Company: DXPE
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001020710-25-000036
Chunk: 74

Company: DXP ENTERPRISES INC
Filing Date: 2025-03-10
Form: 10-K
Item: Item 8
Chunk 74
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-compete agreements are 5.8, 9.4, and 3.3 years, respectively.

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NOTE 9 – LONG-TERM DEBT

Long-term debt consisted of the following (in thousands):December 31, 20242023ABL Revolver$— $— Amended Senior Secured Term Loan B due October 13, 2030(1)647,876 — Senior Secured Term Loan B due October 13, 2030(2)— 548,625 Promissory Note due November 1, 20291,000 — Total debt648,876 548,625 Less: current maturities(6,595)(5,500)Total long-term debt642,281 543,125 Unamortized discount and debt issuance costs20,597 22,428 Long-term debt, net of unamortized discount and debt issuance costs$621,684 $520,697 (1) The fair value of the Amended Term Loan B due October 13, 2030 using level 2 input values was $657.6 million  as of December 31, 2024. (2) The fair value of the Term Loan B due October 13, 2030 using level 2 input values was $554.1 million as of December 31, 2023. Senior Secured Term Loan B:On October 3, 2024, the Company entered into an amendment on its existing Senior Secured Term Loan B (the “Term Loan Amendment”), which provides for, among other things, an additional $105.0 million in new incremental commitments. The Term Loan Amendment refinanced the existing Senior Term Loan B and replaced it with an Amended Senior Secured Term Loan B with total borrowings of $649.5 million. The Amended Senior Secured Term Loan B amortizes in equal quarterly installments of 0.25%, with the remaining balance being payable on October 13, 2030, when the facility matures. As of December 31, 2024 there was $647.9 million outstanding under the Amended Senior Secured Term Loan B.Interest rate Quarterly interest payments accrue on outstanding borrowings under the Amended Senior Secured Term Loan B at a rate equal to Term SOFR (with a floor of 1.00%) plus 3.75%, or base rate plus 2.75%. The