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LONG TERM DEBT & AVAILABLE FACILITIES (Tables)

6 Months Ended

Jun. 30, 2024

LONG TERM DEBT & AVAILABLE FACILITIES


			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)	The 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 3.50x at the end of each financial quarter. As of June 30, 2024, the first lien net leverage ratio was 7.96x 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.