Long-term debt

12 Months Ended

Dec. 31, 2023

Our long-term debt is summarized below (in thousands):


	Dec. 31,
	2023		2022


Unsecured notes bearing fixed rate interest at 4.75% due March 2026	$	550,000	$	550,000
Unsecured notes bearing fixed rate interest at 7.75% due June 2027	200,000		200,000
Unsecured notes bearing fixed rate interest at 7.25% due September 2027	240,000		240,000
Unsecured notes bearing fixed rate interest at 4.625% due March 2028	1,000,000		1,000,000
Unsecured notes bearing fixed rate interest at 5.00% due September 2029	1,100,000		1,100,000
Total principal long-term debt	3,090,000		3,090,000
Debt issuance costs	(22,226)		(26,911)
Unamortized premiums and discounts, net	5,027		6,227
Total long-term debt	$	3,072,801	$	3,069,316

As of December 31, 2023, we had unused borrowing capacity of $1.49 billion under our $1.51 billion revolving credit facility. As of December 31, 2023, we were in compliance with all covenants contained in our debt agreements and credit facility, including the leverage ratio (our one financial covenant) contained in our debt agreements and revolving credit facility. We believe, based on our current financial forecasts and trends, that we will remain compliant with all covenants for the foreseeable future.

Under our revolving credit facility we have the ability to draw loans based on two different interest rate indices, one of which was previously based on the LIBOR. During the second quarter of 2023, we amended our revolving credit facility to replace the LIBOR-based interest rate index, which was phased out, with a SOFR-based interest rate index. The transition from LIBOR to SOFR did not have a material impact on the Company.

On January 25, 2024, we entered into an amendment to our revolving credit facility. Among other things, the amendment amends the revolving credit facility to:

•Reduce the Five-Year Commitments (as defined in the Credit Agreement) from $1.51 billion to $750 million;

•Extend the term of such Five-Year Commitments from August 15, 2024 to January 25, 2029, subject to a 91-day springing maturity date if debt in excess of $300 million (subject to certain exceptions) were to mature before such date;

•Add the right to obtain a temporary 0.5x step-up in the Total Leverage Ratio (as defined in the Credit Agreement) after consummating a Qualified Acquisition (as defined in the Credit Agreement);

•Increase the amount of Unrestricted Cash (as defined in the Credit Agreement) to $600 million;

•Amend the definition of Consolidated EBITDA to include an add-back for certain professional fees and expenses; and

•Establish a $50 million swingline facility.

Under the amended credit agreement, the Company’s maximum Total Leverage Ratio (as defined in the Credit Agreement) will remain unchanged at 4.50x.

None of the available capacity on the revolving credit facility was drawn on the amendment date.

Our debt maturities may be repaid with cash flow from operating activities, accessing capital markets or a combination of both. The following schedule discloses annual maturities of the principal amount of total debt due (in thousands):


Repayment schedule of principal long-term debt as of Dec. 31, 2023
2024	$	—
2025	—
2026	550,000
2027	440,000
2028	1,000,000
Thereafter	1,100,000
Total	$	3,090,000