Quarterly report pursuant to Section 13 or 15(d)

Debt

v3.24.1.u1
Debt
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Debt Debt
Debt consisted of the following:
March 31,
2024		 December 31, 2023
Term Loan Facility, maturing January 2026 $ 310,000 $ 310,000
Revolving Credit Facility, maturing December 2026 220,000 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 27,945 28,000
Mortgage Notes, various maturities 61,440 115,502
Other debt 4,122 4,122
Fair value adjustment 400 521
Total debt 2,023,907 1,948,145
Less unamortized debt discounts and issuance costs (13,466) (15,270)
Total debt less unamortized debt discount and issuance costs 2,010,441 1,932,875
Less current maturities (23,261) (73,848)
Long-term debt, less current maturities $ 1,987,180 $ 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 March 31, 2024, there were $220.0 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 $224.1 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%.
The weighted average interest rate and debt outstanding under the Revolving Credit Facility for the three months ended March 31, 2024 was 9.26% and $183.6 million, respectively. The highest balance during that same period was $285.0 million.
Mortgage Notes
In February 2024, we fully paid at maturity the principal balance and remaining accrued interest associated with one of our Mortgage Notes totaling $51.0 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 March 31, 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 March 31, 2024 were as follows:
April 2024 through March 2025 $ 23,261
April 2025 through March 2026 1,275,530
April 2026 through March 2027 705,747
April 2027 through March 2028 15,799
April 2028 through March 2029 181
Thereafter 2,989
Total future maturities of long-term debt $ 2,023,507