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Long-term Debt, Net | 9 Months Ended
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Sep. 30, 2025
Debt Instruments [Abstract] |
Long-term debt, net | Long-term debt, net The Company’s long-term debt, net consists of the following (in thousands):
| September 30, 2025 |  |  | December 31, 2024 |
2030 Notes | $ | 800,000 |  |  | $ | — |
Term Loan Facility |  | — |  |  |  | 163,555 |
Experience Financing |  | 102,094 |  |  |  | 111,375 |
2017 Bank Loans |  | 56,205 |  |  |  | 63,695 |
EE Revolver |  | — |  |  |  | — |
Total debt |  | 958,299 |  |  |  | 338,625 |
Less unamortized debt issuance costs |  | (16,250 | ) |  |  | (5,072 | )
Total debt, net |  | 942,049 |  |  |  | 333,553 |
Less current portion, net |  | (23,230 | ) |  |  | (46,793 | )
Total long-term debt, net | $ | 918,819 |  |  | $ | 286,760 |
The following table shows the range of interest rates and weighted average interest rates incurred on the Company’s variable-rate debt obligations during the nine months ended September 30, 2025.
| For the nine months ended September 30, 2025
| Range |  | Weighted Average
Term Loan Facility (1) | 7.1% – 7.4% |  | 7.3%
Experience Financing | 7.3% – 7.8% |  | 7.7%
2017 Bank Loans (2) | 6.9% – 9.4% |  | 8.5%
EE Revolver | N/A |  | N/A
(1) Weighted average interest rate, net of the impact of settled derivatives, w as 6.8% for the nine months ended September 30, 2025. (2) Weighted average interest rate, net of the impact of settled derivatives, was 7.2% for the nine months ended September 30, 2025. 2030 Notes In May 2025, EELP closed on an offering (the “Debt Offering”) of $800 million in aggregate principal amount of 8.000% senior unsecured notes due 2030 (the “2030 Notes”). The 2030 Notes were issued pursuant to an Indenture, dated as of May 5, 2025, by and among EELP, the guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee, paying agent and registrar, will mature in May 2030 and were issued at par. Interest on the 2030 Notes is payable semi-annually in arrears in each May and November, beginning in November 2025. The net proceeds from the Debt Offering, together with the net proceeds from the Equity Offering and cash on hand, were used to (i) fund the consideration payable by the Company in the Acquisition of the Jamaica Business, (ii) repay the outstanding borrowings under the Term Loan Facility, and (iii) pay related fees and expenses. The 2030 Notes are guaranteed by certain direct and indirect restricted subsidiaries of EELP. Revolving Credit Facility and Term Loan Facility In April 2022, EELP entered into a senior secured revolving credit agreement, by and among EELP, as borrower, Excelerate, as parent, the lenders party thereto, the issuing banks party thereto and JPMorgan Chase Bank, N.A., as administrative agent, pursuant to which the lenders and issuing banks thereunder made available a revolving credit facility (the “EE Revolver”), including a letter of credit sub-facility, to EELP. The EE Revolver enabled Excelerate to borrow up to $350.0 million over a three-year term originally set to expire in April 2025. In March 2023, EELP entered into an amended and restated senior secured credit agreement (“Amended Credit Agreement”), by and among EELP, as borrower, Excelerate, as parent, the lenders party thereto, the issuing banks party thereto and Wells Fargo Bank, N.A., as administrative agent. Under the Amended Credit Agreement, EELP obtained a new $250.0 million term loan facility (the “Term Loan Facility” and, together with the EE Revolver, as amended by the Amended Credit Agreement, the “EE Facilities”). Borrowings under the EE Facilities bear interest at a per annum rate equal to the term SOFR reference rate for such period plus an applicable margin, which is based on EELP’s consolidated total leverage ratio as defined and calculated under the Amended Credit Agreement and can range from 2.75% to 3.50%. The unused portion of the EE Revolver commitments is subject to an unused commitment fee calculated at a rate per annum ranging from 0.375% to 0.50% based on EELP’s consolidated total leverage ratio. Proceeds from the Term Loan Facility were used to purchase Sequoia in April 2023. Proceeds from the EE Revolver may be used for working capital and other general corporate purposes and as of September 30, 2025, up to $469.0 million of the EE Revolver may be used for letters of credit. In December 2023, the Company paid off $55.2 million of the principal outstanding on its Term Loan Facility. In March 2025, EELP entered into an amendment to the Amended Credit Agreement, which provided for, among other things (i) additional covenant baskets to permit the Acquisition and the incurrence of debt in connection therewith, and (ii) replacement of the collateral vessel maintenance coverage covenant with a broader collateral maintenance coverage covenant, which includes the value of the assets acquired in the Acquisition. In April 2025, Excelerate and EELP entered into an amendment (the “Fifth Amendment”) to the Amended Credit Agreement. The Fifth Amendment provides for, among other things, (i) the extension of the maturity of the revolving facility thereunder to March 17, 2029 and (ii) an increase in the aggregate commitments under the revolving facility to $500.0 million. As per the conditions of the Fifth Amendment, the remaining outstanding balance on the existing Term Loan Facility was repaid in full using proceeds from the issuance of the 2030 Notes. The Company also unwound the remaining interest rate swaps associated with the Term Loan Facility. In September 2025, Excelerate and EELP entered into the sixth amendment to the Amended Credit Agreement, which modified provisions related to investments and restricted payments to provide greater flexibility to the Company. As of September 30, 2025, the Company had issued no letters of credit under the EE Revolver. As a result of the EE Revolver’s financial ratio covenants and after taking into account the outstanding letters of credit issued under the facility, all of the $500.0 million of undrawn capacity was available for additional borrowings as of September 30, 2025. Experience Financing In December 2016, the Company entered into a sale leaseback agreement with a third party to provide $247.5 million of financing for Experience (the “Experience Financing”). Due to the Company’s requirement to repurchase the asset at the end of the term, the transaction was accounted for as a failed sale leaseback (a financing transaction). As amended, the Company makes quarterly principal payments of $3.1 million and interest payments at the three-month SOFR plus 3.4%, and the loan has a maturity date of December 2033. After the final quarterly payment in December 2033, there will be no remaining balance due. 2017 Bank Loans Under the Company's financing agreement for the Moheshkhali LNG terminal in Bangladesh (the “2017 Bank Loans”), the Company entered into two loan agreements with external banks. Under the first agreement, the Company borrowed $32.8 million, makes semi-annual payments and accrues interest at the six-month SOFR plus 2.85% through the loan maturity date of October 15, 2029. Under the second agreement, the Company borrowed $92.8 million, makes quarterly payments and accrues interest at the three-month SOFR plus 4.76% thr ough the loan maturity of October 15, 2029. As of September 30, 2025, the Company was in compliance with the covenants under its debt facilities.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/470/tableOfContent + Details
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