Quarterly report pursuant to Section 13 or 15(d)

Debt Obligations

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Debt Obligations
3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
Debt Obligations DEBT OBLIGATIONS:
Quanta’s long-term debt obligations consisted of the following (in thousands):
March 31, 2022 December 31, 2021
0.950% Senior Notes due October 2024
$ 500,000  $ 500,000 
2.900% Senior Notes due October 2030
1,000,000  1,000,000 
2.350% Senior Notes due January 2032
500,000  500,000 
3.050% Senior Notes due October 2041
500,000  500,000 
Borrowings under senior credit facility 1,272,879  1,199,841 
Other long-term debt 86,421  64,800 
Finance leases 3,341  2,546 
Unamortized discount and debt issuance costs related to senior notes and term loan (28,365) (29,295)
Total long-term debt obligations 3,834,276  3,737,892 
Less — Current maturities of long-term debt 21,865  13,418 
Total long-term debt obligations, net of current maturities $ 3,812,411  $ 3,724,474 
Quanta’s current maturities of long-term debt and short-term debt consisted of the following (in thousands):
March 31, 2022 December 31, 2021
Short-term debt $ —  $ 15,748 
Current maturities of long-term debt 21,865  13,418 
Current maturities of long-term debt and short-term debt $ 21,865  $ 29,166 
Senior Notes
The interest amounts due on Quanta’s senior notes are set forth below (dollars in thousands).
Title of the Notes Interest Amount Payment Dates Commencement Date
0.950% Senior Notes due October 2024
$ 2,375  April 1 and October 1 April 1, 2022
2.900% Senior Notes due October 2030
$ 14,500  April 1 and October 1 April 1, 2021
2.350% Senior Notes due January 2032
$ 5,875  January 15 and July 15 July 15, 2022
3.050% Senior Notes due October 2041
$ 7,625  April 1 and October 1 April 1, 2022
Senior Credit Facility
The credit agreement for Quanta’s senior credit facility (the credit agreement) provides for a $750.0 million term loan facility and aggregate revolving commitments of $2.64 billion, with a maturity date of October 8, 2026. Borrowings under the senior credit facility and the applicable interest rates were as follows (dollars in thousands):
Three Months Ended
March 31,
2022 2021
Maximum amount outstanding under the senior credit facility during the period $ 1,451,597  $ 363,054 
Average daily amount outstanding under the senior credit facility $ 1,256,150  $ 214,389 
Weighted-average interest rate of the senior credit facility 1.71  % 2.18  %
The credit agreement contains certain covenants, including, as of the end of any fiscal quarter of Quanta, (i) a maximum Consolidated Leverage Ratio (as defined in the credit agreement) of 3.5 to 1.0 (except that in connection with certain permitted acquisitions in excess of $200.0 million, such ratio is 4.0 to 1.0 for the fiscal quarter in which the acquisition is completed and the four subsequent fiscal quarters) and (ii) a minimum Consolidated Interest Coverage Ratio (as defined in the credit agreement) of 3.0 to 1.0. As of March 31, 2022, Quanta was in compliance with all of the financial covenants under the credit agreement.
Term Loans. As of March 31, 2022, Quanta had $750.0 million outstanding under its term loan facility. Quanta is required to make quarterly principal payments on the first business day of each January, April, July and October, beginning in January 2023, on outstanding borrowings under the term loan facility in an amount equal to $4.7 million per quarter in 2023 and 2024, $9.4 million per quarter in 2025 and $18.8 million per quarter in 2026. The aggregate remaining principal amount outstanding for the new term loan facility must be paid on the maturity date of the senior credit facility.
Revolving Loans. As of March 31, 2022, Quanta had $522.9 million of outstanding revolving loans under the senior credit facility. Of the total outstanding borrowings, $135.0 million were denominated in U.S. dollars, $343.0 million were denominated in Canadian dollars and $44.9 million were denominated in Australian dollars. As of March 31, 2022, Quanta also had $324.1 million of letters of credit issued under the senior credit facility, of which $241.3 million were denominated in U.S. dollars and $82.8 million were denominated in currencies other than the U.S. dollar, primarily Canadian dollars. As of March 31, 2022, subject to the applicable sublimits and other terms and conditions, the remaining $1.79 billion of available commitments under the senior credit facility was available for loans or issuing new letters of credit in U.S. dollars and certain alternative currencies.
Deferred Financing Costs. As of March 31, 2022 and December 31, 2021, capitalized deferred financing costs, net of accumulated amortization, related to Quanta’s revolving loans under its senior credit facility were $9.5 million and $10.1 million.