increase its revolver by an additional $250.0 million.

The long-term debt outstanding under the Credit Agreement as of June 30, 2026 is $140.0 million.

The Credit Agreement contains the following quarterly financial covenants:

Description

Requirement

Leverage Ratio (Consolidated Indebtedness/Consolidated Adj. EBITDA)

< 3.50 to 1.00

Interest Coverage Ratio (Consolidated Adj. EBITDA/Consolidated Interest Expense)

> 3.00 to 1.00

We were in compliance with all debt covenants as of June 30, 2026. We have issued $47.3 million in standby letters of credit as of June 30, 2026, mainly for insurance purposes. Issued letters of credit reduce our available credit under the Credit Agreement. As of June 30, 2026, we had approximately $262.7 million of unused lines of credit available and eligible to be drawn down under the Credit Agreement.