Quarterly report pursuant to Section 13 or 15(d)

Debt

v3.22.2.2
Debt
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Debt

4. Debt

The components of debt were as follows:

 

 

 

September 30,
2022

 

 

December 31,
2021

 

 

 

(in thousands)

 

Senior Notes

 

$

443,457

 

 

$

442,889

 

PNC term loan

 

 

—

 

 

 

32,385

 

M&T debt

 

 

50,866

 

 

 

43,392

 

Capital One line of credit

 

 

236,131

 

 

 

195,232

 

Insurance premium notes

 

 

3,120

 

 

 

3,111

 

Total debt, net

 

$

733,574

 

 

$

717,009

 

Less current portion

 

 

(11,477

)

 

 

(40,384

)

Total long-term debt, net

 

$

722,097

 

 

$

676,625

 

In August 2022, the Company fully repaid GPM Petroleum LP’s outstanding obligations under the term loan with PNC Bank, which was secured by U.S. Treasuries equal to approximately 98% of the outstanding principal amount of such term loan, with the proceeds from the sale of those securities and other cash on hand. Following such repayment, the Company terminated the term loan and security agreement governing such term loan.