Quarterly report pursuant to Section 13 or 15(d)

Debt

v3.24.3
Debt
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Debt Debt
Long-term debt consisted of the following (in thousands):
September 30, December 31,
2024 2023
Bank credit facility - term loan $ 285,000  $ 300,000 
Bank credit facility - revolving facility 168,000  133,000 
Principal amount of long-term debt 453,000  433,000 
Less: debt issuance costs
 (2,659) (3,656)
Total debt
 450,341  429,344 
Less: current portion
 (30,000) (22,500)
Long-term debt, less current portion $ 420,341  $ 406,844 

Borrowings under our term loan and revolving facility mature in October 2026. As of September 30, 2024, the interest rate on our outstanding term loan borrowings and weighted average interest rate on our aggregate outstanding revolving facility was 8.05% and 7.94%, respectively. We had letters of credit outstanding of $0.8 million as of September 30, 2024 and December 31, 2023.

Future required term loan and revolving facility payments as of September 30, 2024 are as follows (in thousands):

Year Ending Term Loan Revolving Facility Total
Remainder of 2024 $ 7,500  $ —  $ 7,500 
2025 30,000  —  30,000 
2026 247,500  168,000  415,500 
     Total $ 285,000  $ 168,000  $ 453,000 
We were in compliance with required ratios and other terms and conditions under our credit agreement as of September 30, 2024.