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Debt (Tables)
 9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
Debt outstanding
Debt outstanding was comprised of the following:
(in thousands)September 30,
2021		December 31, 2020
Senior, secured term loan facility$1,116,563 $— 
Senior, unsecured notes500,000 — 
Amounts drawn on senior, secured revolving credit facility180,000 840,000 
Total principal amount1,796,563 840,000 
Less: unamortized discount and debt issuance costs(20,396)— 
Total debt, net of discount and debt issuance costs1,776,167 840,000 
Less: current portion of long-term debt, net of debt issuance costs(57,167)— 
Long-term debt$1,719,000 $840,000 
Maturities of long-term debt
Maturities of long-term debt were as follows as of September 30, 2021:
(in thousands)Debt obligations
Remainder of 2021$14,438 
202257,750 
202372,188 
202486,625 
2025101,062 
Thereafter1,464,500 
Total principal amount$1,796,563 
Leverage ratio requirements The credit agreement also includes
requirements regarding our consolidated total leverage ratio and our consolidated secured leverage ratio, as defined in the credit agreement. These ratios may not equal or exceed the following amounts during the periods indicated:
Fiscal Quarter EndingConsolidated total leverage ratioConsolidated secured leverage ratio
September 30, 2021 through March 31, 2022
5.00 to 1:00
4.00 to 1:00
June 30, 2022 through March 31, 2023
4.75 to 1:00
3.75 to 1:00
June 30, 2023 through March 31, 2024
4.50 to 1:00
3.50 to 1:00
June 30, 2024 and each fiscal quarter thereafter
4.25 to 1:00
3.50 to 1:00
Credit facility
Daily average amounts outstanding under our current and previous credit agreements were as follows:
(in thousands)Nine Months Ended September 30, 2021Year Ended
December 31, 2020
Daily average amount outstanding$1,062,925 $1,016,896 
Weighted-average interest rate
2.35 %2.12 %

As of September 30, 2021, amounts were available for borrowing under our revolving credit facility as follows:

(in thousands)Total available
Revolving credit facility commitment$500,000 
Amounts drawn on revolving credit facility(180,000)
Outstanding letters of credit(1)
(7,475)
Net available for borrowing as of September 30, 2021
$312,525 

(1) We use standby letters of credit primarily to collateralize certain obligations related to our self-insured workers' compensation claims, as well as claims for environmental matters, as required by certain states.These letters of credit reduce the amount available for borrowing under our revolving credit facility.