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Long-Term Debt

3 Months Ended

Mar. 31, 2023

5. Long-Term Debt

Long–term debt is comprised of the following:


	March 31,		December 31,
(in thousands)	2023		2022
Credit Facility	$	250,000	$	251,250

6.25% senior notes due April 2028:
Principal outstanding		800,000		800,000
Unamortized debt premium		10,029		10,530
Unamortized debt issuance costs		(8,329)		(8,744)
		801,700		801,786

6.875% senior notes due April 2027:
Principal outstanding		500,000		500,000
Unamortized debt issuance costs		(4,426)		(4,702)
		495,574		495,298

Long-term debt	$	1,547,274	$	1,548,334

The Credit Facility matures in November 2024 unless renewed or amended prior to that date. As of March 31, 2023, there were $4.1 million letters of credit outstanding under the Credit Facility and the applicable margin on borrowings outstanding was 2.5%. The weighted average annual interest rate on the outstanding balance under the Credit Facility, excluding the effect of interest rate swaps, was 7.4% and 6.9% at March 31, 2023 and December 31, 2022, respectively. We incurred $0.5 million of commitment fees on the daily unused amount of the Credit Facility in each of the three months ended March 31, 2023 and 2022.

As of March 31, 2023, we were in compliance with all covenants under our Credit Facility agreement. Additionally, all undrawn capacity on our Credit Facility was available for borrowings as of March 31, 2023.