Debt

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Debt

NOTE 4. Debt

As of June 30, 2022, the Company was in compliance with the covenants under its debt agreements.

Term Loan. As of June 30, 2022, the outstanding principal amount under the Term Loan was $72.5 million and the interest rate in effect was 4.3%. During the six months ended June 30, 2022, the Company made $5.0 million in Term Loan payments.

Revolving Loan. As of June 30, 2022, the outstanding borrowings under the Revolving Loan were $45.0 million and the interest rate in effect was 3.7%. As of June 30, 2022, $185.0 million was available to borrow under the Revolving Loan. The Company’s borrowings are limited by its Senior Secured Leverage Ratio and Consolidated Interest Coverage Ratio, which are calculated in accordance with our Credit Agreement, and were 0.7x and 5.2x as of June 30, 2022, respectively.

Senior Unsecured Notes. In October 2020, the Company issued $400.0 million aggregate principal amount of 6.375% Senior Unsecured Notes due 2028. Interest on the notes is due semi-annually on May 1 and November 1.

Fair Value. The Company's debt is classified as Level 2 in the fair value hierarchy and the fair value is measured based on comparable trading prices, ratings, sectors, coupons and maturities of similar instruments. As of June 30, 2022, the fair value of the outstanding indebtedness was approximately $449.1 million, compared to the carrying value $517.5 million. As of December 31, 2021, the fair value of the outstanding indebtedness was approximately $502.7 million, compared to the carrying value of $477.5 million.