v3.26.3
Debt
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Debt

Note 5 – Debt

The table below presents the components of our debt (in thousands):

 

 

 

September 30,

 

 

 

2026

 

 

2025

 

Variable rate debt

 

 

 

 

 

 

Current portion of long-term debt:

 

 

 

 

 

 

Australian credit facility

 

 

13,577

 

 

 

12,881

 

Current portion of term loan under credit facility

 

 

6,250

 

 

 

—

 

Current portion of term facility

 

 

1,125

 

 

 

—

 

Short-term borrowings and current portion of long-term debt

 

$

20,952

 

 

$

12,881

 

 

 

 

 

 

 

Long-term portion:

 

 

 

 

 

 

Revolving credit facility

 

$

280,000

 

 

$

221,300

 

Term loan under credit facility

 

 

493,750

 

 

 

500,000

 

Term facility

 

 

88,875

 

 

 

90,000

 

Receivables securitization facility

 

 

286,000

 

 

 

241,300

 

Less: financing costs, net

 

 

2,695

 

 

 

3,479

 

Long-term debt, net

 

 

1,145,930

 

 

 

1,049,121

 

Total debt

 

$

1,166,882

 

 

$

1,062,002

 

 

On August 25, 2026, our subsidiaries entered into Amendment No. 14 to the Receivables Purchase Agreement by and among Superior Commerce LLC, as Seller, SCP Distributors LLC, as the Servicer, the purchasers from time to time party thereto, and Wells Fargo Bank, National Association, as Administrative Agent (as amended, the Amended Receivables Purchase Agreement). The Amended Receivables Purchase Agreement amended our receivable securitization facility principally to extend the facility termination date to August 25, 2028 and increase the maximum facility limit to $400.0 million in the months of March through September. As amended, the facility has a maximum facility limit of $400.0 million ($300.0 million committed and $100.0 million uncommitted) in the months of March through September and $300.0 million ($200.0 million committed and $100.0 million uncommitted) during the remaining months of the year. Amounts outstanding under the Amended Receivables Purchase Agreement bear interest at the one-month term secured overnight financing rate (Term SOFR) plus an applicable margin of 0.75% or 0.85% for committed and uncommitted tranches, respectively.

Our receivable securitization facility (the Receivables Facility) provides for the sale of our receivables to a wholly-owned subsidiary (the Securitization Subsidiary). The Securitization Subsidiary transfers variable undivided percentage interests in the receivables and related rights to certain third-party financial institutions in exchange for cash proceeds, limited to the applicable funding capacities.

We account for the sale of the receivable interests as a secured borrowing on our Consolidated Balance Sheets. The receivables subject to the agreement collateralize the cash proceeds received from the third-party financial institutions. We classify the entire outstanding balance as Long-term debt, net on our Consolidated Balance Sheets as we intend and have the ability to refinance the obligations on a long-term basis. We present the receivables that collateralize the cash proceeds separately as Receivables pledged under receivables facility on our Consolidated Balance Sheets.