Quarterly report pursuant to Section 13 or 15(d)

Debt

v3.23.3
Debt
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Debt
7.
Debt

Substantially all of the Company’s debt is carried at outstanding principal balance, less debt issuance costs and any unamortized discount. The following table is a summary of the Company’s outstanding debt:

 

 

September 30, 2023

 

December 31, 2022

 

Term debt

 

 

 

 

 

7-year term loan facility, periodic interest and quarterly principal payments, Adjusted Term SOFR + 3.00%, matures September 1, 2027

 

$

1,566,232

 

$

1,571,818

 

Senior secured notes

 

 

 

 

 

8-year senior secured notes, semi-annual interest payments, 4.38%, matures February 1, 2030

 

 

396,096

 

 

399,791

 

Revolving debt

 

 

 

 

 

5-year revolving loan facility, periodic interest payments, Adjusted Term SOFR + up to 3.00%, plus commitment fees of 0.25%-0.50%, matures July 26, 2026

 

 

390

 

 

392

 

Premium financing notes

 

 

 

 

 

Commercial notes, periodic interest and principal payments, 5.75%, expire May 1, 2024

 

 

3,909

 

 

—

 

Commercial notes, periodic interest and principal payments, 5.75%, expire June 1, 2024

 

 

989

 

 

—

 

Commercial notes, periodic interest and principal payments, 6.00%, expire June 19, 2024

 

 

4,121

 

 

—

 

Commercial notes, periodic interest and principal payments, 5.75%, expire June 21, 2024

 

 

4,252

 

 

—

 

Commercial notes, periodic interest and principal payments, 1.88%-2.49%, expired May 1, 2023

 

 

—

 

 

1,685

 

Commercial notes, periodic interest and principal payments, 2.49%, expired June 1, 2023

 

 

—

 

 

767

 

Commercial notes, periodic interest and principal payments, 2.74%, expired June 21, 2023

 

 

—

 

 

3,266

 

Finance lease obligation

 

 

—

 

 

57

 

Units subject to mandatory redemption

 

 

5,072

 

 

4,711

 

Total debt

 

$

1,981,061

 

$

1,982,487

 

Less: Short-term debt and current portion of long-term debt

 

 

(35,566

)

 

(30,587

)

Long-term debt

 

$

1,945,495

 

$

1,951,900

 

Term Loan

The original principal of the Term Loan was $1,650.0 million. As of September 30, 2023, $1,600.5 million of the principal was outstanding, $0.7 million of interest was accrued, and the related unamortized deferred issuance costs were $35.0 million. As of December 31, 2022, $1,612.9 million of the principal was outstanding, $0.7 million of interest was accrued, and the related unamortized deferred issuance costs were $41.7 million.

Revolving Credit Facility

The Revolving Credit Facility had a borrowing capacity of $600.0 million as of September 30, 2023 and December 31, 2022. As the Revolving Credit Facility had not been drawn on as of September 30, 2023 or December 31, 2022, the deferred issuance costs related to the facility of $4.7 million and $6.4 million, respectively, were included in Other non-current assets on the Consolidated Balance Sheets. The Company pays a commitment fee on undrawn amounts under the facility of 0.25% - 0.50%. As of September 30, 2023 and December 31, 2022, the Company accrued $0.4 million of unpaid commitment fees related to the Revolving Credit Facility in Short-term debt and current portion of long-term debt on the Consolidated Balance Sheets.

Senior Secured Notes due 2030

On February 3, 2022, the LLC issued $400.0 million of Senior Secured Notes. As of September 30, 2023 and December 31, 2022, accrued interest on the notes was $2.9 million and $7.3 million, respectively, and the related unamortized deferred issuance costs plus discount were $6.8 million and $7.5 million, respectively.