Activity under our Credit Facility during 2022 and Q1 2023 is set forth below:
| Revolver (1) | Term loans | |||||
| Outstanding balances as of December 31, 2021 | $ | — | $ | 660.4 | ||
| Amount repaid in Q1 2022(2) | — | (4.5625 | ) | |||
| Amount repaid in Q2 2022(2) | — | (4.5625 | ) | |||
| Amount repaid in Q3 2022(2) | — | (4.5625 | ) | |||
| Amount repaid in Q4 2022(3) | — | (19.5625 | ) | |||
| Outstanding balances as of December 31, 2022 | $ | — | $ | 627.2 | ||
| Amount repaid in Q1 2023(2) | — | (4.5625 | ) | |||
| Outstanding balances as of March 31, 2023 | $ | — | $ | 622.6 | ||
| (1) | In addition to the activity described in this table, we have drawn on the Revolver for short term borrowings from time-to-time during the periods set forth above and repaid such borrowings in full within the quarter borrowed, with no impact to the amounts outstanding at the relevant quarter-end. Such intra-quarter borrowings and repayments are excluded from this table. |
| (2) | Represents the scheduled quarterly principal repayment under the Incremental Term Loan. |
| (3) | Represents the scheduled quarterly principal repayment under the Incremental Term Loan and a $15.0 voluntary prepayment under the Initial Term Loan. |
At March 31, 2023 and December 31, 2022, we were in compliance with all restrictive and financial covenants under the Credit Facility.
The following tables set forth, at the dates shown: outstanding borrowings under the Credit Facility, excluding ordinary course letters of credit (L/Cs); notional amounts under our interest rate swap agreements; and outstanding lease obligations:
| Outstanding borrowings |
Notional amounts under
interest rate swaps (note 10 ) | ||||||||||||
|
December 31
2022 |
March 31
2023 |
December 31
2022 |
March 31
2023 | ||||||||||
| Borrowings under the Revolver | $ | — | $ | — | $ | — | $ | — | |||||
| Borrowings under term loans: | |||||||||||||
| Initial Term Loan | $ | 280.4 | $ | 280.4 | $ | 100.0 | $ | 100.0 | |||||
| Incremental Term Loan | 346.8 | 342.2 | 230.0 | 230.0 | |||||||||
| Total | $ | 627.2 | $ | 622.6 | $ | 330.0 | $ | 330.0 | |||||
| Total borrowings under Credit Facility | $ | 627.2 | $ | 622.6 | |||||||||
| Unamortized debt issuance costs related to our term loans (1) | (3.5 | ) | (3.3 | ) | |||||||||
| Lease obligations (2) | 162.4 | 155.9 | |||||||||||
| $ | 786.1 | $ | 775.2 | ||||||||||
| Total Credit Facility and lease obligations: | |||||||||||||
| Current portion | $ | 52.2 | $ | 51.1 | |||||||||
| Long-term portion | 733.9 | 724.1 | |||||||||||
| $ | 786.1 | $ | 775.2 | ||||||||||
