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Debt (Tables)
 3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
Debt outstanding
Debt outstanding was comprised of the following:
(in thousands)March 31,
2022		December 31, 2021
Senior, secured term loan facility$1,057,687 $1,072,125 
Senior, unsecured notes500,000 500,000 
Amounts drawn on senior, secured revolving credit facility153,000 130,000 
Total principal amount1,710,687 1,702,125 
Less: unamortized discount and debt issuance costs(18,269)(19,176)
Total debt, net of discount and debt issuance costs1,692,418 1,682,949 
Less: current portion of long-term debt, net of debt issuance costs(57,227)(57,197)
Long-term debt$1,635,191 $1,625,752 
Maturities of long-term debt
Maturities of long-term debt were as follows as of March 31, 2022:

(in thousands)Debt obligations
Remainder of 2022$43,312 
202372,188 
202486,625 
2025101,062 
2026907,500 
Thereafter500,000 
Total principal amount$1,710,687 
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
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)Quarter Ended March 31, 2022Year Ended
December 31, 2021
Daily average amount outstanding$1,196,720 $1,109,819 
Weighted-average interest rate
2.73 %2.43 %

As of March 31, 2022, 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(153,000)
Outstanding letters of credit(1)
(7,806)
Net available for borrowing as of March 31, 2022
$339,194 

(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.