v3.26.1
DEBT
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
DEBT
9.DEBT
The Company’s outstanding debt was as follows:
(In thousands)June 30, 2026December 31, 2025
Term Loan Facility$285,000 $292,500 
Revolving Credit Facility— — 
Credit Facility285,000 292,500 
Other debt305 382 
Total debt285,305 292,882 
Less - Current maturities of long-term debt(15,141)(15,146)
Less - Unamortized debt issuance costs(1,430)(1,833)
Total long-term debt$268,734 $275,903 
Credit Facility—At June 30, 2026, the Company and the subsidiary guarantors had an Amended and Restated Credit Agreement (the “Credit Agreement”) that provided the Company with senior secured debt financing consisting of the following (collectively, the “Credit Facility”): (i) a senior secured first lien term loan facility (the “Term Loan Facility”) in the aggregate principal amount of $300 million and (ii) a senior secured first lien revolving credit facility (the “Revolving Credit Facility”) in an aggregate principal amount of up to $150 million (with a $75 million limit for the issuance of letters of credit and a $15 million sublimit for swing line loans). The obligations under the Credit Facility were secured by substantially all assets of the Company and the subsidiary guarantors, subject to certain permitted liens and other customary exceptions.
As specified in the Credit Agreement, the loans under the Credit Facility bore interest at a base rate or the Secured Overnight Financing Rate (“SOFR”) plus an applicable margin based on the Total Net Leverage Ratio, at the Company’s election. At June 30, 2026, the Company calculated interest using a SOFR rate of 3.74% and an applicable margin of 1.25% per annum, and had a weighted average interest rate of approximately 5.01% per annum during the six months ended June 30, 2026. For the three and six months ended June 30, 2026, the Company made payments under the Term Loan Facility of $3.8 million and $7.5 million, respectively.
In addition to interest on debt borrowings, we were assessed quarterly commitment fees on the unutilized portion of the Revolving Credit Facility as well as letter of credit fees on outstanding instruments. At June 30, 2026, we had no outstanding borrowings under the Revolving Credit Facility.
On July 2, 2026, the Company and certain of its subsidiaries, as guarantors, entered into a Second Amended and Restated Credit Agreement (the “Amended Credit Agreement”), which, among other things, extends the maturity of its Credit Facility to July 2031, expands the size of the Credit Facility, and provides additional flexibility for ongoing and future operations.
The Amended Credit Agreement replaces the Credit Agreement and will initially provide for revolving borrowings of up to $1.5 billion (the “Revolving Loans”). Borrowings under the Revolving Loans may be repaid and reborrowed under the terms of the Amended Credit Agreement. The Amended Credit Agreement also provides the flexibility to establish an optional incremental facility (the “Incremental Facility” and, together with the Revolving Loans, the “Amended Credit Facility”). The Amended Credit Facility will be used for, among other things, refinancing and prepaying existing indebtedness, capital expenditures, permitted acquisitions, and other general corporate purposes.
Additional features of the Amended Credit Facility include: (i) an increase in the base amount of the Incremental Facility from $400 million to $500 million, (ii) a reduction in the interest rate by eliminating the 10-basis point SOFR adjustment and further reducing the overall pricing margins based on our Total Net Leverage Ratio and (iii) generally less restrictive covenants. Loans under the Credit Facilities bear interest at either a base rate or SOFR plus an applicable margin based on the Total Net Leverage Ratio.
The Amended Credit Agreement contains customary representations, affirmative and negative covenants and events of default. The obligations under the Amended Credit Facility remain secured by substantially all assets of the Company and the Subsidiary Guarantors, subject to certain liens and interests of other parties permitted by the Amended Credit Agreement.
In connection with the entry into the Amended Credit Agreement, the Company made a final payment of $285 million in respect of all principal and interest then outstanding on the Term Loan Facility on July 2, 2026 using proceeds from the Amended Credit Agreement. As of July 2, 2026, the Company had $90 million outstanding under the Revolving Loans under the Amended Credit Agreement.
Debt Issuance Costs—The costs associated with the Credit Facility are reflected on the Condensed Consolidated Balance Sheets as a direct reduction from the related debt liability and amortized over the term of the facility. Amortization of debt issuance costs was $199 thousand and $403 thousand for the three and six months ended June 30, 2026, respectively, and $268
thousand and $575 thousand for the three and six months ended June 30, 2025, respectively, and was recorded as interest expense.
Compliance and Other—As of June 30, 2026, we were in compliance with all of our restrictive and financial covenants under the Credit Agreement. The Company’s debt is recorded at its carrying amount in the Condensed Consolidated Balance Sheets. Based upon the current market rates for debt with similar credit risk and maturities, at June 30, 2026 and December 31, 2025, the fair value of our debt outstanding approximated the carrying value, as interest was based on SOFR plus an applicable margin.