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DEBT
 6 Months Ended
Jun. 30, 2023
DEBT  
DEBT

7 – DEBT

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Long-term debt, net consists of the following:

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June 30, 

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December 31, 

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2023

    

2022

 

Principal amount

 

$

153,500

 

$

171,000

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Less: Unamortized deferred financing costs

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(5,239)

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(6,079)

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Less: Current portion

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—

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—

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Long-term debt, net

 

$

148,261

 

$

164,921

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$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.

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On May 30, 2023, the Company entered into an amendment to the $450 Million Credit Facility to transition from the use of the London Inter-Bank Offered Rate (“LIBOR”) to calculate interest to the Secured Overnight Financing Rate (“SOFR”) effective June 30, 2023. Borrowings will bear interest at SOFR plus the applicable margin effective June 30, 2023.

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As of June 30, 2023, there was $206,990 of availability under the $450 Million Credit Facility. Total debt repayments of $8,750 were made during the three months ended June 30, 2023 and 2022 under the $450 Million Credit Facility. Total debt repayments of $17,500 and $57,500 were made during the six months ended June 30, 2023 and 2022, respectively, under the $450 Million Credit Facility.

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As of June 30, 2023, the Company was in compliance with all of the financial covenants under the $450 Million Credit Facility.

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Interest rates

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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 effective interest rate below does not include the effect of any interest rate cap agreements. The following table also includes the range of interest rates on the debt, excluding the impact of unused commitment fees, if applicable:

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For the Three Months Ended

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For the Six Months Ended

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June 30, 

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June 30, 

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2023

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2022

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2023

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2022

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Effective Interest Rate

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8.39

%  

3.96

%  

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8.06

%  

3.43

%  

Range of Interest Rates (excluding unused commitment fees)

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6.91 % to 7.37

%  

2.61 % to 3.84

%  

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6.43 % to 7.37

%  

2.26 % to 3.84

%  

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