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Credit Arrangements
 9 Months Ended
Sep. 30, 2024
Credit Arrangements  
Credit Arrangements

Note 7—Credit Arrangements

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Long-term debt and credit facilities consist of the following (in thousands):

​

​

​

​

​

​

​

​

​

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September 30, 

​

December 31, 

​

    

2024

    

2023

Term loan

​

$

838,692

​

$

874,128

Revolving credit facility

​

​

—

​

​

—

Commercial equipment notes

​

​

51,230

​

​

71,004

Mortgage notes

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18,943

​

 

19,615

Total debt

​

​

908,865

​

​

964,747

Unamortized debt issuance costs

​

​

(5,116)

​

​

(6,475)

Total debt, net

​

$

903,749

​

$

958,272

Less: current portion

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(76,751)

​

 

(72,903)

Long-term debt, net of current portion

​

$

826,998

​

$

885,369

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The weighted average interest rate on total debt outstanding as of September 30, 2024 and December 31, 2023 was 6.1% and 6.8%, respectively.

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On August 1, 2022, we entered into the Third Amended and Restated Credit Agreement (the “Amended Credit Agreement”), which increased our term loan to an aggregate principal amount of $945.0 million (the “Term Loan”) and increased our revolving credit facility to $325.0 million (the “Revolving Credit Facility”), under which the lenders agreed to make loans on a revolving basis from time to time and to issue letters of credit for up to the $325.0 million committed amount. The maturity date of the Amended Credit Agreement is August 1, 2027. As of September 30, 2024, commercial letters of credit outstanding were $52.8 million. There were no outstanding borrowings under the Revolving Credit Facility, and available borrowing capacity was $272.2 million as of September 30, 2024.

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The Amended Credit Agreement contains various restrictive and financial covenants including, among others, a net senior debt/EBITDA ratio and minimum EBITDA to cash interest ratio. In addition, the Amended Credit Agreement includes restrictions on investments, change of control provisions and provisions in the event we dispose of more than 20% of our total assets. We were in compliance with the covenants for the Amended Credit Agreement as of September 30, 2024

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On January 31, 2023, we entered into an interest rate swap agreement to manage our exposure to the fluctuations in variable interest rates. The swap effectively exchanged the interest rate on $300.0 million of the debt outstanding under our Term Loan from variable to a fixed rate of 4.095% per annum, plus an applicable margin, which was 1.75% as of September 30, 2024. The interest rate swap matures on January 31, 2025. See Note 8 – “Derivative Instruments”.

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Canadian Credit Facilities

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We have credit facilities totaling $14.0 million in Canadian dollars for the purposes of issuing commercial letters of credit and providing funding for working capital. As of September 30, 2024, commercial letters of credit outstanding were $1.0 million in Canadian dollars and there were no outstanding borrowings. Available capacity as of September 30, 2024 was $13.0 million in Canadian dollars.