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SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2024
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
Revolving Credit Agreement
On January 13, 2025, the Company entered into a senior secured revolving credit agreement (the "Revolving Credit Agreement") with JPMorgan Chase Bank, (the "Agent"), which replaces the Company's previous Revolver with PNC dated as of November 5, 2021. The Revolving Credit Agreement permits a maximum borrowing in the amount of $500.0 million on a revolving basis, including a letter of credit sublimit. Up to $50.0 million of borrowings may be made, at the Company's election, in Euros, Swiss Francs, Japanese Yen and Pounds Sterling, or any additional foreign currencies determined by mutual agreement of the parties. The Revolving Credit Agreement will be used for working capital and other general corporate purposes. The Revolving Credit Agreement matures on the earlier of January 13, 2028 and the date that is 91 days prior to the maturity date of indebtedness of the Company and any restricted subsidiary in the event that the aggregate outstanding principal amount of such maturing indebtedness equals or exceeds $300.0 million. The Revolving Credit Agreement also provides for uncommitted incremental facilities in an amount up to $200.0 million plus an unlimited additional amount so long as the Company is in compliance with certain financial covenants.
Outstanding revolving loans denominated in U.S. dollars under the Revolving Credit Agreement will bear interest at a floating rate of either (A) Term SOFR plus 0.10% (subject to a 0.00% floor) plus the applicable rate (“Applicable Rate”) or (B) a base rate (subject to a 1.00% per annum floor) plus the Applicable Rate, as elected by the Company. Revolving loans denominated in foreign currencies will bear interest at floating reference rates plus the Applicable Rate. The Applicable Rate means (A) in the case of U.S. dollar base rate loans, a margin ranging from 1.50% to 2.00% per annum, depending on the Company's consolidated secured gross leverage ratio, and (B) in the case of U.S. dollar Term SOFR loans and all foreign
currency loans, a margin ranging from 2.5% to 3.00% per annum, depending on the Company's consolidated secured gross leverage ratio.
2025 Notes Settlement
Upon maturity of the 2025 Notes on January 15, 2025, the Company made a cash payment of $250.4 million in settlement of the total principal of the 2025 Notes and accrued interest that was previously outstanding as of December 31, 2024. Refer to Note 10 for further discussion of the 2025 Notes.