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Debt (Tables) | 3 Months Ended
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Mar. 31, 2023
Debt Disclosure [Abstract] |
Debt outstanding | Debt outstanding was comprised of the following:
(in thousands) |  | March 31, 2023 |  | December 31, 2022
Senior, secured term loan facility |  | $ | 972,938 |  |  | $ | 987,375 |
Senior, unsecured notes |  | 475,000 |  |  | 475,000 |
Amounts drawn on senior, secured revolving credit facility |  | 253,000 |  |  | 197,000 |
Total principal amount |  | 1,700,938 |  |  | 1,659,375 |
Less: unamortized discount and debt issuance costs |  | (14,238) |  |  | (15,099) |
Total debt, net of discount and debt issuance costs |  | 1,686,700 |  |  | 1,644,276 |
Less: current portion of long-term debt, net of debt issuance costs |  | (78,845) |  |  | (71,748) |
Long-term debt |  | $ | 1,607,855 |  |  | $ | 1,572,528 |
Maturities of long-term debt | Maturities of long-term debt were as follows as of March 31, 2023:
(in thousands) |  | Debt obligations
Remainder of 2023 |  | $ | 57,750 |
2024 |  | 86,625 |
2025 |  | 101,063 |
2026 |  | 980,500 |
2027 |  | — |
Thereafter |  | 475,000 |
Total principal amount |  | $ | 1,700,938 |
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 Ending |  | Consolidated total leverage ratio |  | Consolidated secured leverage ratio
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 | As of March 31, 2023, amounts available for borrowing under our revolving credit facility were as follows:
(in thousands) |  | Available borrowings
Revolving credit facility commitment |  | $ | 500,000 |
Amounts drawn on revolving credit facility |  | (253,000) |
Outstanding letters of credit(1) |  | (7,818) |
Net available for borrowing as of March 31, 2023 |  | $ | 239,182 |
(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.

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- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
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