Company: ARRY
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001820721-25-000060
Chunk: 76

Company: Array Technologies, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 8
Chunk 76
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 expense of $0.4 million related to equity-based compensation recorded discretely.As of March 31, 2025 and 2024, the balance of reserves for uncertain tax positions was $0.7 million and zero, respectively.

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7.    Debt 

The following table summarizes the Company’s total debt (in thousands):March 31, 2025December 31, 2024Senior Secured Credit Facility:Term loan facility$232,800 $233,875 Revolving credit facility— — Total secured credit facility232,800 233,875 Convertible notes425,000 425,000 Other debt35,527 34,042 Total principal693,327 692,917 Unamortized discount and issuance costs, total(14,335)(15,633)Current portion of debt(34,472)(30,714)Total long-term debt, net of current portion$644,520 $646,570 Senior Secured Credit FacilityOn October 14, 2020, the Company entered into a credit agreement (as amended, the “Credit Agreement”) governing the Company’s senior secured credit facility, consisting of (i) a $575 million senior secured 7-year term loan facility (the “Term Loan Facility”) and (ii) a $200 million senior secured 5-year revolving credit facility (the “Revolving Credit Facility” and, together with the Term Loan Facility, the “Senior Secured Credit Facility”). The Credit Agreement was amended on February 23, 2021, on February 26, 2021 and again on March 2, 2023 (the “Third Amendment”).On May 1, 2025, Array Tech, Inc. and ATI Investment Sub, Inc., both wholly owned subsidiaries of the Company, entered into an amendment (the “Fourth Amendment”) to the Credit Agreement. The Fourth Amendment, among other things, (i) refinanced the Revolving Credit Facility with new revolving commitments and loans thereunder and (ii) revised the Consolidated First Lien Secured Leverage Ratio as applicable under Section 7.09 (Financial Covenant) of the Credit Agreement from 7.10:1.00 to 5.50:1.00. As amended by the Fourth Amendment, the Revolving Credit Facility has total commitments of $166 million   and a maturity date of October 14, 2028; provided that if on July 15,