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Long-Term Debt
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
Long-term debt, net, consisted of the following:
(In thousands)March 31, 2023December 31, 2022
Term Loan$575,000 $575,000 
2026 Unsecured Notes335,461 335,461 
Finance lease liabilities2,041 2,157 
Notes payable66 90 
Total long-term debt and finance leases912,568 912,708 
Unamortized discount(7,176)(7,899)
Unamortized debt issuance costs(3,510)(3,790)
Total long-term debt and finance leases after debt issuance costs and discount901,882 901,019 
Current portion of long-term debt and finance leases(477)(555)
Long-term debt, net and finance leases$901,405 $900,464 
Senior Secured Credit Facility
In October 2017, the Company entered into a senior secured credit facility consisting of a $900 million senior secured first lien credit facility (consisting of an $800 million term loan (the “Term Loan”) maturing on October 20, 2024 and a $100 million revolving credit facility (the “Revolving Credit Facility”)) with JPMorgan Chase Bank, N.A. (as administrative agent and collateral agent), the lenders party thereto and the other entities party thereto (the “Credit Facility”). The Revolving Credit Facility was subsequently increased from $100 million to $200 million in 2018, increasing the total Credit Facility capacity to $1 billion. On October 12, 2021, the Company further modified the terms of the Revolving Credit Facility by increasing its size to $240 million and extending the maturity date from October 20, 2022 to April 20, 2024. The Company incurred $0.7 million in debt modification costs and fees related to this modification of the Revolving Credit Facility that have been deferred and are being amortized over the term of the Revolving Credit Facility using the straight-line method.
As of March 31, 2023, the Company had $575 million in principal amount of outstanding Term Loan borrowings under its Credit Facility, no outstanding letters of credit and no borrowings under the Revolving Credit Facility, such that the full borrowing availability of $240 million under the Revolving Credit Facility was available to the Company. The weighted-average effective interest rate on the Company’s outstanding borrowings under the Credit Facility was 7.53% for the three months ended March 31, 2023.
The Company made multiple prepayments of the principal under the Term Loan during the years ended December 31, 2022 and 2021, thereby eliminating the requirement to make any further quarterly installment payments prior to maturity. As of March 31, 2023, the final installment payment due at the maturity date of October 20, 2024 is $575 million. The Company recorded a non-cash charge of $0.2 million for the accelerated amortization of the debt issuance costs and discount related to the prepayment of the Term Loan for the three months ended March 31, 2022.
The Company was in compliance with its financial and other covenants under the Credit Facility as of March 31, 2023.
Senior Unsecured Notes
On April 15, 2019, the Company issued $375 million in principal amount of 7.625% Senior Notes due 2026 (“2026 Unsecured Notes”) in a private placement to institutional buyers at face value. The 2026 Unsecured Notes bear interest at 7.625%, payable semi-annually on April 15th and October 15th of each year.
During the year ended December 31, 2022, the Company repurchased $39.5 million in principal amount of 2026 Unsecured Notes in open market transactions, thereby reducing the final principal payment due at maturity to $335.5 million.