Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Debt

4. DEBT

Our long-term debt, as of June 30, 2023 and December 31, 2022, was as follows (in thousands):

	June 30, 2023			December 31, 2022
2021 Credit Agreement:
2021 Term Loan, due September 2026, interest at adjusted SOFR plus     applicable margin (combined rate of 6.967% at June 30, 2023)	$	136,875		$	140,625
Less – deferred financing costs		(2,283	)		(2,656	)
2021 Term Loan, net of unamortized discounts		134,592			137,969
$450 million revolving loan facility, due September 2026, interest at adjusted     SOFR plus applicable margin (combined rate of 6.967% at June 30, 2023)		290,000			275,000
Total debt, net of unamortized discounts		424,592			412,969
Current portion of long-term debt, net of unamortized discounts		(22,500	)		(37,500	)
Long-term debt, net of unamortized discounts	$	402,092		$	375,469

2021 Credit Agreement. During the six months ended June 30, 2023, we made $3.8 million of principal repayments on our $150.0 million aggregate principal five-year term loan (the “2021 Term Loan”). As of June 30, 2023 we had borrowed $290.0 million from our $450.0 million aggregate principal five-year revolving loan facility (the “2021 Revolver”). In July 2023, we borrowed an additional $15.0 million on the 2021 Revolver, currently leaving $145.0 million available to us.

As of June 30, 2023, the interest rate on our 2021 Term Loan and our 2021 Revolver was 6.967% (adjusted SOFR, spread adjustment of 0.10%, plus 1.625% per annum) and our commitment fee on the unused $160.0 million was 0.20%.

The interest rates under the 2021 Credit Agreement are based upon our choice of an adjusted SOFR rate plus an applicable margin of 1.375% - 2.125%, or an alternate base rate (“ABR”) plus an applicable margin of 0.375% - 1.125%, with the applicable margin, depending on our then-net secured total leverage ratio. We pay a commitment fee of 0.150% - 0.325% of the average daily unused amount of the 2021 Revolver, with the commitment fee rate also dependent upon our then-net secured total leverage ratio.

In April 2023, we entered into the First Amendment to the 2021 Credit Agreement (the “First Amendment”). The First Amendment replaces the interest rate benchmark, from LIBOR to the Secured Overnight Financing Rate ("SOFR"), and all references to “Eurodollar Borrowing(s)” or “Eurodollar Loans” have been replaced with “Term SOFR Borrowing(s)” or “Term SOFR Loans”. Any loan amounts outstanding at the effective date of the First Amendment, continued to bear interest at the applicable LIBOR rate, discussed above, until the end of the interest election period applicable to such loan. All Term SOFR Loans are subject to a 0.10% spread adjustment.