Schedule of Debt Outstanding |
Debt outstanding consists of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
2022 |
|
|
2021 |
|
Revolving Credit Facility maturing May 2026. Interest payable periodically at variable interest rates. |
|
$ |
— |
|
|
$ |
— |
|
Term Loan A maturing May 2026. Interest payable periodically at variable interest rates. The rate at December 31, 2022 and 2021 was 7.5% and 1.4%, respectively. Unamortized debt issuance costs amounted to $1.4 million at December 31, 2022. The Term Loan A was paid-down and the maturity was extended in the second quarter of 2022 in connection with an amendment and restatement of the Bank Credit Facility, as further described below. |
|
|
96,250 |
|
|
|
170,000 |
|
Term Loan B. Interest was payable periodically at variable interest rates. The rate at December 31, 2021 was 5.5%. Unamortized debt issuance costs amounted to $2.0 million at December 31, 2021. The Term Loan B was repaid in the second quarter of 2022, as further described below. |
|
|
— |
|
|
|
128,750 |
|
4.625% Senior Notes maturing May 2023. Unamortized debt issuance costs amounted to $0.0 million and $0.4 million at December 31, 2022 and 2021, respectively. The 4.625% Senior Notes were redeemed on February 1, 2023, as further described below. |
|
|
153,754 |
|
|
|
173,650 |
|
4.75% Senior Notes maturing October 2027. Unamortized debt issuance costs amounted to $1.9 million and $2.3 million at December 31, 2022 and 2021, respectively. |
|
|
250,000 |
|
|
|
250,000 |
|
8.25% Senior Notes maturing April 2026. Unamortized debt issuance costs amounted to $8.7 million and $12.9 million at December 31, 2022 and 2021, respectively. |
|
|
614,113 |
|
|
|
675,000 |
|
4.43% Lansing Correctional Center Non-Recourse Mortgage Note maturing January 2040. Unamortized debt issuance costs amounted to $2.8 million and $3.0 million at December 31, 2022 and 2021, respectively. |
|
|
150,405 |
|
|
|
154,532 |
|
Total debt |
|
|
1,264,522 |
|
|
|
1,551,932 |
|
Unamortized debt issuance costs |
|
|
(14,763 |
) |
|
|
(20,588 |
) |
Net unamortized original issue premium (discount) |
|
|
624 |
|
|
|
(3,922 |
) |
Current portion of long-term debt |
|
|
(165,525 |
) |
|
|
(35,376 |
) |
Long-term debt, net |
|
$ |
1,084,858 |
|
|
$ |
1,492,046 |
|
|
Schedule of Principal Payments |
Scheduled principal payments as of December 31, 2022 for the next five years and thereafter were as follows (in thousands):
|
|
|
|
|
2023 |
|
$ |
165,525 |
|
2024 |
|
|
14,722 |
|
2025 |
|
|
17,698 |
|
2026 |
|
|
688,563 |
|
2027 |
|
|
256,855 |
|
Thereafter |
|
|
121,159 |
|
Total debt |
|
$ |
1,264,522 |
|
|