Financing and Other Debt (Tables)

6 Months Ended

Jun. 30, 2024

The following tables summarize the Company’s total outstanding debt as of June 30, 2024 and December 31, 2023.


	As of June 30, 2024				As of December 31, 2023
(in millions)	Balance Outstanding		Interest Rate		Balance Outstanding		Interest Rate
Short term debt:
Securitized debt	$	100.4	5.77	%	$	101.9	5.85	%
Participation debt	27.0		7.59	%	39.1		7.62	%
FHLB advances	300.0		5.50	%	—		—	%
Borrowed federal funds	760.0		4.76	%	845.0		4.89	%
Other short term borrowings	8.7		6.15	%	—		—	%
Current portion of long-term debt(6)	52.6		**		55.1		**
Total short term debt, net	$	1,248.6			$	1,041.1

** Provided for the total Amended and Restated Credit Agreement borrowings below.


	Balance Outstanding at:
(in millions)	June 30, 2024		December 31, 2023
Long-term debt:
Amended and Restated Credit Agreement(4):
Term A Loans due April 2026(1)	$	—	$	843.9
Term A-1 Loans due May 2029(1)	888.8		—
Term B Loans due April 2028(2)	—		1,402.3
Term B-1 Loans due April 2028(3)	1,395.1		—
Borrowings on Revolving Credit Facility due May 2029(1)	756.3		662.0


Total long-term debt(5)	3,040.2		2,908.2
Less total unamortized debt issuance costs/discounts	(27.9)		(25.6)
Less current portion of long-term debt(6)	(52.6)		(55.1)
Long-term debt, net	$	2,959.6	$	2,827.5

(1)Bears interest at variable rates, at the Company’s option, plus an applicable margin determined based on the Company’s consolidated leverage ratio. Outstanding borrowings under the Revolving Credit Facility are classified as long-term given they can be rolled forward with interest rate resets through maturity.

(2)Bore interest at variable rates, at the Company’s option, plus an applicable margin, which was fixed at 1.25 percent for base rate borrowings and 2.25 percent with respect to Term SOFR borrowings.

(3)Bears interest at variable rates, at the Company’s option, plus an applicable margin, which is fixed at 1.00 percent for base rate borrowings and 2.00 percent with respect to Term SOFR borrowings.

(4)As of June 30, 2024 and December 31, 2023, amounts outstanding under the Amended and Restated Credit Agreement bore a weighted average effective interest rate of 7.1 percent and 7.3 percent, respectively.

(5)See Note 13, Financial Instruments − Fair Value and Concentrations of Credit Risk for information regarding the fair value of the Company’s debt.

(6)Current portion of long-term debt as of June 30, 2024 and December 31, 2023 is net of $6.8 million and $8.3 million, respectively, in unamortized debt issuance costs/discounts.


(in millions)	June 30, 2024		December 31, 2023
Supplemental information under Amended and Restated Credit Agreement:
Letters of credit(1)	$	39.3	$	36.8
Remaining borrowing capacity on Revolving Credit Facility(2)	$	804.4	$	731.2

(1)Primarily collateralizing Corporate Payments processing activity.

(2)Borrowing capacity is contingent on maintaining compliance with the financial covenants as defined in the Company’s Amended and Restated Credit Agreement. As of June 30, 2024, the Company pays a quarterly commitment fee at a rate per annum ranging from 0.25 percent to 0.45 percent of the daily unused portion of the Revolving Credit Facility determined based on the Company’s consolidated leverage ratio. Prior to May 10, 2024, the quarterly commitment fee ranged from 0.25 percent to 0.50 percent. The quarterly commitment fee in effect as of June 30, 2024 and December 31, 2023 was 0.25 percent.