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Debt (Tables)
 3 Months Ended
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 notes475,000 475,000 
Amounts drawn on senior, secured revolving credit facility253,000 197,000 
Total principal amount1,700,938 1,659,375 
Less: unamortized discount and debt issuance costs(14,238)(15,099)
Total debt, net of discount and debt issuance costs1,686,700 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 
202486,625 
2025101,063 
2026980,500 
2027— 
Thereafter475,000 
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 EndingConsolidated total leverage ratioConsolidated 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.