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Long-Term Debt | 9 Months Ended
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Sep. 30, 2022
Debt Disclosure [Abstract] |
Long-Term Debt | LONG-TERM DEBT Long-term debt is summarized as follows:
In thousands | September 30, 2022 |  | December 31, 2021
Revolving credit facility, due Sep 2026 | $ | 108,110 |  |  | $ | 10,000 |
4.750% Senior Notes, due Oct 2029 | 500,000 |  |  | 500,000 |
Term loan, due Feb 2024 | 179,607 |  |  | 218,026 |
2.40% Term Loan, due Jun 2022 | — |  |  | 809 |
2.05% Term Loan, due Mar 2023 | 2,601 |  |  | 7,556 |
1.30% Term Loan, due Jun 2023 | 1,044 |  |  | 2,427 |
1.55% Term Loan, due Sep 2025 | 3,583 |  |  | 5,204 |
1.10% Term Loan, due Mar 2024 | 5,317 |  |  | 9,267 |
0.57% Term Loan, due Jul 2023 | 19,496 |  |  | 22,652 |
Total long-term debt | 819,758 |  |  | 775,941 |
Less current portion | (38,604) |  |  | (26,437) |
Unamortized deferred issuance costs | (10,989) |  |  | (11,429) |
Long-term debt, net of current portion | $ | 770,165 |  |  | $ | 738,075 |
On September 2, 2021, we entered into a restatement agreement as part of a Fourth Amended and Restated $400 million Revolving Credit Facility and a €220.0 million Term Loan (collectively, the “Credit Agreement”) which matures September 6, 2026 and February 8, 2024, respectively. On May 9, 2022, we entered into an amendment to the Credit Agreement. The amendment: i) increases the permitted maximum ratio of consolidated total net debt to consolidated adjusted EBITDA (“leverage ratio”); ii) increases the maximum interest rate borrowing margin to be applied to the applicable index by 25 basis points; and iii) pledges as collateral substantially all domestic assets to secure obligations owed under the Credit Agreement. As amended, we are obligated to maintain a maximum ratio of consolidated total net debt to consolidated adjusted EBITDA of 6.75 to 1.0 until the quarter ended December 31, 2023, after which the maximum leverage ratio steps down to 4.0 to 1.0. The Credit Agreement also contains covenants requiring a minimum interest coverage ratio and provisions limiting our ability to, among other things, (i) incur debt and guaranty obligations, (ii) incur liens, (iii) make loans, advances, investments and acquisitions, (iv) merge or liquidate, (v) sell or transfer assets, (vi) incur additional indebtedness. As of September 30, 2022, the leverage ratio calculated in accordance with the definition in our Credit Agreement was 5.7x. A breach of these requirements would give rise to certain remedies under the Revolving Credit Agreement, among which are the termination of the agreement and the repayment of the outstanding borrowings plus accrued and unpaid interest under the Credit Agreement. Glatfelter Corporation guarantees all debt obligations of its subsidiaries. All such obligations are recorded in these condensed consolidated financial statements. Letters of credit issued to us by certain financial institutions totaled $4.7 million as of September 30, 2022 and December 31, 2021. The letters of credit, which reduce amounts available under our Revolving Credit Facility, primarily provide financial assurances for the benefit of certain state workers compensation insurance agencies in conjunction with our self-insurance program and for performance of certain remediation activity related to the Fox River matter. We bear the credit risk on this amount to the extent that we do not comply with the provisions of certain agreements. No amounts are outstanding under the letters of credit.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI https://asc.fasb.org/topic&trid=2208564 + Details
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