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Credit Arrangements
 6 Months Ended
Jun. 30, 2025
Credit Arrangements  
Credit Arrangements

Note 7—Credit Arrangements

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

​

​

​

​

​

​

​

​

​

​

June 30, 

​

December 31, 

​

    

2025

    

2024

Term loan

​

$

515,068

​

$

676,880

Revolving credit facility

​

​

—

​

​

—

Commercial equipment notes

​

​

32,578

​

​

43,900

Mortgage notes

​

 

9,178

​

 

18,714

Securitization facility

​

​

50,000

​

​

—

Total debt

​

​

606,824

​

​

739,494

Unamortized debt issuance costs

​

​

(3,765)

​

​

(4,668)

Total debt, net

​

$

603,059

​

$

734,826

Less: current portion

​

 

(78,076)

​

 

(74,633)

Long-term debt, net of current portion

​

$

524,983

​

$

660,193

​

The weighted average interest rate on total debt outstanding as of June 30, 2025 and December 31, 2024 was 5.5% and 5.6%, 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 June 30, 2025, commercial letters of credit outstanding were $20.7 million. There were no outstanding borrowings under the Revolving Credit Facility, and available borrowing capacity was $304.3 million as of June 30, 2025.

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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 June 30, 2025.

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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. The interest rate swap matured 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 June 30, 2025, commercial letters of credit outstanding were $0.4 million in Canadian dollars and there were no outstanding borrowings. Available capacity as of June 30, 2025 was $13.6 million in Canadian dollars.