XML 27 R16.htm IDEA: XBRL DOCUMENT v3.25.2
Debt
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Debt

Note 8—Debt

Debt, net of unamortized deferred financing costs, as of June 30, 2025 and December 31, 2024 consisted of the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

June 30, 2025

    

December 31, 2024

​

    

Carrying 

    

Estimated

    

Carrying

    

Estimated 

​

​

Amount

​

Fair Value

​

Amount

​

Fair Value

Term Loan A

​

$

323,802

​

$

329,513

​

$

322,957

​

$

327,066

Revolving Credit Facility

​

​

135,000

​

​

135,000

​

​

—

​

​

—

4.500% Senior Notes, due March 2029

​

 

474,526

​

 

429,544

​

 

473,976

​

 

427,117

Term Loan B

​

 

501,180

​

 

511,322

​

 

499,871

​

 

518,665

6.625% Senior Notes, due April 2030

​

 

543,237

​

 

518,886

​

 

542,311

​

 

518,671

Other

​

 

—

​

​

—

​

 

2,144

​

 

2,144

Total debt

​

 

1,977,745

​

 

1,924,265

​

 

1,841,259

​

 

1,793,663

Less current maturities

​

 

(383,000)

​

 

(383,000)

​

 

(42,866)

​

 

(42,866)

Long-term debt

​

$

1,594,745

​

$

1,541,265

​

$

1,798,393

​

$

1,750,797

​

On March 29, 2022, we entered into a Security Agreement Supplement pursuant to which the Security and Pledge Agreement (the Security Agreement), dated March 10, 2021 was supplemented to grant collateral on behalf of the holders of the 2024 Notes, and the parties secured under the credit agreements including first priority liens and security interests in (a) all present and future shares of capital stock owned by the Grantors (as defined in the Security

Agreement) in the Grantors’ present and future subsidiaries, subject to certain customary exceptions, and (b) all present and future personal property and assets of the Grantors, subject to certain exceptions.

On March 29, 2022, we entered into a term loan credit agreement with an administrative agent and collateral agent and a syndicate of financial institutions, as lenders (the Credit Agreement) that provides for two credit facilities: (i) a $500 million Term Loan A facility (the Term Loan A), and (ii) a $600 million Term Loan B facility (the Term Loan B). The interest rate on the Term Loan A is based on the sum of either Term SOFR or the Base Rate and an Applicable Rate which varies depending on the current Debt Ratings or Total Leverage Ratio, determined as to whichever shall result in more favorable pricing to the Borrowers (each as defined in the Credit Agreement). The interest rate on the Term Loan B is based on either the Term SOFR or the Base Rate plus an Applicable Rate. The Term Loan A will mature in March 2027 and the Term Loan B will mature in March 2029.

On March 10, 2021, we issued $500 million of 4.500% senior unsecured notes due in March 2029 (the 2029 Unsecured Notes), with interest payable semi-annually. The 2029 Unsecured Notes were sold at 100% of the principal amount with an effective yield of 4.500%.

On March 29, 2022, we issued $600 million of 6.625% senior unsecured notes due in April 2030 (the 2030 Unsecured Notes), with interest payable semi-annually. The 2030 Unsecured Notes were sold at 100% of the principal amount with an effective yield of 6.625%.

The 2029 Unsecured Notes and the 2030 Unsecured Notes are subordinated to any of our secured indebtedness, including indebtedness under our credit agreements.

On March 29, 2022, we entered into an amendment to our revolving credit agreement, dated as of March 10, 2021 with an administrative agent and collateral agent and a syndicate of financial institutions, as lenders (Revolving Credit Agreement). The amendment: (i) increased the aggregate revolving credit commitments under the Revolving Credit Agreement by $150 million, to an aggregate amount of $450 million and (ii) replaced the Eurocurrency Rate with the Adjusted Term SOFR Rate (each as defined in the Revolving Credit Agreement). The Revolving Credit Agreement matures in March 2027.

At June 30, 2025 we had $135 million in outstanding borrowings on our Revolving Credit Agreement. At December 31, 2024 our Revolving Credit Agreement was undrawn. At June 30, 2025 and December 31, 2024, we had letters of credit, which reduce Revolver availability, totaling $29 million and $31 million, leaving $286 million and $419 million available for borrowing.

The Revolving Credit Agreement, the Credit Agreement, the 2029 Unsecured Notes and the 2030 Unsecured Notes contain cross-default provisions which could result in the acceleration of payments due in the event of default of any of the related agreements. The terms of the applicable credit agreements also require us to maintain ratios for leverage and interest coverage, including on a pro forma basis in the event of an acquisition or divestiture. We were in compliance with our debt covenants at June 30, 2025.

As of June 30, 2025, future principal payments due under our debt agreements or anticipated to be repaid within twelve months, excluding other, were as follows:

​

​

​

​

​

Year

    

​

​

2025 (remainder)

​

$

383,000

2026

​

 

—

2027

​

 

135,000

2028

​

 

—

2029

​

 

932,904

2030

​

 

552,189

​

Current maturities at June 30, 2025 includes $383 million in debt anticipated to be repaid within the next twelve months in connection with net cash proceeds expected to be received within the next twelve months related to the contemplated P&HS segment sale.