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Long-term Debt
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Long-term Debt Long-term Debt
Our long-term debt outstanding consists of the following (in millions):
June 30, 2023December 31, 2022
Credit Agreement—  
Advances under revolving credit facility$— $55.0 
Bonds payable—
5.75% Senior Notes due 2025
348.1 347.7 
4.50% Senior Notes due 2028
783.4 781.8 
4.75% Senior Notes due 2030
780.2 779.0 
4.625% Senior Notes due 2031
391.0 390.6 
Other notes payable67.4 53.1 
Finance lease obligations350.3 359.8 
2,720.4 2,767.0 
Less: Current portion(22.8)(25.2)
Long-term debt, net of current portion$2,697.6 $2,741.8 
The following chart shows scheduled principal payments due on long-term debt for the next five years and thereafter (in millions):
Face AmountNet Amount
July 1 through December 31, 2023$10.7 $10.7 
202440.4 40.4 
2025382.7 380.8 
202629.2 29.2 
202743.2 43.2 
2028831.7 815.1 
Thereafter1,429.8 1,401.0 
Total$2,767.7 $2,720.4 
On December 9, 2021, we announced the commencement of a consent solicitation of holders of our 5.75% Senior Notes due 2025, 4.50% Senior Notes due 2028 (the “2028 Notes”), 4.75% Senior Notes due 2030 (the “2030 Notes”), and 4.625% Senior Notes due 2031 (the “2031 Notes” and collectively the “Senior Notes”) for the adoption of certain amendments to an indenture (the “Base Indenture”) dated as of December 1, 2009, as supplemented by each Senior Notes’ respective supplemental indenture (together with the Base Indenture, the “Indenture”), which provided us with greater flexibility in effecting the Spin Off discussed in Note 2, Spin Off of Home Health and Hospice Business. Each Indenture contains restrictive covenants that, among other things, limit our ability and the ability of certain of our subsidiaries to make certain asset dispositions, investments, and distributions to holders of our capital stock. The amendments to the Indentures permitted us, subject to the leverage ratio condition set forth below, to distribute to our equity holders in one or more transactions (a “Distribution”) some or all of the common stock of a subsidiary that holds substantially all of the assets of our home health and hospice business. We were permitted to make any such distribution so long as the Leverage Ratio (as defined in each Indenture) was no more than 3.5 to 1.0 on a pro forma basis after giving effect thereto. The amendments also reduced the capacity under our restricted payments builder basket under each existing Indenture for the 2028 Notes, 2030 Notes, and 2031 Notes by $200 million and amended the definition of “Consolidated Net Income” to allow us to exclude from Consolidated Net Income (a component of the Leverage Ratio) any fees, expenses or charges related to any Distribution and the solicitation of consents from the holders of the Senior Notes. In December 2021 and January 2022, we received the requisite consents for the adoption of these amendments. Under the terms of the amendments, we agreed to pay the holders of the Senior Notes a total of $40.5 million, excluding fees. We paid $20.0 million and $20.5 million in January and June 2022, respectively.
In March 2022, we redeemed the remaining $100 million in outstanding principal amount of the 5.125% Senior Notes due 2023 (the “2023 Notes”) using capacity under our revolving credit facility. Pursuant to the terms of the 2023 Notes, this
optional redemption was made at a price of par. As a result of this redemption, we recorded a $0.3 million Loss on early extinguishment of debt during the three months ended March 31, 2022.
In June 2022, Enhabit distributed $566.6 million to Encompass Health who used it to fully repay both the $250 million outstanding balance of the Encompass Health revolving credit facility and approximately $236 million of the Encompass Health term loan. As a result of this repayment, we recorded a $1.1 million Loss on early extinguishment of debt during the three months ended June 30, 2022.