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Long-Term Debt (Tables) | 9 Months Ended
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Sep. 30, 2023
Long-Term Debt |
Reconciliation of principal balance of outstanding debt | The following table reconciles the principal balances of our outstanding debt to our condensed consolidated balance sheets, in thousands: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of
​ | ​ | September 30, 2023 |  | December 31, 2022
3.625% Senior Notes due 2029 | ​ | $ | 400,000 | ​ | $ | 400,000
4.125% Senior Notes due 2032 | ​ | ​ | 500,000 | ​ | ​ | 500,000
Term loan due 2026 | ​ | ​ | 543,750 | ​ | ​ | 566,250
Equipment notes | ​ | ​ | 3,216 | ​ | ​ | 8,427
Unamortized debt issuance costs | ​ | ​ | (15,192) | ​ | ​ | (17,352)
Total debt, net of unamortized debt issuance costs | ​ | ​ | 1,431,774 | ​ | ​ | 1,457,325
Less: current portion of long-term debt | ​ | ​ | 48,057 | ​ | ​ | 40,068
Total long-term debt | ​ | $ | 1,383,717 | ​ | $ | 1,417,257
Schedule of remaining principal payments of debt | The following table sets forth our remaining principal payments for our outstanding debt balances as of September 30, 2023, in thousands:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2023 | ​ | 2024 | ​ | 2025 | ​ | 2026 | ​ | 2027 | ​ | Thereafter | ​ | Total
3.625% Senior Notes | ​ | $ | - | ​ | $ | - | ​ | $ | - | ​ | $ | - | ​ | $ | - | ​ | $ | 400,000 | ​ | $ | 400,000
4.125% Senior Notes | ​ | ​ | - | ​ | ​ | - | ​ | ​ | - | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 500,000 | ​ | ​ | 500,000
Term loan | ​ | ​ | 11,250 | ​ | ​ | 45,000 | ​ | ​ | 48,750 | ​ | ​ | 438,750 | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 543,750
Equipment notes | ​ | ​ | 1,148 | ​ | ​ | 2,068 | ​ | ​ | - | ​ | ​ | - | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 3,216
Total | ​ | $ | 12,398 | ​ | $ | 47,068 | ​ | $ | 48,750 | ​ | $ | 438,750 | ​ | $ | - | ​ | $ | 900,000 | ​ | $ | 1,446,966
Summary of key terms of the Credit Agreement | The following table outlines the key terms of the Credit Agreement (dollars in thousands): ​
​ | ​ | ​ | ​
Senior secured term loan facility | $ | 600,000 | ​
Additional delayed draw term loan (a) | $ | 550,000 | ​
​ | ​ | ​ | ​
Revolving facility (b) | $ | 500,000 | ​
Sublimit for issuance of letters of credit under revolving facility | $ | 100,000 | ​
Sublimit for swingline loans under revolving facility | $ | 35,000 | ​
​ | ​ | ​ | ​
Interest rate as of September 30, 2023 | ​ | 6.42 | %
Scheduled maturity date | ​ | 10/7/2026 | ​
(a) | Represents Term Facility Two which has not been drawn upon as of September 30, 2023.
(b) | Use of the sublimits for the issuance of letters of credit and swingline loans reduces the availability under the Revolving Facility.
​
Schedule of availability under the Revolving Facility | The following table summarizes our availability under the Revolving Facility, in thousands: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of
​ |  | September 30, 2023 |  | December 31, 2022
Revolving facility | ​ | $ | 500,000 | ​ | $ | 500,000
Less: standby letters of credit | ​ | ​ | (63,782) | ​ | ​ | (67,689)
Availability under Revolving facility | ​ | $ | 436,218 | ​ | $ | 432,311
Schedule of the key financial covenants | ​
​ | ​ | ​
​ | ​ | As of September 30, 2023
Maximum Net Leverage Ratio | ​ | 3.50:1.00
Minimum Interest Coverage Ratio | ​ | 3.00:1.00
Compliance as of period end | ​ | In Compliance
​

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