Debt

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Debt

Debt

There have been no material changes in the Company’s long-term debt since December 31, 2023, except as disclosed below. Refer to Note 16. Debt in the Company’s 2023 Annual Report on Form 10-K for additional information and definitions of terms used in this note.

Term Loans

The following is a summary of the Company’s indebtedness under its term loans (in thousands):

	September 30, 2024		December 31, 2023
Term Loan Due May 2025	$	191,979	$	191,979
Term Loan Due May 2028	2,307,553		2,351,647
Total debt	2,499,532		2,543,626
Less: debt issuance costs	(105,233)		(123,497)
Total debt, net of debt issuance costs	2,394,299		2,420,129
Less: current portion of long-term debt	(224,692)		(34,125)
Total long-term debt, net	$	2,169,607	$	2,386,004

Revolving Credit Facilities

During the nine months ended September 30, 2024, the Company (i) borrowed $20.0 million and repaid $59.0 million under the Amended New Revolving Credit Facility and (ii) borrowed and repaid $28.0 million under the Amended Rondo Revolving Credit Facility. As of September 30, 2024 and December 31, 2023, $140.0 million and $179.0 million, respectively, was outstanding on the Amended New Revolving Credit Facility.

Note Payable - Related Party

During the nine months ended September 30, 2024, the Company repaid principal of $44.2 million and interest of $10.0 million associated with the Sellers Notes from cash on hand. As of September 30, 2024, the Sellers Notes and accrued interest have been fully repaid. The Sellers Notes, net of unamortized discount, were included in notes payable-related party and accrued interest was included in related party payables-short term and long-term as of December 31, 2023. Refer to Note 19. Related Party Transactions for accrued interest on the Sellers Notes.