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LONG TERM DEBT & AVAILABLE FACILITIES (Tables) | 6 Months Ended
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Jun. 30, 2024
LONG TERM DEBT & AVAILABLE FACILITIES |
Schedule of Debt | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | June 30, 2024 | ​ | December 31, 2023 | ​
​ |  | Interest Rate as of June 30, 2024 |  | Maturity Date |  | Carrying Amount |  | Unamortized Deferred Financing Fees (1) |  | Total Debt, Less Unamortized Deferred Financing Fees |  | Carrying Amount |  | Unamortized Deferred Financing Fees (1) |  | Total Debt, Less Unamortized Deferred Financing Fees | ​
2029 Senior Notes | ​ | 5.125% | ​ | April 2029 | ​ | $ | 447.0 | ​ | $ | (10.2) | ​ | $ | 436.8 | ​ | $ | 447.0 | ​ | $ | (11.1) | ​ | $ | 435.9 | ​
2025 Senior Notes (2) | ​ | 5.375% | ​ | September 2025 | ​ | ​ | 115.0 | ​ | ​ | (0.4) | ​ | ​ | 114.6 | ​ | ​ | 115.0 | ​ | ​ | (0.6) | ​ | ​ | 114.4 | ​
Senior Credit Facility | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2028 Term Loan B | ​ | 8.109% | ​ | May 2028 | ​ | ​ | 725.4 | ​ | ​ | (10.5) | ​ | ​ | 714.9 | ​ | ​ | 728.9 | ​ | ​ | (11.8) | ​ | ​ | 717.1 | ​
2026 Revolving Facility (3) | ​ | Various | ​ | May 2026 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​
2028 Refinance Term Loans (2) | ​ | 13.806% | ​ | May 2028 | ​ | ​ | 1,043.8 | ​ | ​ | (20.2) | ​ | ​ | 1,023.6 | ​ | ​ | 1,046.5 | ​ | ​ | (22.6) | ​ | ​ | 1,023.9 | ​
Accounts Receivable Securitization Facility (4) | ​ | Various | ​ | November 2025 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​
Other indebtedness | ​ | Various | ​ | Various | ​ | ​ | 8.7 | ​ | ​ | — | ​ | ​ | 8.7 | ​ | ​ | 7.2 | ​ | ​ | — | ​ | ​ | 7.2 | ​
Total debt | ​ | ​ | ​ | ​ | ​ | $ | 2,339.9 | ​ | $ | (41.3) | ​ | $ | 2,298.6 | ​ | $ | 2,344.6 | ​ | $ | (46.1) | ​ | $ | 2,298.5 | ​
Less: current portion(5) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (22.8) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (20.9) | ​
Total long-term debt, net of unamortized deferred financing fees | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 2,275.8 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 2,277.6 | ​
(1) | This caption does not include deferred financing fees related to the Company’s revolving facilities, which are included within “Deferred charges and other assets” on the condensed consolidated balance sheets.
(2) | T he 2025 Senior Notes were partially repaid on September 8, 2023 using the proceeds of the 2028 Refinance Term Loans.
(3) | As of June 30, 2024, under the 2026 Revolving Facility, the Company had a capacity of $375.0 million and $29.0 million outstanding letters of credit. As of June 30, 2024, the Company had funds available for borrowing of $93.5 million (net of the applicable $19.0 million outstanding letters of credit as defined in the secured credit agreement), which reflects the borrowing limit imposed by the springing covenant. The springing covenant applies when 30% or more of the 2026 Revolving Facility’s capacity is drawn which then requires the Company to meet a first lien net leverage ratio (as defined in the secured credit agreement) not to exceed 3.50 x at the end of each financial quarter. As of June 30, 2024, the first lien net leverage ratio was 7.96 x and the outstanding borrowings did not exceed the 30% threshold. Additionally, the Company is required to pay a quarterly commitment fee in respect of any unused commitments under this facility equal to 0.375% per annum.
(4) | As of June 30, 2024, this facility had a borrowing capacity of $150.0 million, and the Company had approximately $150.0 million of accounts receivable available to support this facility, based on the pool of eligible accounts receivable.
(5) | The current portion of long-term debt was primarily related to $18.3 million of the scheduled future principal payments on both the 2028 Term Loan B and the 2028 Refinance Term Loans as of June 30, 2024 and December 31, 2023.

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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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