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Interest Expense | 3 Months Ended
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Mar. 31, 2025
Interest and Debt Expense [Abstract] |
Interest Expense | Interest Expense The following table presents the components of interest expense:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024
|  |  |  |  | (Dollars in thousands)
Interest incurred on debt |  |  |  |  | $ | 22,532 |  |  | $ | 17,095 |
Accretion of original issue discount |  |  |  |  | 1,267 |  |  | 520 |
Amortization of debt issuance costs |  |  |  |  | 681 |  |  | 748 |
Debt modification costs |  |  |  |  | 5,361 |  |  | — |
Amortization of interest rate swap deferred gains |  |  |  |  | — |  |  | (2,737) |
Total interest expense |  |  |  |  | $ | 29,841 |  |  | $ | 15,626 |
The financing transactions entered into in 2024 (described in further detail in Note 5, “Debt and Liquidity”) were accounted for as a modification of the existing debt under ASC 470-50, Debt—Modifications and Extinguishments. The Company incurred $5.4 million of fees and expenses related to post-closure costs attributable to the modification, which were expensed as incurred in the first quarter of 2025 and are included in Interest expense on the Condensed Consolidated Statements of Operations. The Existing 9.875% Notes and the New 9.875% Notes carry fixed interest rates of 9.875%. The Existing 4.625% Notes and the New 4.625% Notes carry fixed interest rates of 4.625%. The Initial First Lien Term Loan had an effective interest rate of 10.30% as of March 31, 2025. See Note 5, “Debt and Liquidity” for details of our debt.

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