Long-term Debt

3 Months Ended

Mar. 31, 2024

11. Long-term Debt:

The summary of long-term debt is as follows:


	March 31, 2024		December 31, 2023
Senior Secured Term Loan Facility due June 2028 (the “2021 Term Loan Facility”)	$	875,250	$	877,500
ABL Facility	—		—
Total debt	875,250		877,500
Original issue discount	(5,831)		(6,162)
Deferred financing costs	(3,199)		(3,392)
Total debt, net of original issue discount and deferred financing costs	866,220		867,946
Less: current portion	(9,000)		(9,000)
Total long-term debt, excluding current portion	$	857,220	$	858,946

The 2021 Term Loan Facility bears interest at an adjusted term Secured Overnight Financing Rate (“SOFR”) (with a 0.50% minimum floor and a credit spread adjustment of 10 basis points) plus 2.75% per annum (or, depending on the borrower’s first lien net leverage ratio, 2.50%). The interest rate on the 2021 Term Loan Facility was 7.91% as of March 31, 2024.

The borrowings under the senior secured asset-based lending revolving credit facility (“ABL Facility”) bears interest at a rate equal to an adjusted term SOFR, which includes a credit spread adjustment of 10 basis points or the base rate plus a margin of between 1.25% to 1.75% or 0.25% to 0.75%, respectively. The interest rate on the ABL Facility was 8.75% as of March 31, 2024.

Fair Value of Debt

The fair value of a financial instrument is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. As of March 31, 2024 and December 31, 2023, the fair value of the 2021 Term Loan Facility was $873,062 and $876,403, respectively. The fair value is classified as Level 2 based upon the fair value hierarchy (see Note 4 to these condensed consolidated financial statements for further information on fair value measurements).