Quarterly report pursuant to Section 13 or 15(d)

Debt

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Debt
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Debt Debt
Debt consisted of the following:
June 30,
2024		 December 31, 2023
Term Loan Facility, maturing January 2026 $ 310,000 $ 310,000
Revolving Credit Facility, maturing December 2026 65,000 90,000
5.75% Senior Secured Notes, maturing January 2026
 925,000 925,000
8.00% Senior Unsecured Notes, maturing April 2026
 475,000 475,000
Construction Loan, maturing February 2026 27,973 28,000
Mortgage Notes, various maturities 47,882 115,502
Other debt 3,440 4,122
Fair value adjustment 362 521
Total debt 1,854,657 1,948,145
Less unamortized debt discounts and issuance costs (11,661) (15,270)
Total debt less unamortized debt discount and issuance costs 1,842,996 1,932,875
Less current maturities (12,755) (73,848)
Long-term debt, less current maturities $ 1,830,241 $ 1,859,027
Term Loan Facility
Loans under the Term Loan Facility bear interest at a floating rate per annum of, at our option, Term Secured Overnight Financing Rate (“SOFR”) plus an applicable credit adjustment spread ranging from 0.11448% to 0.42826% depending on the duration of borrowing plus the continued applicable margin of 4.00% or a base rate plus 3.00%. The applicable margins will increase to 4.25% and 3.25%, respectively, if our public corporate family ratings falls below B2 and B from Moody’s and S&P, respectively. We are not required to make principal payments on the Term Loan Facility prior to its maturity.
Revolving Credit Facility
At June 30, 2024, there were $65.0 million of outstanding borrowings under the $475.0 million Revolving Credit Facility and there were $30.9 million of outstanding letters of credit, resulting in total revolver availability of $379.1 million, which was available at intervals ranging from 30 to 180 days at interest rates of SOFR plus the applicable credit adjustment spread plus 3.50% or base rate plus 2.50%. During the three months ended June 30, 2024, we amended the credit agreement governing the Revolving Credit Facility to replace the Canadian Dollar Offered Rate (CDOR), which ceased at the end of June 2024, with the Canadian Overnight Repo Rate Average (CORRA). We do not have any outstanding borrowings in Canadian dollars under the Revolving Credit Facility.
The weighted average interest rate and debt outstanding under the Revolving Credit Facility for the six months ended June 30, 2024 was 9.51% and $187.7 million, respectively. The highest balance during that same period was $285.0 million.
Mortgage Notes
During the six months ended June 30, 2024, we fully paid at maturity the principal balance and remaining accrued interest associated with two of our Mortgage Notes totaling $62.9 million.
Debt Covenants
We are required to comply with certain affirmative and restrictive covenants under our Credit Facilities, Secured Notes, Unsecured Notes, Construction Loan and Mortgage Notes. We are also required to comply with a first lien net leverage ratio covenant under the Revolving Credit Facility, which requires us to maintain a first lien net leverage ratio, if 30.00% or more of the Revolving Credit Facility commitments are outstanding shortly after the end of any fiscal quarter (excluding all cash collateralized undrawn letters of credit and other undrawn letters of credit up to $20.0 million).
As of June 30, 2024, we were either in compliance in all material respects with the covenants or the covenants were not applicable.
Future Maturities of Long-Term Debt
Aggregate annual future maturities of long-term debt, excluding unamortized discounts, issuance costs and fair value adjustments, at June 30, 2024 were as follows:
July 2024 through June 2025 $ 12,755
July 2025 through June 2026 1,750,386
July 2026 through June 2027 86,816
July 2027 through June 2028 1,495
July 2028 through June 2029 173
Thereafter 2,670
Total future maturities of long-term debt $ 1,854,295