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3/25/22, 9:42 AM road -20210930
<br />Table of Contents
<br />Other Long -Term Liabilities
<br />Other long-term liabilities consisted of the following at September 30, 2021 and 2020 (in thousands):
<br />Accrued insurance costs
<br />Other
<br />Total other long-term liabilities
<br />Note 11- Debt
<br />September 30,
<br />2021 2020
<br />6,497 $ 6,035
<br />4,422 2,445
<br />$ 10,919 $ 8,480
<br />The Company maintains credit facilities to finance acquisitions, to fund the purchase of real estate, construction equipment, plants and
<br />other fixed assets, and for general working capital purposes. Debt at September 30, 2021 and 2020 consisted of the following (in
<br />thousands):
<br />Long-term debt:
<br />Term Loan
<br />Revolving Credit Facility
<br />Total long-term debt
<br />Deferred debt issuance costs
<br />Current maturities of long-term debt
<br />Long-term debt, net of current maturities
<br />September 30,
<br />2021 2020
<br />$ 197,500 $ 92,850
<br />20,000 —
<br />217,500 92,850
<br />(1,325) (797)
<br />(10,000) (13,000)
<br />$ 206,175 $ 79,053
<br />Since 2017, the Company and each of its subsidiaries have been parties to a credit agreement with PNC Bank, National Association
<br />(successor in interest to BBVA USA) and certain other lenders party from time to time thereto (as amended and restated, the "Credit
<br />Agreement"). The Credit Agreement has been amended and restated on multiple occasions since its inception in order to provide for
<br />changes in the economic terms of the credit facility and developments at the Company. The Credit Agreement provides for a credit
<br />facility consisting of a term loan (the "Term Loan") and a revolving credit facility (the "Revolving Credit Facility"). The obligations of
<br />the Company and its subsidiaries under the Credit Agreement are secured by a first priority security interest in substantially all of the
<br />Company's assets.
<br />In June 2021, the Credit Agreement was amended and restated to provide for a Term Loan in an initial aggregate principal amount of
<br />$200 million and a Revolving Credit Facility in an initial aggregate principal amount of $225 million. Among other things, the
<br />proceeds of the Term Loan were used to refinance indebtedness of the Company that was outstanding immediately prior to the
<br />restatement. The Term Loan, inclusive of any incremental borrowings made in the form of a term loan, will amortize in quarterly
<br />installments commencing on September 30, 2021 in an amount (subject, in each case, to adjustments for prior mandatory and voluntary
<br />prepayments of principal) equal to: (a) 1.25% of the original principal amount of the Term Loan on September 30, 2021 and on each of
<br />the following eleven quarter -end payment dates, and (b) 1.875% of the original principal amount of the Term Loan on each of the next
<br />seven quarter -end payment dates. The annual interest rates applicable to advances will be calculated, at the Company's option, by using
<br />either a base rate or LIBOR, in each case plus an applicable margin percentage that corresponds to the Company's consolidated net
<br />leverage ratio. Upon the occurrence of certain triggering events relating to the end of the LIBOR reference rate, a different benchmark
<br />rate will be selected to replace LIBOR as the reference rate for interest accruing on certain advances. All outstanding advances under
<br />the Term Loan and Revolving Credit Facility are due and payable in full on June 24, 2026. Subject to various requirements, the
<br />Company generally may (and, under certain circumstances, must), prepay all or a portion of the outstanding balance of the advances,
<br />together with accrued interest thereon, prior to their contractual maturity.
<br />At September 30, 2021 and 2020, there was $197.5 million and $92.9 million, respectively, of principal outstanding under the Term
<br />Loan, $20.0 million and $0.0 million, respectively, of principal outstanding under the Revolving Credit Facility, and availability of
<br />$193.7 million and $39.3 million, respectively, under the Revolving Credit Facility, including a reduction for outstanding letters of
<br />credit.
<br />https://www.sec.gov/Archives/edgar/data/0001718227/000171822721000107/road-20210930.htm 108/144
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