Long-Term Debt (Tables)
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3 Months Ended |
Mar. 31, 2022 |
Long-Term Debt |
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Reconciliation of principal balance of outstanding debt |
The following table reconciles the principal balances of our outstanding debt to our condensed consolidated balance sheets, in thousands: | | | | | | | | | As of | | | March 31, | | December 31, | | | 2022 | | 2021 | 3.625% Senior Notes due 2029 | | $ | 400,000 | | $ | 400,000 | 4.125% Senior Notes due 2032 | | | 500,000 | | | 500,000 | Term loan | | | 588,750 | | | 596,250 | Equipment notes | | | 14,959 | | | 17,085 | Unamortized debt issuance costs | | | (19,513) | | | (20,212) | Total debt, net of unamortized debt issuance costs | | | 1,484,196 | | | 1,493,123 | Less: current portion of long-term debt | | | 38,723 | | | 38,640 | Total long-term debt | | $ | 1,445,473 | | $ | 1,454,483 |
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Schedule of remaining principal payments of debt |
The following table sets forth our remaining principal payments for our outstanding debt balances as of March 31, 2022, in thousands: | | | | | | | | | | | | | | | | | | | | | | | | Payments Due by Period | | | 2022 | | 2023 | | 2024 | | 2025 | | 2026 | | Thereafter | | Total | 3.625% Senior Notes | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | 400,000 | | $ | 400,000 | 4.125% Senior Notes | | | — | | | — | | | — | | | — | | | — | | | 500,000 | | | 500,000 | Term loan | | | 22,500 | | | 33,750 | | | 45,000 | | | 48,750 | | | 438,750 | | | — | | | 588,750 | Equipment notes | | | 6,513 | | | 6,325 | | | 2,121 | | | — | | | — | | | — | | | 14,959 | Total | | $ | 29,013 | | $ | 40,075 | | $ | 47,121 | | $ | 48,750 | | $ | 438,750 | | $ | 900,000 | | $ | 1,503,709 |
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Summary of key terms of Amended Credit Agreement |
The following table outlines the key terms of our Amendment No. 2 to Credit Agreement (dollars in thousands): | | | | Senior secured term loan facility | $ | 300,000 | | Additional delayed draw term loan | $ | 300,000 | | | | | | Additional term loan and/or revolver capacity available under incremental facility (a) | $ | 300,000 | | | | | | Revolving facility | $ | 500,000 | | Sublimit for issuance of letters of credit under revolving facility (b) | $ | 100,000 | | Sublimit for swingline loans under revolving facility (b) | $ | 35,000 | | | | | | Interest rate as of March 31, 2022 | | 1.46 | % | Scheduled maturity date | | 10/7/2026 | |
(a) | Additional borrowing capacity is available under the incremental facility, subject to certain terms and conditions (including existing or new lenders providing commitments in respect of such additional borrowing capacity). |
(b) | Use of the sublimits for the issuance of letters of credit and swingline loans reduces the availability under the Revolving Facility. |
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Schedule of availability under the Revolving Facility |
The following table summarizes our availability under the Revolving Facility, in thousands: | | | | | | | | | As of | | | March 31, | | December 31, | | | 2022 | | 2021 | Revolving facility | | $ | 500,000 | | $ | 500,000 | Less: standby letters of credit | | | (69,936) | | | (69,936) | Availability under revolving facility | | $ | 430,064 | | $ | 430,064 |
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Schedule of the key financial covenants |
| | | | | As of March 31, 2022 | Maximum Net Leverage Ratio | | 3.50:1.00 | Minimum Interest Coverage Ratio | | 3.00:1.00 | Compliance as of period end | | In Compliance |
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