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Long-Term Debt | 9 Months Ended
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Sep. 30, 2021
Debt Disclosure [Abstract] |
Long-Term Debt | NOTE 6 – LONG-TERM DEBT At September 30, 2021 and December 31, 2020, debt consisted of:
|  | September 30, 2021 |  |  | December 31, 2020 |
|  | Average Interest Rate |  |  | Outstanding Balance |  |  | Average Interest Rate |  |  | Outstanding Balance |
Term Loan |  |  |  |  |  | $ | 185,000 |  |  |  |  |  |  | $ | 192,500 |
Revolving Credit |  |  |  |  |  |  | 96,836 |  |  |  |  |  |  |  | 123,281 |
Total before debt issuance costs |  | 1.70% |  |  |  | 281,836 |  |  | 2.35% |  |  |  | 315,781 |
Unamortized debt issuance costs |  |  |  |  |  |  | (2,104 | ) |  |  |  |  |  |  | (2,567 | )
|  |  |  |  |  | $ | 279,732 |  |  |  |  |  |  | $ | 313,214 |
Current portion of long-term debt |  |  |  |  |  | $ | 10,000 |  |  |  |  |  |  | $ | 10,000 |
Long-term debt - non-current |  |  |  |  |  |  | 269,732 |  |  |  |  |  |  |  | 303,214 |
|  |  |  |  |  | $ | 279,732 |  |  |  |  |  |  | $ | 313,214 |
On March 3, 2020, the Company entered into the First Amendment (the “First Amendment”) to the Fifth Amended and Restated Business Loan and Security Agreement with a group of ten commercial banks (the “Credit Facility”). The First Amendment amended the Fifth Amended and Restated Business Loan and Security Agreement to, among other things, (i) add a new term loan facility in the original principal amount of $200.0 million; (ii) increase the swing line commitment amount by $25.0 million to $75.0 million; (iii) extend the maturity date; and (iv) modify certain definitions and certain covenants. As a result, the Credit Facility now consists of (i) a term loan facility of $200.0 million; (ii) a revolving line of credit of up to $600.0 million with additional revolving credit commitments of up to $300.0 million, subject to lenders’ approval (the “Accordion”); and (iii) a sub-limit of $75.0 million for swing line loans. The Credit Facility matures on March 3, 2025. The Company has the option to borrow funds under the Credit Facility at interest rates based on both LIBOR (1, 3, or 6-month rates) and the Base Rate (as defined herein), at its discretion, plus their applicable margins. Base Rates are fluctuating per annum rates of interest equal to the highest of (i) the Overnight Bank Funding Rate, plus 0.5%, (ii) the Prime Rate (as defined under the Credit Facility) and (iii) the daily LIBOR rate, plus a LIBOR margin between 1.00% and 2.00% based on its Leverage Ratio (as defined under the Credit Facility). The interest accrued based on LIBOR 1 or 3-month rates is to be paid on the last business day of the interest period and on the last day of the third month for 6-month LIBOR rate, while interest accrued based on the Base Rate is to be paid in quarterly installments. The Credit Facility also provides for letters of credit aggregating up to $60.0 million which reduce the funds available under the Credit Facility when issued. The unused portion of the Credit Facility is subject to a commitment fee between 0.13% and 0.25% per annum based on the Leverage Ratio. The Credit Facility is collateralized by substantially all the assets of the Company and requires that the Company remain in compliance with certain financial and non-financial covenants. The financial covenants require, among other things, that the Company maintain at all times an Interest Coverage Ratio (as defined under the Credit Facility) of not less than 3.00 to 1.00 and a Leverage Ratio of not more than 4.00 to 1.00 (subject to a step-up to 4.25 to 1.0 for a four quarter period following permitted acquisitions as defined under the Credit Facility) for each fiscal quarter. As of September 30, 2021, the Company was in compliance with its covenants under the Credit Facility. The Credit Facility also has a conforming dividend covenant that allows the Company to pay dividends as long as it remains in compliance with the financial covenants set forth in the Credit Facility. As of September 30, 2021, the Company had $281.8 million debt outstanding from the Credit Facility (including the term loan, exclusive of unamortized debt issuance costs), outstanding standby letters of credit totaling $3.3 million, net derivative obligations of $5.7 million and unused borrowing capacity of $499.9 million under the Credit Facility (excluding the Accordion and the term loan). Taking into account the financial, performance-based limitations, available borrowing capacity (excluding the Accordion and the term loan) was $373.0 million as of September 30, 2021. Future scheduled repayments of debt principal are as follows:
Payments due by |  | Term Loan |  |  | Revolving Credit |  |  | Total |
September 30, 2022 |  | $ | 10,000 |  |  | $ | — |  |  | $ | 10,000 |
September 30, 2023 |  |  | 12,500 |  |  |  | — |  |  |  | 12,500 |
September 30, 2024 |  |  | 15,000 |  |  |  | — |  |  |  | 15,000 |
March 3, 2025 (Maturity) |  |  | 147,500 |  |  |  | 96,836 |  |  |  | 244,336 |
Total |  | $ | 185,000 |  |  | $ | 96,836 |  |  | $ | 281,836 |

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