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DEBT (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Debt outstanding
Debt outstanding was comprised of the following at December 31:

(in thousands)20212020
Senior, secured term loan facility$1,072,125 $— 
Senior, unsecured notes500,000 — 
Amounts drawn on senior, secured revolving credit facility130,000 840,000 
Total principal amount1,702,125 840,000 
Less: unamortized discount and debt issuance costs(19,176)— 
Total debt, net of discount and debt issuance costs1,682,949 840,000 
Less: current portion of long-term debt, net of debt issuance costs(57,197)— 
Long-term debt$1,625,752 $840,000 
Maturities of long-term debt
Maturities of long-term debt were as follows as of December 31, 2021:
(in thousands)Debt obligations
2022$57,750 
202372,188 
202486,625 
2025101,062 
2026884,500 
Thereafter500,000 
Total principal amount$1,702,125 
Leverage ratio requirements These ratios may not equal or exceed the following amounts during the periods indicated:
Fiscal Quarter EndingConsolidated total leverage ratioConsolidated secured leverage ratio
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 facility were as follows for the years ended December 31:
(in thousands)202120202019
Daily average amount outstanding$1,109,819 $1,016,896 $925,715 
Weighted-average interest rate2.43 %2.12 %3.54 %

As of December 31, 2021, amounts were available for borrowing under our revolving credit facility as follows:
(in thousands)Total available
Revolving credit facility commitment$500,000 
Amount drawn on revolving credit facility(130,000)
Outstanding letters of credit(1)
(7,381)
Net available for borrowing as of December 31, 2021
$362,619 

(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.