| DEBT |
DEBTA summary of debt is as follows: | | | | | | | | | | | | | June 30,
2024 | | December 31,
2023 | | Senior Secured Credit Facility: | | | | Term loan A facility (“Term Loan Facility”) payable quarterly with balance due December 2026; bearing interest at 6.779% as of June 30, 2024 | $ | 348,250 | | | $ | 350,000 | | Term loan A facility (“2023 Term Loan Facility”) payable quarterly with balance due December 2026; bearing interest at 7.279% as of June 30, 2024 | 408,500 | | | 419,250 | | Revolving credit facility (“Revolving Credit Facility”) due December 2026; bearing interest at term secured overnight financing rate (“Term SOFR”) plus 1.435% | — | | | — | | | Tax-Exempt Bonds: | | | | New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2014 (“New York Bonds 2014R-1”) due December 2044 - fixed rate interest period bearing interest at 2.875% through December 2029 | 25,000 | | | 25,000 | | New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2014R-2 (“New York Bonds 2014R-2”) due December 2044 - fixed rate interest period bearing interest at 3.125% through May 2026 | 15,000 | | | 15,000 | | New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2020 (“New York Bonds 2020”) due September 2050 - fixed rate interest period bearing interest at 2.750% through September 2025 | 40,000 | | | 40,000 | | New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds Series 2020R-2 (“New York Bonds 2020R-2”) due September 2050 - fixed rate interest period bearing interest at 5.125% through September 2030 | 35,000 | | | 35,000 | | Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2005R-3 (“FAME Bonds 2005R-3”) due January 2025 - fixed rate interest period bearing interest at 5.25% through January 2025 | 25,000 | | | 25,000 | | Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2015R-1 (“FAME Bonds 2015R-1”) due August 2035 - fixed rate interest period bearing interest at 5.125% through July 2025 | 15,000 | | | 15,000 | | Finance Authority of Maine Solid Waste Disposal Revenue Bonds Series 2015R-2 (“FAME Bonds 2015R-2”) due August 2035 - fixed rate interest period bearing interest at 4.375% through July 2025 | 15,000 | | | 15,000 | | Vermont Economic Development Authority Solid Waste Disposal Long-Term Revenue Bonds Series 2013 (“Vermont Bonds 2013”) due April 2036 - fixed rate interest period bearing interest at 4.625% through April 2028 | 16,000 | | | 16,000 | | Vermont Economic Development Authority Solid Waste Disposal Long-Term Revenue Bonds Series 2022A-1 (“Vermont Bonds 2022A-1”) due June 2052 - fixed rate interest period bearing interest at 5.00% through May 2027 | 35,000 | | | 35,000 | | Business Finance Authority of the State of New Hampshire Solid Waste Disposal Revenue Bonds Series 2013 (“New Hampshire Bonds”) due April 2029 - fixed rate interest period bearing interest at 2.95% through April 2029 | 11,000 | | | 11,000 | | | Other: | | | | Finance leases maturing through December 2107; bearing interest at a weighted average of 4.4% | 62,726 | | | 53,066 | | Notes payable maturing through March 2025; bearing interest up to 8.1% | 100 | | | 230 | | | Principal amount of debt | 1,051,576 | | | 1,054,546 | | Less—unamortized debt issuance costs | 9,621 | | | 11,103 | | | Debt less unamortized debt issuance costs | 1,041,955 | | | 1,043,443 | | | Less—current maturities of debt | 65,335 | | | 35,781 | | | $ | 976,620 | | | $ | 1,007,662 | |
Loss from Termination of Bridge Financing In the three and six months ended June 30, 2023, we wrote-off the unamortized debt issuance costs and recognized a loss from termination of bridge financing upon the extinguishment of both a secured bridge financing agreement in connection with the GFL Acquisition of $3,718 and $3,718, respectively, and an unsecured bridge financing agreement in connection with entering into an asset purchase agreement with Consolidated Waste Services, LLC and its affiliates (dba as Twin Bridges) of $4,480 and $4,480, respectively. Cash Flow Hedges Our strategy to reduce exposure to interest rate risk involves entering into interest rate derivative agreements to hedge against adverse movements in interest rates related to the variable rate portion of our long-term debt. We have designated these derivative instruments as highly effective cash flow hedges, and therefore the change in their fair value is recorded in stockholders’ equity as a component of accumulated other comprehensive income (loss), net of tax and included in interest expense at the same time as interest expense is affected by the hedged transactions. Differences paid or received over the life of the agreements are recorded as additions to or reductions of interest expense on the underlying debt and included in cash flows from operating activities. As of both June 30, 2024 and December 31, 2023, we had $515,000 notional amount of active interest rate derivative agreements outstanding. These agreements mature between February 2026 and June 2028 and provide that we receive interest based on Term SOFR, restricted by a 0.0% floor, and pay interest at a weighted average rate of approximately 3.6%. A summary of the effect of cash flow hedges related to derivative instruments on the consolidated balance sheets follows: | | | | | | | | | | | | | | | | | | | | | Fair Value | | Balance Sheet Location | | June 30,
2024 | | December 31,
2023 | | Interest rate swaps | Other current assets | | $ | 7,216 | | | $ | 5,951 | | | Interest rate swaps | Other non-current assets | | 4,920 | | | 4,413 | | | | | $ | 12,136 | | | $ | 10,364 | | | | | | | | | | | | | | | Interest rate swaps | Other long-term liabilities | | $ | 4,020 | | | $ | 11,762 | | | | | | | | | | | | | | | Interest rate swaps | Accumulated other comprehensive income (loss), net of tax | | $ | 8,116 | | | $ | (1,398) | | | Interest rate swaps - tax effect | Accumulated other comprehensive income (loss), net of tax | | (2,295) | | | 318 | | | | | $ | 5,821 | | | $ | (1,080) | |
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