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v3.25.2

Debt | 9 Months Ended
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Jun. 30, 2025
Debt Disclosure [Abstract] |
Debt | Debt The following table represents our debt at carrying value at June 30, 2025 and September 30, 2024:
| June 30, 2025 |  | September 30, 2024
| (In thousands)
Current maturities on debt: |  |  |
The $300 Million Term Loan | $ | — |  |  | $ | 15,000 |
The 2018 Senior Notes | 400,000 |  |  | — |
Less: debt issuance costs | (655) |  |  | — |
Current maturities on debt | 399,345 |  |  | 15,000 |
Long-term debt: |  |  |
Revolving line of credit | — |  |  | 210,000 |
The $300 Million Term Loan | — |  |  | 243,750 |
The $450 Million Term Loan | — |  |  | 450,000 |
The 2018 Senior Notes | — |  |  | 400,000 |
The 2019 Senior Notes and the 2021 Senior Notes | 900,000 |  |  | 900,000 |
The 2025 Senior Notes | 1,500,000 |  |  | — |
Less: debt issuance costs | (19,791) |  |  | (9,729) |
Long-term debt | 2,380,209 |  |  | 2,194,021 |
Total debt | $ | 2,779,554 |  |  | $ | 2,209,021 |
Revolving Line of Credit and Term Loans On May 13, 2025, we amended our credit agreement with a syndicate of banks, increasing our borrowing capacity under the unsecured revolving line of credit from $600 million to $1.0 billion and extending its maturity to May 13, 2030. Also on May 13, 2025, we repaid in full and terminated the $300 million unsecured term loan (the “$300 Million Term Loan”) and the $450 million unsecured term loan (the “$450 Million Term Loan”) outstanding under our credit agreement, utilizing proceeds from the issuance of the 2025 Senior Notes (as defined below). Borrowings under the revolving line of credit can be used for working capital and general corporate purposes and may also be used for the refinancing of existing debt, acquisitions, and the repurchase of our common stock. Interest rates on amounts borrowed under the revolving line of credit are based on (i) an adjusted base rate, which is the greatest of (a) the prime rate, (b) the Federal Funds rate plus 0.5%, and (c) the Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 1%, plus, in each case, an applicable margin, (ii) the Daily Simple SOFR plus an applicable margin (or, if such rate is no longer available, a successor benchmark rate determined in accordance with the terms of the credit agreement), or (iii) term SOFR (without a credit spread adjustment) plus an applicable margin (or, if such rate is no longer available, a successor benchmark rate determined in accordance with the terms of the credit agreement). The applicable margin for base rate borrowings and for SOFR borrowings is determined based on our consolidated leverage ratio. The applicable margin for base rate borrowings ranges from 0% to 0.75% per annum and for SOFR borrowings ranges from 1% to 1.75% per annum. In addition, we must pay certain credit facility fees. The credit agreement contains certain restrictive covenants including a maximum consolidated leverage ratio of 3.5 to 1.0, subject to a step up to 4.0 to 1.0 following certain permitted acquisitions and subject to certain conditions, and contains other covenants typical of an unsecured credit facility. As of June 30, 2025, there were no borrowings outstanding under the revolving line of credit and we were in compliance with all financial covenants under the credit agreement. Senior Notes On May 8, 2018, we issued $400 million of senior notes in a private offering to qualified institutional investors (the “2018 Senior Notes”). The 2018 Senior Notes require interest payments semi-annually at a rate of 5.25% per annum and will mature on May 15, 2026. On December 6, 2019, we issued $350 million of senior notes in a private offering to qualified institutional investors (the “2019 Senior Notes”). The 2019 Senior Notes require interest payments semi-annually at a rate of 4.00% per annum and will mature on June 15, 2028. On December 17, 2021, we issued $550 million of additional senior notes of the same class as the 2019 Senior Notes in a private offering to qualified institutional investors (the “2021 Senior Notes”). The 2021 Senior Notes require interest payments semi-annually at a rate of 4.00% per annum and will mature on June 15, 2028, the same date as the 2019 Senior Notes. On May 13, 2025, we issued $1.5 billion of senior notes in a private offering to qualified institutional investors (the “2025 Senior Notes,” and collectively with the 2018 Senior Notes, the 2019 Senior Notes and the 2021 Senior Notes, the “Senior Notes”). The 2025 Senior Notes require interest payments semi-annually at a rate of 6.00% per annum and will mature on May 15, 2033. We used the net proceeds of the 2025 Senior Notes to repay all the outstanding aggregate principal and interest amounts of the $300 Million Term Loan and the $450 Million Term Loan, and the outstanding balance and interest on our revolving line of credit, as well as for general corporate purposes. The indentures for the Senior Notes contain certain covenants typical of unsecured obligations and we were in compliance as of June 30, 2025. The following table presents the face values and fair values for the Senior Notes at June 30, 2025 and September 30, 2024:
| June 30, 2025 |  | September 30, 2024
| Face Value |  | Fair Value |  | Face Value |  | Fair Value
| (In thousands)
The 2018 Senior Notes | $ | 400,000 |  |  | $ | 399,000 |  |  | $ | 400,000 |  |  | $ | 399,500 |
The 2019 Senior Notes and the 2021 Senior Notes | 900,000 |  |  | 873,000 |  |  | 900,000 |  |  | 864,000 |
The 2025 Senior Notes | 1,500,000 |  |  | 1,513,125 |  |  | — |  |  | — |
Total | $ | 2,800,000 |  |  | $ | 2,785,125 |  |  | $ | 1,300,000 |  |  | $ | 1,263,500 |

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