Long-Term Debt And Lines Of Credit

3 Months Ended

Mar. 31, 2022

Long-Term Debt And Lines Of Credit [Abstract]

Long-Term Debt And Lines Of Credit

5.    Long-Term Debt and Lines of Credit

On June 20, 2018, we replaced our existing credit agreement with the Fourth Amended and Restated Credit Agreement (“2018 Credit Agreement”). Terms of the 2018 Credit Agreement consist of a five year, $450 million revolving credit facility and a $150 million expansion feature, which may consist of term loans or additional revolving commitments.  The interest rate at the inception of the agreement is LIBOR plus 100 basis points. The 2018 Credit Agreement has a floating interest rate that is generally LIBOR plus a tiered additional rate which varies based on our current leverage ratio. The 2018 Credit Agreement includes transition provisions in the instance LIBOR is no longer published or used as an industry-accepted rate.

As of March 31, 2022 there was $120.0 million of debt outstanding.

The 2018 Credit Agreement contains the following quarterly financial covenants effective as of March 31, 2022:

Description	Requirement
Leverage Ratio (Consolidated Indebtedness/Consolidated Adj. EBITDA)	< 3.50 to 1.00
Fixed Charge Coverage Ratio (Consolidated Free Cash Flow/Consolidated Fixed Charges)	> 1.50 to 1.00

We are in compliance with all debt covenants as of March 31, 2022. We have issued $46.2 million in standby letters of credit as of March 31, 2022, mainly for insurance purposes. Issued letters of credit reduce our available credit under the 2018 Credit Agreement. As of March 31, 2022, we have approximately $283.8 million of unused lines of credit available and eligible to be drawn down under our revolving credit facility.