Long Term Debt

9 Months Ended

Sep. 30, 2023

The following table summarizes the Company’s debt:


	September 30, 2023		December 31, 2022
Revolving loans	$	47,000	$	72,000
Senior Term loan, due 2028	753,980		840,363
Finance lease & other obligations	10,118		6,406
	811,098		918,769
Unamortized discount on Senior Term loan	(4,318)		(5,012)
Current portion of long-term debt and finance leases	(10,697)		(10,570)
Deferred financing fees	(16,040)		(18,551)
Total long-term debt, net	$	780,043	$	884,636

As of September 30, 2023, the ABL Revolver had an outstanding amount of $47,000 and outstanding letters of credit of $35,890. The Company has $251,904 of available borrowings under the revolving credit facility as a source

of liquidity as of September 30, 2023 based on the customary asset-backed loan borrowing base and availability provisions.

In August 2023, the Company made a $80.0 million dollar prepayment against the outstanding term loan balance without payment of a premium or penalty.

Conversion of Debt from LIBOR Interest Rate to SOFR Interest Rate

The Company's debt instruments are subject to interest rate adjustments that were initially based on the London Interbank Offered Rate ("LIBOR"). However, due to the discontinuation of LIBOR as a benchmark rate and the industry's transition to the Secured Overnight Financing Rate (SOFR), the Company has undertaken the necessary steps to convert its debt from LIBOR interest rate to SOFR interest rate. On June 30, 2023, the Company amended the term loan credit agreement to change the benchmark rate from LIBOR to SOFR, and had previously amended the ABL revolver to do the same on July 29, 2022.

The interest rate for the term loan is, at the discretion of the Company, (i) term SOFR plus a margin varying from 2.50% to 2.75% per annum based on leverage, plus a credit spread adjustment varying between 0.11448% to 0.42826%, depending on the SOFR tenor selected; or (ii) an alternate base rate plus a margin varying from 1.50% to 1.75% per annum based on leverage.