Debt and Credit Agreements

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Debt and Credit Agreements

Debt and Credit Agreements

Long-term debt consists of the following:

(In thousands)	March 31 2023		December 31 2022
Senior Secured Credit Facilities:
New Term Loan	$	491,250	$	492,500
Revolving Credit Facility	375,000		370,000
5.75% Senior Notes	475,000		475,000
Other financing payable (including finance leases) in varying amounts	32,584		26,661
Total debt obligations	1,373,834		1,364,161
Less: deferred financing costs	(14,383)		(15,172)
Total debt obligations, net of deferred financing costs	1,359,451		1,348,989
Less: current maturities of long-term debt	(13,245)		(11,994)
Long-term debt	$	1,346,206	$	1,336,995

At March 31, 2023, the Company was in compliance with its debt covenants under the Senior Secured Credit Facilities, with a total net debt to Consolidated Adjusted EBITDA ratio of 4.94x (below the 5.50x maximum permitted for the quarter ended March 31, 2023) and a total interest coverage ratio of 3.02x (above the 2.75x minimum permitted for the quarter ended March 31, 2023). The Company believes it will continue to maintain compliance with these covenants based on its current outlook. However, the Company's estimates of compliance with these covenants could change in the future with a continued deterioration in economic conditions, higher than forecasted interest rate increases or an inability to successfully execute its plans by quarter to realize increased pricing and to implement cost reduction initiatives that substantially mitigate the impacts of inflation and other factors adversely impacting its realized operating margins.

Facility Fees and Debt-Related Income (Expense)

The components of the Condensed Consolidated Statements of Operations caption Facility fees and debt-related income (expense) were as follows:

	Three Months Ended
	March 31
(In thousands)	2023		2022
Unused debt commitment and amendment fees	$	(12)	$	(532)
Securitization and factoring fees	(2,351)		—
Facility fees and debt-related income (expense)	$	(2,363)	$	(532)