Debt

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Debt

Debt

Our debt consists of the following ($ in thousands):

			Outstanding Balance as of
	Interest Rate	Maturity Date	March 31, 2024		December 31, 2023
Senior Secured Credit Facilities
Revolving Credit Facility (1)	SOFR + 3.50%	January 5, 2028	$	—	$	—
Term Loan due 2029 (2)	SOFR + 3.25%	January 5, 2029	1,086,250		1,089,000
Total Senior Secured Credit Facilities (at stated value)			1,086,250		1,089,000
Unamortized discount			(25,139)		(26,466)
Unamortized debt issuance costs			(6,059)		(6,380)
Total Senior Secured Credit Facilities, net			$	1,055,052	$	1,056,154
Financing lease obligations			$	5,106	$	5,222
Total debt, net			$	1,060,158	$	1,061,376

________

(1)We had an available balance on our Revolving Credit Facility of $225.0 million as of March 31, 2024 and December 31, 2023.

(2)The effective interest rate for the Term Loan due 2029 was 8.58% and 8.59% as of March 31, 2024 and December 31, 2023, respectively.

Financial maintenance covenants

We were in compliance with all applicable covenants as of March 31, 2024. A summary of our applicable covenants and restrictions is as follows:

Debt	Covenant Terms
Senior Secured Credit Facility	We are subject to a total net leverage ratio of 5.20x if we have more than 35% drawn on the Revolving Credit Facility.