Debt

3 Months Ended

Mar. 31, 2024

Total debt consisted of the following:


	Interest rate	March 31, 2024		December 31, 2023

Term loan due March 2026	SOFR + 2.25%	$	273,500	$	285,500
Notes due March 2027	6.875%	380,000		380,000
Notes due March 2028	SOFR + 6.9%	273,625		274,313
Term loan due March 2028	SOFR + 4.0%	436,500		437,625
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		861		1,181
Principal amount		2,175,327		2,189,460
Less: unamortized costs, net		41,162		43,428
Total debt		2,134,165		2,146,032
Less: current portion long-term debt		58,111		58,931
Long-term debt		$	2,076,054	$	2,087,101

At March 31, 2024, the interest rate on the 2026 Term Loan was 7.7%, the interest rate on the 2028 Term Loan was 9.4% 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 March 31, 2024, 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 March 31, 2024, there were no outstanding borrowings under the revolving credit facility. Borrowings under our secured debt are secured by assets of the company.