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Credit Arrangements
 3 Months Ended
Mar. 31, 2026
Credit Arrangements  
Credit Arrangements

Note 7—Credit Arrangements

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

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March 31, 

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December 31, 

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  ​ ​ ​

2026

  ​ ​ ​

2025

Term loan

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$

367.8

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$

379.6

Revolving credit facility

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—

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​

—

Commercial equipment notes

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​

17.8

​

​

22.7

Mortgage notes

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7.8

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7.9

Securitization facility

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​

62.5

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​

62.5

Total debt

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​

455.9

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​

472.7

Unamortized debt issuance costs

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​

(2.4)

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​

(2.8)

Total debt, net

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$

453.5

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$

469.9

Less: current portion

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(57.2)

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(60.9)

Long-term debt, net of current portion

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$

396.3

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$

409.0

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The weighted average interest rate on total debt outstanding as of March 31, 2026 and December 31, 2025 was 5.0%.

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On August 1, 2022, we entered into the Third Amended and Restated Credit Agreement (the “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 Credit Agreement is August 1, 2027. As of March 31, 2026, commercial letters of credit outstanding were $9.3 million. There were no outstanding borrowings under the Revolving Credit Facility, and available borrowing capacity was $315.7 million as of March 31, 2026.

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The 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 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 Credit Agreement as of March 31, 2026.

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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 March 31, 2026, commercial letters of credit outstanding were $0.4 million in Canadian dollars and there were no outstanding borrowings. Available capacity as of March 31, 2026 was $13.6 million in Canadian dollars.