Subsequent Events |
3 Months Ended |
|---|---|
Mar. 31, 2024 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Events On April 26, 2024, the Company entered into an amendment agreement pursuant to which its existing revolving credit and guaranty agreement was amended and restated in its entirety to provide for an increase in the existing unsecured revolving loan facility from $400 million to an aggregate principal amount of up to $800 million, with an increase to the letter of credit sublimit from $200 million to $600 million. The amendment agreement also extended the maturity date for the revolving credit facility from August 7, 2025 to April 26, 2029. Loans under the credit facility continue to bear interest, at the Company’s option, at a per annum rate equal to the base rate plus a spread of 0% or an adjusted term SOFR rate (based on one, three or six-month interest periods) plus a spread of 1%. The Company is obligated to pay other customary fees for a credit facility of this size and type, including letter of credit fees, an upfront fee and an unused commitment fee of 0.10%. As amended and restated, the credit agreement contains customary affirmative and negative covenants and the Company must maintain compliance with a maximum senior net leverage ratio.
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