Debt |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt | Debt Total debt, net of debt issuance costs, is summarized in the following table (in millions):
Indenture for 8.000% Senior Unsecured Notes Due 2029 On October 7, 2024, the Company closed a private offering of $400.0 million of 8.000% senior unsecured notes due 2029 (the “2029 Notes”). The 2029 Notes were sold in a private placement in reliance on Rule 144A and Regulation S under the Securities Act of 1933, as amended, pursuant to a purchase agreement between the Company, certain subsidiaries of the Company and a third-party financial institution, as representative of the initial purchasers. The 2029 Notes are senior unsecured obligations of the Company and are guaranteed on a senior unsecured basis by each of the Company’s existing and future wholly-owned subsidiaries that is a borrower under or that guarantees obligations under the Company’s senior secured credit facilities or that guarantees certain other indebtedness, subject to certain exceptions. The 2029 Notes were issued pursuant to an Indenture (the “Indenture”), dated as of October 7, 2024, among the Company, the guarantors listed therein and a third-party financial institution, as trustee. Interest on the 2029 Notes is payable semi-annually in arrears on April 1 and October 1 of each year, beginning on April 1, 2025, and the 2029 Notes mature on October 1, 2029, subject to earlier repurchase or redemption. The Company may redeem some or all of the 2029 Notes at any time on or after October 1, 2026, at the redemption prices set forth in the Indenture, together with accrued and unpaid interest, if any, to, but excluding, the redemption date. If the Company sells certain assets or consummates certain change of control transactions, the Company will be required to make an offer to repurchase the Notes, subject to certain conditions. The Indenture contains certain covenants that, among other things, limit the Company’s ability and the ability of its restricted subsidiaries to incur additional indebtedness, make certain dividends, repurchase Company stock or make other distributions, make certain investments, create liens, transfer or sell assets, merge or consolidate and enter into transactions with the Company’s affiliates. Such covenants are subject to a number of exceptions and qualifications set forth in the Indenture. The Indenture also contains certain customary events of default, including failure to make payments in respect of the principal amount of the 2029 Notes, failure to make payments of interest on the 2029 Notes when due and payable, failure to comply with certain covenants and agreements and certain events of bankruptcy or insolvency. The Company was in compliance with all of its covenants under the Indenture at June 30, 2026. Credit Facility On April 3, 2026, the Company entered into the Ninth Amendment (the “Amendment”) to its existing multicurrency credit agreement (as amended, the “Amended Credit Agreement”). The Amendment provided for a refinancing and restructuring of the Company’s existing credit facilities. The Amended Credit Agreement replaced the Company’s prior revolving credit facility, Term Loan A facility and Term Loan B facility and eliminated the delayed draw term loan facility. The Amended Credit Agreement provides for a $305.0 million revolving credit facility (the “Revolving Facility”), including sub-facilities for borrowings in Euros and Sterling, an $89.9 million Term Loan A facility (the “Term Loan A Facility”), and a $500.0 million Term Loan B facility (the “Term Loan B Facility”), resulting in total committed credit facilities of approximately $894.9 million. The Company also recognized an $8.7 million loss on debt extinguishment as a result of the transaction. In connection with the Amendment, certain of the Company’s subsidiaries became additional U.S. borrowers, and another subsidiary became a guarantor under the Amended Credit Agreement. The Revolving Facility and Term Loan A Facility mature on the earlier of (i) five years from April 3, 2026 or (ii) 182 days prior to the maturity of the Company’s 8.000% senior notes due 2029. The Term Loan B Facility matures on the earlier of (i) seven years from April 3, 2026 or (ii) 91 days prior to the maturity of the Company’s 2029 Notes. Borrowings under the Amended Credit Agreement bear interest at variable rates based on benchmark rates, including Term SOFR and EURIBOR (or successor rates), plus applicable margins. For the Revolving Facility and Term Loan A Facility, margins range from 1.75% to 2.75%, depending on the Company’s Net Debt to EBITDA ratio, with a commitment fee rate ranging from 0.15% to 0.35% at a current rate of 0.35%. Term Loan B borrowings bear interest at fixed margins ranging from 3.50% to 4.50%, depending on the applicable benchmark rate. The Amended Credit Agreement contains customary affirmative and negative covenants and financial maintenance covenants applicable to the Revolving Facility and Term Loan A Facility, including a minimum interest coverage ratio ranging from 2.50x to 3.00x over time, and a maximum Net Debt to EBITDA ratio ranging from 5.00x to 4.00x over time. The Company was in compliance with all of its covenants under the Amended Credit Agreement at June 30, 2026. Average Interest Rates As of June 30, 2026, the average interest rate was 6.64% on outstanding Revolving Facility borrowings, 6.39% on outstanding Term Loan A Credit Facility borrowings, and 8.14% on outstanding Term Loan B Facility borrowings. The effective rate on the 2029 Notes was 8.000%. Principal Repayments The following is the expected maturities for the Company's debt obligations as of June 30, 2026 (in millions):
Fair Value of Debt |
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