Company: DXPE
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001020710-25-000092
Chunk: 65

Company: DXP ENTERPRISES INC
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 65
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 November 1, 20291,000 1,000 Total debt647,253 648,876 Less: current maturities(6,595)(6,595)Total long-term debt$640,658 $642,281 Unamortized discount and debt issuance costs19,757 20,597 Long-term debt, net of unamortized discount and debt issuance costs$620,901 $621,684 (1) The fair value of the Amended Term Loan B due October 13, 2030 using level 2 input values was $645.4 million and $657.6 million as of March 31, 2025 and December 31, 2024, respectively.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 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 March 31, 2025 there was $646.3 million outstanding under the Amended Senior Secured Term Loan B.Interest rateThe interest rate for the Amended Senior Secured Term Loan B was 8.07% and 8.32% as of March 31, 2025 and December 31, 2024, respectively.Facility Size IncreasesThe Senior Secured Term Loan B allows for incremental increases in facility size up to an aggregate of $100 million. PrepaymentsWe are required to repay the Senior Secured Term Loan B with the proceeds from certain asset sales, certain debt issuances, and certain insurance proceeds. In addition, on an annual basis, we are required to repay an amount equal to 50% of excess cash flow, as defined in the Senior Secured Term Loan B, reducing to 25% if our Total Leverage Ratio is less than or equal to 3.00 to 1.00. No payment of excess cash flow is required if the Total Leverage Ratio is less than or equal to