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Interest Expense
 3 Months Ended
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,
20252024
 (Dollars in thousands)
Interest incurred on debt$22,532 $17,095 
Accretion of original issue discount1,267 520 
Amortization of debt issuance costs681 748 
Debt modification costs5,361 — 
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.