Debt (Tables)

6 Months Ended

Jun. 30, 2026

Debt outstanding was comprised of the following:


(in millions)	June 30, 2026		December 31, 2025
Senior unsecured notes	$	475.0	$	475.0
Senior secured notes	450.0		450.0
Senior secured term loan facility	392.0		441.4
Securitization obligations	42.0		65.0
Amounts drawn on senior secured revolving credit facility	6.0		13.0
Total principal amount	1,365.0		1,444.4
Less: unamortized discount and debt issuance costs	(12.8)		(15.0)
Total debt, net of discount and debt issuance costs	1,352.2		1,429.4
Less: current portion of long-term debt, net of debt issuance costs	—		(16.3)
Long-term debt	$	1,352.2	$	1,413.1

Maturities of long-term debt

Maturities of long-term debt were as follows as of June 30, 2026:


(in millions)	Debt obligations
2027	$	4.5
2028	92.0
2029	1,268.5
Total principal amount	$	1,365.0

Leverage ratio requirements

The amended credit agreement retained the minimum interest coverage ratio requirement, but revised the maximum allowed values for the following ratios:

Fiscal Quarter Ending

Consolidated total leverage ratio

Consolidated secured leverage ratio

September 30, 2026 through June 30, 2027

4.75 to 1.00

3.50 to 1.00

September 30, 2027 through December 31, 2027

4.25 to 1.00

3.50 to 1.00

March 31, 2028 and each fiscal quarter thereafter

4.00 to 1.00

3.25 to 1.00

Revolving credit facility

As of June 30, 2026, amounts were available for borrowing under our previous revolving credit facility as follows:


(in millions)	Total available
Revolving credit facility commitment	$	400.0
Amount drawn on revolving credit facility	(6.0)
Outstanding letters of credit(1)	(9.7)
Net available for borrowing as of June 30, 2026	$	384.3

(1) We use standby letters of credit primarily to collateralize certain obligations related to our self-insured workers' compensation claims, as well as claims for environmental matters, as required by certain states. These letters of credit reduce the amount available for borrowing under our revolving credit facility.