Quarterly report [Sections 13 or 15(d)]

Debt

v3.25.1
Debt
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
Long-term debt consisted of the following (in thousands):
March 31, December 31,
2025 2024
Bank credit facility - term loan $ 270,000  $ 277,500 
Bank credit facility - revolving facility 197,000  155,000 
Principal amount of long-term debt 467,000  432,500 
Less: debt issuance costs
 (1,994) (2,327)
Total debt
 465,006  430,173 
Less: current portion
 (5,625) (30,000)
Long-term debt, less current portion $ 459,381  $ 400,173 

As of March 31, 2025, the interest rate on the Company's outstanding term loan borrowings and weighted average interest rate on the Company's aggregate outstanding revolving facility was 6.67% each. The Company had letters of credit outstanding of $0.8 million as of March 31, 2025 and December 31, 2024.
The Company was in compliance with required ratios and other terms and conditions under its credit agreement as of March 31, 2025.

Subsequent Event

On May 2, 2025, the Company entered into a new credit agreement, which provides for a $300 million term loan facility and a $400 million revolving credit facility, both maturing on May 2, 2030. Borrowings under the new credit agreement will accrue interest at either the term SOFR or ABR, plus in each case an applicable margin (based on the Company's Total Net Leverage Ratio). The new credit agreement replaces the Company's existing term loan and revolving credit facility. The proceeds of the term loan were utilized to pay fees and expenses incurred in connection with the new agreement and to repay, in full, amounts outstanding under the previous credit agreement.

Future required payments on the new term loan, to be paid in quarterly installments beginning in September 2025, are as follows: $3.8 million for the remainder of 2025, $7.5 million in 2026, $11.3 million in 2027, $20.6 million in 2028, $22.5 million in 2029, and $234.3 million in 2030. The Company has classified the current portion of long-term debt in its consolidated balance sheets as of March 31, 2025 based on the payment terms of the new credit agreement.