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DEBT

3 Months Ended

Mar. 31, 2023

DEBT

DEBT

7 – DEBT

​

Long-term debt, net consists of the following:

​

​	​	​	​	​	​	​	​
​	​	March 31,		​	December 31,		​
​		2023			2022
Principal amount		$	162,250		$	171,000	​
Less: Unamortized deferred financing costs	​		(5,661)	​		(6,079)	​
Less: Current portion	​		—	​		—	​
​	​	​	​	​	​	​	​
Long-term debt, net		$	156,589		$	164,921	​

​

$450 Million Credit Facility

On August 3, 2021, the Company entered into the $450 Million Credit Facility, a five-year senior secured credit facility which is allocated between an up to $150,000 term loan facility and an up to $300,000 revolving credit facility which was used to refinance the Company’s two prior credit facilities.

​

As of March 31, 2023, there was $209,960 of availability under the $450 Million Credit Facility. Total debt repayments of $8,750 and $48,750 were made during the three months ended March 31, 2023 and 2022, respectively, under the $450 Million Credit Facility.

​

As of March 31, 2023, the Company was in compliance with all of the financial covenants under the $450 Million Credit Facility.

​

Interest rates

​

The following table sets forth the effective interest rate associated with the interest expense for the Company’s debt facilities noted above, including the cost associated with unused commitment fees, if applicable. The following table also includes the range of interest rates on the debt, excluding the impact of unused commitment fees, if applicable:

​

​	​	​	​	​	​
​	​	For the Three Months Ended
​	​	March 31,
​	​	2023	​	2022	​
Effective Interest Rate	​	7.76	%	2.99	%
Range of Interest Rates (excluding unused commitment fees)	​	6.43 % to 7.00	%	2.26 % to 2.61	%

​

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- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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