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DEBT | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
DEBT | DEBT Our debt consisted of the following at March 31, 2025:
| March 31, 2025
Debt |
Senior Notes due 2031 at a fixed interest rate of 2.75% | $450,000 |
2015 Term Loan borrowings due 2028 at a variable interest rate of 5.93% | 200,000 |
2016 Incremental Term Loan borrowings due 2026 at a variable interest rate of 6.08% | 200,000 |
2021 Incremental Term Loan borrowings due 2029 at a variable interest rate of 5.98% | 200,000 |
Total principal debt | 1,050,000 |
Less: Unamortized discounts | (2,343) |
Less: Deferred financing costs | (3,022) |
Total long-term debt | $1,044,635 |
The following table contains information on the outstanding variable rate debt as of March 31, 2025:
Debt |  |  | Periodic Interest Rate (a) | Effective Fixed Interest Rate (b)
2015 Term Loan |  |  | Daily Simple SOFR + 1.60% | 2.11 | %
2016 Incremental Term Loan |  |  | Daily Simple SOFR + 1.75% | 2.40 | %
2021 Incremental Term Loan |  |  | Daily Simple SOFR + 1.65% | 1.46 | %
(a) Includes credit spread adjustment of 0.1%. (b) Effective interest rate is after consideration of interest rate swaps and estimated patronage. Principal payments due during the next five years and thereafter are as follows:
| Total |  |
2025 | — |  |  |
2026 | $200,000 |  |  |
2027 | — |  |  |
2028 | 200,000 |  |  |
2029 | 200,000 |  |  |
Thereafter | 450,000 |  |  |
Total Debt | $1,050,000 |  |  |
2025 DEBT ACTIVITY During the three months ended March 31, 2025, we made no borrowings or repayments on our Revolving Credit Facility. At March 31, 2025, we had available borrowings of $293.0 million under the Revolving Credit Facility, net of $7.0 million to secure our outstanding letters of credit. DEBT COVENANTS In connection with our 2015 Term Loan Agreement, 2016 Incremental Term Loan Agreement, 2021 Incremental Term Loan Agreement and Revolving Credit Facility, customary covenants must be met, the most significant of which include interest coverage and leverage ratios. The covenants listed below, which are the most significant financial covenants in effect as of March 31, 2025, are calculated on a trailing 12-month basis:
| Covenant Requirement |  | Actual Ratio |  | Favorable
Covenant EBITDA to consolidated interest expense should not be less than | 2.5 to 1 |  | 7.2 to 1 |  | 4.7
Covenant debt to covenant net worth plus covenant debt shall not exceed | 65 | % |  | 36 | % |  | 29 | %
In addition to the financial covenants listed above, the Senior Notes due 2031, 2015 Term Loan Agreement, 2016 Incremental Term Loan Agreement, 2021 Incremental Term Loan Agreement, and Revolving Credit Facility include customary covenants that limit the incurrence of debt and the disposition of assets, among others. At March 31, 2025, we were in compliance with all applicable covenants.

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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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