Debt

12 Months Ended

Dec. 31, 2023


		December 31,
	Interest rate	2023		2022
Notes due March 2024	4.625%	—		236,749
Term loan due March 2026	SOFR + 2.25%	285,500		351,500
Notes due March 2027	6.875%	380,000		396,750
Notes due March 2028	SOFR + 6.9%	274,313		—
Term loan due March 2028	SOFR + 4.0%	437,625		442,125
Notes due March 2029	7.25%	350,000		350,000
Notes due January 2037	5.25%	35,841		35,841
Notes due March 2043	6.70%	425,000		425,000
Other debt		1,181		2,446
Principal amount		2,189,460		2,240,411
Less: unamortized costs, net		43,428		35,145
Total debt		2,146,032		2,205,266
Less: current portion long-term debt		58,931		32,764
Long-term debt		$	2,087,101	$	2,172,502

During 2023, we issued an aggregate $275 million of senior secured notes that mature in March 2028 (the March 2028 Notes). The March 2028 Notes bear interest of SOFR plus 6.9%, payable quarterly and were issued with original issue discount of 3%. The net proceeds were used to redeem the March 2024 notes and repay $30 million of the term loan due March 2026. We also repurchased an aggregate $39 million of the March 2024 notes and March 2027 notes at a gain of $3 million and made scheduled term loan principal repayments of $42 million. At December 31, 2023, the interest rate on the term loan due 2026 was 7.7%, the interest rate on the term loan due 2028 was 9.5% and the interest rate on the March 2028 notes was 12.2%.

The credit agreement that governs our $500 million secured revolving credit facility and the term loan due March 2026 contains certain financial covenants. These covenants require us to maintain, on a quarterly basis, a maximum leverage ratio and a minimum interest coverage ratio, both of which are defined and calculated in accordance with the credit agreement. The maximum leverage ratio decreases from 4.25x to 4.0x as of June 30, 2024 and the minimum interest coverage ratio increases from 1.75x to 2.0x as of March 31, 2025. At December 31, 2023, we were in compliance with these financial covenants. Additionally, management expects that we will remain in compliance with these financial covenants over the next twelve months. However, events and circumstances could occur, some beyond our control, that could adversely impact our compliance with these covenants and require us to obtain a waiver from our lenders, modify our existing covenants or refinance certain debt to cure the noncompliance. If we are unable to cure the noncompliance, amounts due under our revolving credit facility and term loan due March 2026 could be called by our lenders. At December 31, 2023, there were no outstanding borrowings under the revolving credit facility. Borrowings under our secured debt are secured by assets of the company.

We have outstanding interest rate swaps that effectively convert $200 million of our variable rate debt to fixed rates. In January 2023, the reference rate of the interest rate swaps was amended to align with the secured revolving credit facility. Under the terms of the interest rate swaps, we pay fixed-rate interest of 0.585% and receive variable-rate interest based on one-month SOFR plus 0.1%. The variable interest rates under the term loans and the swaps reset monthly.

The PB Bank (the Bank), a wholly owned subsidiary, is a member of the Federal Home Loan Bank (FHLB) of Des Moines and has access to certain credit products as a funding source known as "advances." As of December 31, 2023, there were no outstanding advances.

Annual maturities of outstanding principal at December 31, 2023 are as follows:


2024	$	58,931
2025	53,250
2026	196,250
2027	387,250
2028	682,938
Thereafter	810,841
Total	$	2,189,460