Long-Term Debt

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Long-Term Debt

9. Long-Term Debt

Long-term debt consisted of the following (in millions):

	December 31,
	2022		2021
Senior Secured Credit Facility:
Borrowings under $460 million revolving credit facility, due 2024	$	31.5	$	—
Term B loan facility, due 2025	490.8		490.8
Unsecured Senior Notes, due 2028	550.0		550.0
	1,072.3		1,040.8
Unamortized deferred loan costs	(5.7)		(6.9)
	$	1,066.6	$	1,033.9

Senior Secured Credit Facility — On November 22, 2022, the Company entered into the ninth amendment to its senior secured credit facility (the "facility"), which (i) increased the capacity of its revolving credit facility (the "revolver") to $460.0 million from $250.0 million; and (ii) replaced the LIBOR reference rate with the secured overnight financing rate plus a 10 basis points adjustment ("SOFR").

The facility consists of a term B loan and the aforementioned $460.0 million revolver. Borrowings under the term B loan bear interest at SOFR plus 1.75 percent, or the bank’s base rate plus 0.75 percent. Borrowings under the revolver bear interest at SOFR plus 1.25 to 2.25 percent or the bank’s base rate plus 0.25 to 1.25 percent, depending on leverage levels. A commitment fee of 0.20 to 0.35 percent is payable on the undrawn portion of the revolver. The revolver is limited to a maximum ratio of senior secured debt to trailing 12-months of lender-defined consolidated EBITDA of 3.75 to 1.00, which was 0.92 to 1.00 at December 31, 2022. There are no required minimum payments on the facility. The facility is secured by substantially all of the Company's assets and includes various restrictive covenants. The facility permitted the sale of its Oxford business in 2021 and the net cash proceeds (approximately $0.4 billion) were used for the acquisition of GlideFast on July 6, 2022 and other permitted investments within the required timeframe. At December 31, 2022, the Company was in compliance with its debt covenants.

Unsecured Senior Notes — The Company has $550.0 million of unsecured senior notes, which bear interest at 4.625 percent payable semiannually in arrears on May 15 and November 15. These notes are unsecured obligations and are subordinate to the senior secured credit facility. These notes also contain certain customary limitations including, among other terms and conditions, the Company's ability to incur additional indebtedness, engage in mergers and acquisitions, transfer or sell assets, and make certain distributions.