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v3.25.2

DEBT | 6 Months Ended
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Jun. 30, 2025
DEBT |
DEBT | 8. DEBT ​ As of June 30, 2025 and December 31, 2024, the Company’s debt consisted of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | December 31,
(In millions) |  | 2025 |  | 2024
Private Placement Term Loans: | ​ | ​ | ​ | ​ | ​ | ​
3.37 %, payable through 2027 | ​ | $ | 28.8 | ​ | $ | 34.6
3.14 %, payable through 2031 | ​ | ​ | 93.0 | ​ | ​ | 100.1
Title XI Debt: | ​ | ​ | ​ | ​ | ​ | ​
1.22 %, payable through 2043 | ​ | ​ | 146.4 | ​ | ​ | 150.3
1.35 %, payable through 2044 | ​ | ​ | 112.8 | ​ | ​ | 115.9
Total Debt | ​ |  | 381.0 | ​ |  | 400.9
Less: Current portion | ​ |  | (39.7) | ​ |  | (39.7)
Total Long-term Debt | ​ | ​ | 341.3 | ​ | ​ | 361.2
Less: Deferred loan fees | ​ | ​ | (9.8) | ​ |  | (10.4)
Total Long-term Debt, net of deferred loan fees | ​ | $ | 331.5 | ​ | $ | 350.8
​ Except as described below, the Company’s debt is described in Note 8 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. ​ Private Placement Term Loans: In September 2016, the Company issued $200.0 million of 15-year senior unsecured notes (the “Series D Notes”) at an interest rate of 3.14 percent, payable semi-annually. In December 2016, the Company issued $75 million of 11-year senior unsecured notes at an interest rate of 3.37 percent, payable semi-annually. ​ Revolving Credit Facility: On July 23, 2025, the Company entered into a Third Amended and Restated Credit Agreement (the “Credit Agreement”), which provides for a five-year revolving credit facility, and $550 million in loan commitments, with an uncommitted $300 million increase option. The Credit Agreement amended certain covenants and other terms including (i) amending the pricing grid to provide for pricing ranging from, at the Company’s election, Secured Overnight Financing Rate (“SOFR”) plus a margin between 1.125 percent and 1.75 percent depending on the Company’s consolidated net leverage ratio, or base rate plus a margin between 0.125 percent and 0.75 percent depending on the Company’s consolidated net leverage ratio; and (ii) eliminating the minimum consolidated interest coverage ratio financial covenant. The Company may prepay any amount outstanding under the Credit Agreement without premium or penalty, in accordance with the terms of the Credit Agreement. The Credit Agreement contains affirmative, negative and financial covenants customary for financings of this type, including, among other things, limitations on certain other indebtedness, loans and investments, liens, mergers, asset sales, and transactions with affiliates. The Credit Agreement also contains customary events of default. The Company paid fees of approximately $1.7 million in connection with the closing of the Credit Agreement. ​ As of June 30, 2025, the Company had $643.9 million of remaining borrowing availability under the $650 million revolving credit facility then in effect. The Company used $6.1 million of the revolving credit facility for letters of credit outstanding as of June 30, 2025. Borrowings under the revolving credit facility are classified as long-term debt in the Company’s Consolidated Balance Sheets, as principal payments are not required until the maturity date. ​ Amendments to Existing Private Placement Term Loan Facilities and New Shelf Facilities (“Private Loan Facilities”): On July 23, 2025, the Company and the holders of the Private Loan Facilities entered into amendments (collectively, the “2025 Note Amendments”) to each of (i) the Third Amended and Restated Note Purchase Agreement and Private Shelf Agreement dated as of September 14, 2016, among the Company and the holders of the notes issued thereunder, as amended; and (ii) the Note Purchase Agreement dated December 21, 2016, in each case as amended prior to such date. The 2025 Note Amendments provide for amendments to certain covenants and other terms, including eliminating the minimum consolidated interest coverage ratio financial covenant. ​ Debt Maturities: As of June 30, 2025, debt maturities are as follows: ​
​ | ​ | ​ | ​
​ | ​ | As of
Year (in millions) |  | June 30, 2025
Remainder of 2025 | ​ | $ | 19.8
2026 | ​ |  | 39.7
2027 | ​ |  | 39.7
2028 | ​ |  | 28.2
2029 | ​ |  | 28.2
Thereafter | ​ |  | 225.4
Total Debt | ​ | $ | 381.0
​

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