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Debt
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Debt

Note 7. DEBT

Our balances for long-term debt and finance lease obligations were as follows (in thousands):

 

 

March 31,

 

 

December 31,

 

 

 

2025

 

 

2024

 

Credit Facility

 

$

778,000

 

 

$

767,500

 

Finance lease obligations

 

 

7,145

 

 

 

7,936

 

Total debt and finance lease obligations

 

 

785,145

 

 

 

775,436

 

Current portion

 

 

3,317

 

 

 

3,266

 

Noncurrent portion

 

 

781,828

 

 

 

772,170

 

Deferred financing costs, net

 

 

7,753

 

 

 

8,238

 

Noncurrent portion, net of deferred financing costs

 

$

774,075

 

 

$

763,932

 

 

The Credit Facility is secured by substantially all of the Partnership’s assets.

Letters of credit outstanding totaled $4.4 million and $5.3 million at March 31, 2025 and December 31, 2024, respectively.

Taking the interest rate swap contracts into account, the effective interest rate on our Credit Facility at March 31, 2025 was 6.1% (our applicable margin was 2.25% as of March 31, 2025). See Note 8 for additional information on our interest rate swap contracts.

As of March 31, 2025, we were in compliance with our financial covenants under the Credit Facility. The amount of availability under the Credit Facility at March 31, 2025, after taking into consideration debt covenant restrictions, was $86.8 million.