Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Debt

Debt

Long-term debt consisted of the following (in thousands):

	June 30,		December 31,
	2023		2022
Bank credit facility - term loan	$	95,000	$	100,000
Bank credit facility - revolving facility	282,000		188,610
Principal amount of long-term debt	377,000		288,610
Less debt issuance costs	(1,890)		(2,310)
Total long-term debt	375,110		286,300
Less current portion	(10,000)		(10,000)
Long-term debt, less current portion	$	365,110	$	276,300

Borrowings under our term loan and revolving facility mature in October 2025. As of June 30, 2023, the interest rate on our outstanding term loan borrowings and weighted average interest rate on our aggregate outstanding revolving facility was 7.51% and 7.62%, respectively. Interest expense incurred on our term loan and revolving facility was $7.9 million and $14.3 million for the three and six months ended June 30, 2023, respectively, and $3.7 million and $7.1 million for the three and six months ended June 30, 2022, respectively. We had letters of credit outstanding of $0.7 million and $1.0 million as of June 30, 2023 and December 31, 2022, respectively.

Future required term loan and revolving facility payments as of June 30, 2023 are as follows (in thousands):

Year Ending	Term Loan		Revolving Facility		Total
Remainder of 2023	$	5,000	$	—	$	5,000
2024	10,000		—		10,000
2025	80,000		282,000		362,000
Total	$	95,000	$	282,000	$	377,000

We were in compliance with required ratios and other terms and conditions under our credit agreement as of June 30, 2023.

In July 2023, we entered into a fifth amendment to our credit agreement. Refer to Note (13) "Subsequent Events" for further details. After the amendment, our scheduled term loan payments are approximately $9.5 million for the remainder of 2023, $19.0 million in 2024, and $156.5 million in 2025.