Debt and Credit Agreements

9 Months Ended

Sep. 30, 2021

On March 10, 2021, the Company amended its Senior Secured Credit Facilities to, among other things, extend the maturity date of the Revolving Credit Facility to March 10, 2026, and to modify aspects of its total net leverage ratio covenant. The interest rate applicable to the Revolving Credit Facility bears interest at a rate, depending on total net leverage, ranging from 50 to 150 basis points over base rate or 150 to 250 basis points over LIBOR, subject to a zero floor.

Under the amended agreement, the net debt to consolidated adjusted EBITDA ratio covenant is 5.75 through the end of 2021 and then decreases quarterly until reaching 4.0 in March 2023.

In addition, the Company issued New Term Loans, as an additional tranche, under the Senior Secured Credit Facilities in an aggregate principal amount of $500 million. The New Term Loans bear interest at a rate per annum of 1.25% over base rate, subject to a zero floor, or 2.25% over LIBOR, subject to a 0.50% floor. The New Term Loans are subject to quarterly amortization of principal of 0.25%, beginning September 30, 2021. The proceeds of the New Term Loans were used to repay in full the outstanding Term Loan A and Term Loan B under the Senior Secured Credit Facilities, which were due on June 28, 2024 and December 8, 2024, respectively. The New Term Loans mature on March 10, 2028, or earlier, on the date that is 91 days prior to the maturity date of the Company’s 5.75% Senior Notes due 2027 if such Senior Notes are outstanding or have not been refinanced at such time.

During the three and nine months ended September 30, 2021, the Company recognized total expenses of $0.2 million and $5.5 million related to the amended Senior Secured Credit Facilities in the caption Unused debt commitment fees, amendment fees and loss on extinguishment of debt on the Condensed Consolidated Statements of Operations, including a write-off of $2.7 million of previously recorded deferred financing costs. The Company has capitalized fees of $7.8 million related to the amendment of the Senior Secured Credit Facilities, all of which were paid as of September 30, 2021.

Long-term debt consists of the following:


(In thousands)	September 30 2021		December 31 2020

Senior Secured Credit Facilities:
New Term Loan	$	498,750	$	—
Term Loan A	—		280,000
Term Loan B	—		218,188
Revolving Credit Facility	338,486		281,000
5.75% Notes, due July 31, 2027	500,000		500,000
Other financing payable (including finance leases) in varying amounts	24,406		21,344
Total debt obligations	1,361,642		1,300,532
Less: deferred financing costs	(18,887)		(15,767)
Total debt obligations, net of deferred financing costs	1,342,755		1,284,765
Less: current maturities of long-term debt	(9,181)		(13,576)
Long-term debt	$	1,333,574	$	1,271,189