Long-Term Debt

9 Months Ended

Sep. 30, 2024

LONG-TERM DEBT

Long-term debt consisted of the following (in millions):


	As of September 30,		As of December 31,
	2024		2023
Senior Notes due 2028, net of unamortized debt issuance costs of $2.0 and $2.5, respectively	$	298.0	$	297.5
Term loan, net of unamortized debt issuance costs of $4.3 and $4.4, respectively	493.2		485.6
Vehicle and equipment notes, maturing through September 2029; payable in various monthly installments, including interest rates ranging from 1.9% to 7.3%	79.7		83.0
Various notes payable, maturing through July 2027; payable in various annual installments, including interest rate at 5.0%	1.4		1.2
	872.3		867.3
Less: current maturities	(31.5)		(32.2)
Long-term debt, less current maturities	$	840.8	$	835.1

Remaining required repayments of debt principal, gross of unamortized debt issuance costs, as of September 30, 2024 are as follows (in millions):


Remainder of 2024	$	8.1
2025	30.5
2026	26.2
2027	21.7
2028	314.2
Thereafter	477.9

Term Loan Agreement Amendment

In March 2024, we entered into Amendment No. 3 to our Term Loan Credit Agreement ("Third Amendment"). The Third Amendment amended certain terms of the existing seven-year term loan facility due December 2028, as amended (the "Term Loan Credit Agreement") and allowed for the issuance of a new term loan ("New Term Loan") in the amount of $500.0 million which will mature on March 28, 2031. Net proceeds of the New Term Loan were used to refinance the remaining $490.0 million on our existing term loan, pay fees and increase working capital. The New Term Loan does not have any financial maintenance covenants, eliminates the credit spread adjustment and the floor is reduced to 0.00%. The New Term Loan bears interest, at our option, at a rate equal to either: the adjusted term secured overnight financing rate plus 2.00% per annum, or an alternative base rate plus 1.00%. The New Term Loan also includes (i) a six-month “soft call” protection provision during which a 1.00% premium will be charged in connection with certain repricing transactions, and (ii) a 50 basis points most favored nation protection for 12 months following the effective date. As of September 30, 2024, we had $493.2 million, net of unamortized debt issuance costs, due on our New Term Loan. We have various interest rates swaps that serve to hedge $400.0 million of the variable cash flows on our New Term Loan through December 14, 2028. For further information about our interest rate swaps, see Note 11, Derivatives and Hedging Activities.

We wrote off $1.1 million and $0.5 million in previously capitalized loan costs during the nine months ended September 30, 2024 and 2023, respectively. In addition, we expensed $3.1 million and $0.4 million in loan costs that did not meet the requirements for capitalization during the nine months ended September 30, 2024 and 2023, respectively.