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CREDIT FACILITY

3 Months Ended

Mar. 31, 2023

CREDIT FACILITY

CREDIT FACILITY

NOTE 18.    CREDIT FACILITY

Our credit agreement (“Credit Agreement”) consists of a senior unsecured term loan facility (“Term Loan Facility”) and a senior unsecured revolving facility (“Revolving Facility”). Both mature on September 9, 2026.

On March 31, 2023, we executed agreements pursuant to the Credit Agreement to transition the benchmark interest rate from LIBOR to Term SOFR. The impact of this transition was not material to our consolidated financial statements.

The following table summarizes borrowings under our Credit Agreement and the associated interest rate.

​

​	​	​	​	​	​	​	​
​		March 31, 2023
​	​	Balance			Interest Rate		Unused Line Fee
Term Loan Facility subject to a fixed interest rate due to interest rate swap	​	$	233,844	​	1.172%	​	—
Term Loan Facility subject to a variable interest rate	​	​	136,156	​	5.657%	​	—
Revolving Facility subject to a variable interest rate	​	​	—	​	5.657%	​	0.10%
Total borrowings under the Credit Agreement	​	$	370,000	​	​	​	​

​

For more information on the interest rate swap that fixes the interest rate for a portion of our Term Loan Facility, see Note 7. Derivative Financial Instruments. The Term Loan Facility and Revolving Facility bear interest, at our option, at a rate based on the Base Rate or Term SOFR, as defined in the Credit Agreement, plus an applicable margin.

For all periods presented, we were in compliance with the Credit Agreement covenants. The following table summarizes our availability to withdraw on the Revolving Facility.

​

​	​	​	​	​	​	​
​	​	March 31,		​	December 31,
​		2023			2022
Available capacity on Revolving Facility	​	$	200,000	​	$	200,000

​

In addition to the available capacity on the Revolving Facility, prior to the maturity date of our Credit Agreement, we may also request an increase to the financing commitments in either the Term Loan Facility or Revolving Facility by an aggregate amount not to exceed $250.0 million at identical terms to our existing Credit Agreement.

The fair value of the Term Loan Facility approximates the outstanding balance of $370.0 million as of March 31, 2023.

The debt obligation on our Consolidated Balance Sheets consists of the following:

​

​	​	​	​	​	​	​
​	​	March 31,		​	December 31,
​		2023			2022
Term Loan Facility	​	$	370,000	​	$	375,000
Less: debt discount	​	​	(1,611)	​	​	(1,738)
Total debt	​	​	368,389	​	​	373,262
Less current portion of long-term debt	​	​	(20,000)	​	​	(20,000)
Total long-term debt	​	$	348,389	​	$	353,262

​

Contractual maturities of our debt obligations, excluding amortization of debt issuance costs, are as follows:

​

​	​	​	​
Year Ending December 31,		​
2023 (remaining)	​	$	15,000
2024	​	​	20,000
2025	​	​	20,000
2026	​	​	315,000
Total	​	$	370,000

​

Interest expense and unused line of credit fees were recorded in other expense, net in our Consolidated Statements of Operations as follows:

​

​	​	​	​	​	​	​
​	​	Three Months Ended March 31,
​		2023			2022
Interest expense	​	$	2,590	​	$	1,123
Amortization of debt issuance costs	​	​	133	​	​	135
Unused line of credit fees and other	​	​	51	​	​	54
Total interest expense	​	$	2,774	​	$	1,312

​

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The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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