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DEBT (Tables)

12 Months Ended

Dec. 31, 2022

DEBT

Schedule of debt

The Company’s debt consists of the following as of December 31, 2022 and 2021:

​	​	​	​	​	​	​
​	​	As of December 31,
(In millions)		2022			2021
Private Placement Term Loans:	​	​	​	​	​	​
3.66 %, payable through 2023	​	$	4.5	​	$	13.7
4.16 %, payable through 2027	​		—	​		28.8
3.37 %, payable through 2027	​	​	57.7	​	​	69.2
3.14 %, payable through 2031	​	​	132.8	​	​	151.2
4.31 %, payable through 2032	​		—	​		25.4
Title XI Debt:	​	​	​	​	​	​
5.34 %, payable through 2028	​		13.2	​		15.4
5.27 %, payable through 2029	​		15.4	​		17.6
1.22 %, payable through 2043	​	​	166.2	​	​	174.1
1.35 %, payable through 2044	​	​	127.7	​	​	133.6
Total Debt	​		517.5	​		629.0
Less: Current portion	​		(76.9)	​		(65.0)
Total Long-term Debt	​	​	440.6	​	​	564.0
Less: Deferred loan fees	​	​	(12.9)	​	​	(14.3)
Total Long-term Debt, net of deferred loan fees	​	$	427.7	​	$	549.7

​

Schedule of maturities of debt

​

​	​	​	​
​	​	As of
Year (in millions)		December 31, 2022
2023	​	$	76.9
2024	​		39.7
2025	​		39.7
2026	​		39.7
2027	​		39.7
Thereafter	​		281.8
Total Debt	​	$	517.5

​

Schedule of deferred loan fees

​

​	​	​	​
Deferred Loan Fees (in millions)		Amount
Deferred financing costs related to Title XI bonds and private placement debt amendments	​	$	14.3
Deferred fees expensed related to the redemption of private placement debt	​	​	(0.1)
Amortization expense for the year ended December 31, 2022	​		(1.3)
Balance at December 31, 2022	​	$	12.9

​

Schedule of estimated amortization expense relating to deferred laon fees

​

​	​	​	​
Year (in millions)		Amount
2023	​	$	1.3
2024	​		1.2
2025	​		1.1
2026	​		1.0
2027	​		0.9
Thereafter	​		7.4
Total amortization expense of deferred loan fees	​	$	12.9

​

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