LONG-TERM DEBT (Tables)
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9 Months Ended |
Sep. 30, 2024 |
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| LONG-TERM DEBT |
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| Schedule of outstanding indebtedness, at face value |
As of September 30, 2024, the Company’s outstanding indebtedness, at face value, was as follows (in thousands): | | | | | | | | | | | | | | | Face Value Debt | | Maturity Date | | Interest Rate | | Wtd. Avg. Rate as of September 30, 2024 | Credit Facility (1) | | $ | 95,000 | | January 2027 | | | SOFR + 0.10% +
[1.25% - 2.20%] | | | 5.82% | 2026 Term Loan (2) | | | 65,000 | | March 2026 | | | SOFR + 0.10% +
[1.25% - 2.20%] | | | 2.72% | 2027 Term Loan (3) | | | 100,000 | | January 2027 | | | SOFR + 0.10% +
[1.25% - 2.20%] | | | 2.80% | 2028 Term Loan (4) | | | 100,000 | | January 2028 | | | SOFR + 0.10% +
[1.20% - 2.15%] | | | 5.18% | 2029 Term Loan (5) | | | 100,000 | | September 2029 | | | SOFR + 0.10% +
[1.20% - 2.15%] | | | 4.68% | 3.875% Convertible Senior Notes due 2025 | | | 51,034 | | April 2025 | | | 3.875% | | | 3.88% | Mortgage Note Payable | | | 17,800 | | August 2026 | | | 4.060% | | | 4.06% | Total Long-Term Face Value Debt | | $ | 528,834 | | | | | | | | | 4.28% |
(1) | Prior to September 30, 2024, the Company utilized interest rate swaps on $150.0 million of the Credit Facility balance to fix SOFR and achieve a weighted average fixed swap rate of 3.47% plus the 10 bps SOFR adjustment plus the applicable spread. Effective September 30, 2024, the Company redesignated $100.0 million of interest rate swaps to the 2029 Term Loan. Accordingly, as of September 30, 2024, the Company utilized interest rate swaps on $50.0 million of the Credit Facility balance to fix SOFR and achieve a weighted average fixed swap rate of 3.85% plus the 10 bps SOFR adjustment plus the applicable spread. |
(2) The Company utilized interest rate swaps on the $65.0 million 2026 Term Loan balance to fix SOFR and achieve a weighted average fixed swap rate of 1.27% plus the 10 bps SOFR adjustment plus the applicable spread. (3) | The Company utilized interest rate swaps on the $100.0 million 2027 Term Loan balance to fix SOFR and achieve a fixed swap rate of 1.35% plus the 10 bps SOFR adjustment plus the applicable spread. |
(4) | The Company utilized interest rate swaps on the $100.0 million 2028 Term Loan balance to fix SOFR and achieve a weighted average fixed swap rate of 3.78% plus the 10 bps SOFR adjustment plus the applicable spread. |
(5) | The Company utilized interest rate swaps on the $100.0 million 2029 Term Loan balance to fix SOFR and achieve a weighted average fixed swap rate of 3.28% plus the 10 bps SOFR adjustment plus the applicable spread. |
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| Schedule of components of long-term debt |
Long-term debt consisted of the following (in thousands): | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | | Total | | Due Within One Year | | Total | | Due Within One Year | Credit Facility | | $ | 95,000 | | $ | — | | $ | 163,000 | | $ | — | 2026 Term Loan | | | 65,000 | | | — | | | 65,000 | | | — | 2027 Term Loan | | | 100,000 | | | — | | | 100,000 | | | — | 2028 Term Loan | | | 100,000 | | | — | | | 100,000 | | | — | 2029 Term Loan | | | 100,000 | | | — | | | — | | | — | 3.875% Convertible Senior Notes, net of Discount | | | 50,949 | | | — | | | 50,830 | | | — | Mortgage Note Payable | | | 17,800 | | | — | | | 17,800 | | | — | Financing Costs, net of Accumulated Amortization | | | (1,911) | | | — | | | (1,260) | | | — | Total Long-Term Debt | | $ | 526,838 | | $ | — | | $ | 495,370 | | $ | — |
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| Schedule of payments applicable to reduction of principal amounts |
Payments applicable to reduction of principal amounts as of September 30, 2024 will be required as follows (in thousands): | | | | As of September 30, 2024 | | Amount | Remainder of 2024 | | $ | — | 2025 | | | 51,034 | 2026 | | | 82,800 | 2027 | | | 195,000 | 2028 | | | 100,000 | 2029 | | | 100,000 | 2030 and Thereafter | | | — | Total Long-Term Debt - Face Value | | $ | 528,834 |
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| Schedule of carrying value of long-term debt |
The carrying value of long-term debt as of September 30, 2024 consisted of the following (in thousands): | | | | | | Total | Current Face Amount | | $ | 528,834 | Unamortized Discount on Convertible Debt | | | (85) | Financing Costs, net of Accumulated Amortization | | | (1,911) | Total Long-Term Debt | | $ | 526,838 |
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| Schedule of interest expense on debt |
The following table reflects a summary of interest expense incurred and paid during the three and nine months ended September 30, 2024 and 2023 (in thousands): | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | September 30, 2024 | | September 30, 2023 | | September 30, 2024 | | September 30, 2023 | Interest Expense | | $ | 5,348 | | $ | 6,036 | | $ | 15,888 | | $ | 15,318 | Amortization of Deferred Financing Costs | | | 245 | | | 242 | | | 758 | | | 724 | Amortization of Discount on Convertible Notes | | | 39 | | | 40 | | | 119 | | | 119 | Total Interest Expense | | $ | 5,632 | | $ | 6,318 | | $ | 16,765 | | $ | 16,161 | | | | | | | | | | | | | | Total Interest Paid (1) | | $ | 4,986 | | $ | 5,589 | | $ | 15,640 | | $ | 15,178 |
(1) | Net of capitalized interest of $0.1 million during the three and nine months ended September 30, 2024 and capitalized interest of $0.1 million and $0.2 million during the three and nine months ended September 30, 2023, respectively. |
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