XML 21 R12.htm IDEA: XBRL DOCUMENT v3.23.2
Long-Term Debt
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
Long-term debt at June 30, 2023 and December 31, 2022 consisted of the following:
(Thousands of Dollars)
June 30,
2023		December 31,
2022
2018 Term Loan Facility
$332,500 $334,250 
 2021 Equipment Loan24,589 30,342 
Other long-term debt138 273 
Less: Unamortized debt discount and debt issuance costs
(2,724)(3,436)
Total debt, net of unamortized debt discount and debt issuance costs
354,503 361,429 
Less: Current portion
(14,176)(14,004)
Long-term debt, net of unamortized debt discount and debt issuance costs
$340,327 $347,425 
Below is a summary of the Company’s credit facilities outstanding as of June 30, 2023:
(Thousands of Dollars)
2021 Equipment Loan2019 ABL Facility2018 Term Loan Facility
Original facility size$46,500 $450,000 $350,000 
Outstanding balance$24,589 $— $332,500 
Letters of credit issued$— $19,650 $— 
Available borrowing base commitmentn/a$411,300 n/a
Interest Rate(1)
5.25 %SOFR or base rate plus applicable marginSOFR or base rate plus applicable margin
Maturity DateJune 1, 2025October 31, 2024May 25, 2025
(1)    Secured Overnight Financing Rate (“SOFR”) is subject to a 1.00% floor.
In accordance with Reference Rate Reform (Topic 848) as described further in Note (16) New Accounting Pronouncements herein, on June 8, 2023 the Company amended both the 2019 ABL Facility and 2018 Term Loan Facility agreements to replace the use of the London Interbank Offered Rate ("LIBOR") with the Secured Overnight Financing Rate ("SOFR") in the calculation of each facility's respective interest rate plus an applicable margin.
Maturities of the 2018 Term Loan Facility, 2021 Equipment Loan (each as defined herein), and Other long-term debt for the next five years are presented below:
(Thousands of Dollars)
Year-end December 31,
2023$7,791 
202415,790 
2025333,646 
2026— 
2027— 
$357,227 
For additional information regarding the terms of the Company's credit facilities, see Note (8) Long-Term Debt to the Company’s audited consolidated financial statements contained in its Annual Report on Form 10-K for the year ended December 31, 2022.