Long-Term Debt

3 Months Ended

Mar. 31, 2022

Long-term debt consists of the following (in thousands):


	March 31, 2022		December 31, 2021
Revolving credit facility	$	43,000	$	24,500

Less unamortized debt issuance costs	(633)		(719)
Total debt	$	42,367	$	23,781

Senior Credit Agreement

On January 24, 2019, the Company entered into a Sixth Amended and Restated Credit Agreement ("Senior Credit Agreement"), which amended and restated the Company’s Fifth Amended and Restated Credit Agreement dated December 9, 2015, and provides for a revolving credit facility and letters of credit in an aggregate amount equal to $400 million. The Company can request additional financing from the lenders to increase the revolving credit facility to $700 million or enter into a term loan of up to $300 million subject to conditions set forth in the Senior Credit Agreement. The Senior Credit Agreement contains three financial covenants. As of March 31, 2022, the Company was in compliance with all three covenants.

Interest rates on the revolving credit facility are based on LIBOR plus an additional margin that ranges from 1.125% to 2.00%. In addition, the revolving credit facility is subject to an undrawn commitment fee ranging between 0.15% and 0.25% based on the Total Leverage Ratio (as defined in the Senior Credit Agreement) and the daily average undrawn balance. The Senior Credit Agreement terminates on January 23, 2024.

Borrowings under the Senior Credit Agreement are secured by the trade receivables, inventory, personal property, equipment, and general intangibles of the Company’s significant domestic subsidiaries. Capital distributions under the Senior Credit Agreement are capped at an annual aggregate limit of $75 million if the Company's leverage ratio is over 3.0 times.

Standby letters of credit of $5.5 million have been issued under the Senior Credit Agreement on behalf of the Company as of March 31, 2022. These letters of credit reduce the amount otherwise available under the revolving credit facility. The Company had $351.5 million and $369.3 million of availability under the revolving credit facility at March 31, 2022 and December 31, 2021, respectively.