v3.26.1
Subsequent Events
6 Months Ended
Jun. 30, 2026
Subsequent Events [Abstract]  
Subsequent Events SUBSEQUENT EVENTS
On July 2, 2026, the Company entered into the Third Amendment to its Huntington Credit Agreement. The amendment refinanced the Company's existing term loan and amended the Company's credit facilities. Pursuant to the amended Huntington Credit Agreement, Huntington provides secured credit facilities in an aggregate principal amount of $100,000,000, consisting of (i) a $50,000,000 revolving credit facility and (ii) a $50,000,000 delayed draw term loan facility. The revolving credit facility matures on July 2, 2031. The delayed draw term facility is available for borrowings through July 2, 2031, with amounts borrowed converting into amortizing term loans on specified annual conversion dates and all outstanding balances maturing on July 2, 2031.

The Company's obligations under the Huntington Credit Agreement are secured by substantially all of the Company's U.S. and Canadian assets and 65% of the equity interests in its Mexican subsidiaries, and are unconditionally guaranteed by certain of its subsidiaries. Interest is payable monthly and, at the Company's election, borrowings bear interest at either (i) the Alternate Base Rate ("ABR") plus an applicable margin ranging from 2.25% to 3.00%, or (ii) Daily Simple SOFR plus an applicable margin ranging from 1.25% to 2.00%, based on the Company's Margin Leverage Ratio. In addition, the Company pays an unused commitment fee ranging from 0.15% to 0.25% on the unused portion of the revolving and delayed draw commitments, also based on the Margin Leverage Ratio.

Concurrent with the Third Amendment, the Company repaid in full the outstanding term loan under the prior credit agreement. The proceeds available under the amended facilities may be used for general corporate purposes, permitted acquisitions, capital expenditures and other purposes permitted under the Huntington Credit Agreement. In connection with the Third Amendment, the Company wrote off $87,000 of unamortized deferred financing costs, which was recognized as interest expense during the period.