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Long-Term Debt, Net and Finance Leases
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Long-Term Debt, Net and Finance Leases Long-Term Debt, Net and Finance Leases
Long-term debt, net and finance leases consisted of the following:
(In thousands)March 31, 2025December 31, 2024
Term Loan B-1$393,000 $394,000 
Revolving credit facility15,000 20,000 
Finance lease liabilities3,320 3,643 
Total long-term debt and finance leases411,320 417,643 
Unamortized discount(3,504)(3,679)
Unamortized debt issuance costs(3,218)(3,378)
Total long-term debt and finance leases after debt issuance costs and discount404,598 410,586 
Current portion of long-term debt and finance leases(5,321)(5,308)
Long-term debt, net and finance leases$399,277 $405,278 
Senior Secured Credit Facility
The Company’s senior secured credit facility with JPMorgan Chase Bank, N.A. (as administrative agent and collateral agent) (the “Credit Facility”) is comprised of a $400 million term loan B-1 facility (the “Term Loan B-1”) and a $240 million revolving credit facility (the “Revolving Credit Facility”). As of March 31, 2025, the Company had $393 million in principal amount of outstanding Term Loan B-1 borrowings under the Credit Facility, no outstanding letters of credit and $15 million in outstanding borrowings under the Revolving Credit Facility, resulting in borrowing availability under the Revolving Credit Facility of $225 million as of March 31, 2025. Subsequent to the end of the first quarter of 2025, on April 14, 2025, the Company borrowed an additional $20 million under the Revolving Credit Facility. The maturity date of the Revolving Credit Facility and the Term Loan B-1 is May 26, 2028 and May 26, 2030, respectively.
On May 29, 2024, the Company modified the terms of the Credit Facility to reduce the interest rate margins applicable to borrowings under the Term Loan B-1. Under the amended Credit Facility, the Term Loan B-1 bears interest, at the Company’s option, at either (1) a base rate determined pursuant to customary market terms (subject to a floor of 1.50%), plus a margin of 1.25%, or (2) the Term SOFR rate for the applicable interest period (subject to a floor of 0.50%), plus a margin of 2.25%. The Company incurred $0.9 million in fees and recorded a loss on debt modification of less than $0.1 million for the debt issuance costs and discount related to the Term Loan B-1 as a result of this modification of the Credit Facility. The modification did not amend the terms of the Revolving Credit Facility.
Borrowings under the Revolving Credit Facility bear interest, at the Company’s option, at either (1) a base rate determined pursuant to customary market terms (subject to a floor of 1.00%), plus a margin ranging from 1.00% to 1.50% based on the Company’s net leverage ratio, or (2) the Term SOFR rate for the applicable interest period plus a credit spread adjustment of 0.10%, plus a margin ranging from 2.00% to 2.50% based on the Company’s net leverage ratio.
The weighted-average effective interest rate on the Company’s outstanding borrowings under the Credit Facility was 6.60% for the three months ended March 31, 2025.
The Term Loan B-1 is repayable in 27 quarterly installments of $1 million each, which commenced in September 2023, followed by a final installment of $373 million due at maturity.
The Company was in compliance with its financial and other covenants under the Credit Facility as of March 31, 2025.
Senior Unsecured Notes
On April 15, 2019, the Company issued $375.0 million in principal amount of 2026 Unsecured Notes in a private placement to institutional buyers at face value. The 2026 Unsecured Notes bore interest at 7.625%, payable semi-annually on April 15th and October 15th of each year. On April 15, 2024, the Company redeemed and repaid in full all of its 2026 Unsecured Notes.