Long-Term Debt

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Long-Term Debt

Long-Term Debt

On October 27, 2022, we entered into a Credit Agreement (the “Credit Agreement”) with Cadence Bank, as administrative agent, swingline lender and issuing lender, and the other lenders party thereto (collectively, the “Lenders”). The Credit Agreement provides for (a) a revolving credit facility that allows for borrowings up to $60.0 million in aggregate principal amount from time to time (the “Revolving Credit Facility”) and (b) a Term Loan in aggregate principal amount of $25.0 million (the “Term Loan”). The Revolving Credit Facility matures on October 27, 2027 unless earlier terminated.

At March 31, 2023, we had $23.8 million outstanding under the Term Loan at a weighted average interest rate of 6.81 percent, and $20.4 million letters of credit outstanding at a fee of 2.00 percent. No amounts were outstanding under the Revolving Credit Facility. The following table presents the scheduled maturities of principal amounts of our debt obligations at March 31, 2023 for the next five years, and in total thereafter (in thousands):

Remainder of 2023	$	1,875
2024	2,500
2025	2,500
2026	2,500
2027	14,375
Total debt maturities	$	23,750

At March 31, 2023, we were in compliance with all covenants under the Credit Agreement.