Quarterly report pursuant to Section 13 or 15(d)

Debt

v3.23.2
Debt
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Debt Debt
Long-term debt consisted of the following (in thousands):
June 30, December 31,
  2023 2022
Bank credit facility - term loan $ 95,000  $ 100,000 
Bank credit facility - revolving facility 282,000  188,610 
Principal amount of long-term debt 377,000  288,610 
Less debt issuance costs (1,890) (2,310)
Total long-term debt 375,110  286,300 
Less current portion (10,000) (10,000)
Long-term debt, less current portion $ 365,110  $ 276,300 

Borrowings under our term loan and revolving facility mature in October 2025. As of June 30, 2023, the interest rate on our outstanding term loan borrowings and weighted average interest rate on our aggregate outstanding revolving facility was 7.51% and 7.62%, respectively. Interest expense incurred on our term loan and revolving facility was $7.9 million and $14.3 million for the three and six months ended June 30, 2023, respectively, and $3.7 million and $7.1 million for the three and six months ended June 30, 2022, respectively. We had letters of credit outstanding of $0.7 million and $1.0 million as of June 30, 2023 and December 31, 2022, respectively.

Future required term loan and revolving facility payments as of June 30, 2023 are as follows (in thousands):

Year Ending Term Loan Revolving Facility Total
Remainder of 2023 $ 5,000  $ —  $ 5,000 
2024 10,000  —  10,000 
2025 80,000  282,000  362,000 
     Total $ 95,000  $ 282,000  $ 377,000 

We were in compliance with required ratios and other terms and conditions under our credit agreement as of June 30, 2023.
In July 2023, we entered into a fifth amendment to our credit agreement. Refer to Note (13) "Subsequent Events" for further details. After the amendment, our scheduled term loan payments are approximately $9.5 million for the remainder of 2023, $19.0 million in 2024, and $156.5 million in 2025.