Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt (Tables)

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Long-Term Debt (Tables)
 3 Months Ended
Mar. 31, 2024
Debt Instrument [Line Items]  
Long-Term Debt
Long-term debt consists of the following:
March 31, 2024 December 31, 2023
(In millions)
Revolving Credit Facility (1) $ —  $ — 
4.625% Senior Notes due 2029 (the “4.625% Notes”) 650.0  650.0 
4.875% Senior Notes due 2031 (the “4.875% Notes”) 500.0  500.0 
Mortgage Facility (2) 307.0  311.0 
Mortgage notes to finance companies - fixed rate, bearing interest from 2.05% to 7.03% 152.8  163.0 
Mortgage notes to finance companies - variable rate, bearing interest at 1.50% to 2.90% above one-month or three-month SOFR 67.9  75.6 
Subtotal $ 1,677.7  $ 1,699.6 
Debt issuance costs (26.3) (23.0)
Total debt 1,651.4  1,676.6 
Less current maturities (68.0) (60.1)
Long-term debt $ 1,583.4  $ 1,616.5 
(1)The interest rate on the Revolving Credit Facility (as defined below) was 125 basis points above one-month Adjusted Term SOFR (as defined in the Credit Facilities) at March 31, 2024 and 125 basis points above one-month Term SOFR (as defined in the Credit Facilities) at December 31, 2023.
(2)The interest rate on the Mortgage Facility (as defined below) was 150 basis points above one-month Adjusted Term SOFR at March 31, 2024 and 150 basis points above one-month Term SOFR at December 31, 2023.
Financial Covenants Include Required Specified Ratios
Covenants

The Credit Facilities and the Mortgage Facility contain certain negative covenants, including covenants which could restrict or prohibit indebtedness, liens, the payment of dividends and other restricted payments, capital expenditures and material dispositions and acquisitions of assets, as well as other customary covenants and default provisions. The Credit Facilities and the Mortgage Facility also contain limitations on our ability to pledge assets to third parties, subject to certain stated exceptions.
We were in compliance with the financial covenants under the Credit Facilities and the Mortgage Facility as of March 31, 2024. Financial covenants include required specified ratios (as each is defined in the Credit Facilities and the Mortgage Facility) of:
Covenant
Minimum Consolidated Fixed Charge Coverage Ratio Maximum Consolidated Total Lease Adjusted Leverage Ratio
Required ratio 1.20 5.75
March 31, 2024 actual 1.94 3.10
The Credit Facilities and the Mortgage Facility contain events of default, including cross defaults to other material indebtedness, change of control events and other events of default customary for syndicated commercial credit facilities. Upon the future occurrence of an event of default, we could be required to immediately repay all outstanding amounts under the Credit Facilities and the Mortgage Facility.
After giving effect to the applicable restrictions on the payment of dividends under our debt agreements, as of March 31, 2024, we had approximately $264.1 million of net income and retained earnings free of such restrictions. We were in compliance with all restrictive covenants under our debt agreements as of March 31, 2024.
In addition, many of our facility leases are governed by a guarantee agreement between the landlord and us that contains financial and operating covenants. The financial covenants under the guarantee agreement are identical to those under the Credit Facilities and the Mortgage Facility with the exception of one additional financial covenant related to the ratio of EBITDAR to Rent (as defined in the guarantee agreement) with a required ratio of no less than 1.50 to 1.00. As of March 31, 2024, the ratio was 11.70 to 1.00.