The company had approximately $58 million in letters of credit outstanding under the 2023 amended ABL credit agreement and amended ABL credit agreements as of both June 30, 2023 and December 31, 2022. As noted above, the company repaid in full the amounts outstanding under its existing ABL credit agreement. Upon the termination of the 2023 amended ABL credit agreements, the letters of credit totaling $58 million were transferred to the letter of credit facility. The lender security interest in any of the companies or its subsidiaries assets or properties securing the existing ABL credit agreement was released. The company had approximately $31 million and $43 million of letters of credit outstanding under the L/C facility agreement as of September 30, 2023, and December 31, 2022, respectively.
The letters of credit under the 2023 L/C facility agreement are collateralized by cash collateral. L/C cash collateral was $32 million and $44 million at September 30, 2023 and December 31, 2022, respectively, which was classified as restricted cash on the company’s statement of financial position. On June 30, 2023, the company and the subsidiary guarantors entered into an amendment to the 2023 amended L/C facility agreement. The June 2023 L/C facility agreement became effective on July 21, 2023. Under the terms and conditions of the June 2023 L/C facility agreement, the L/C lender committed to issue additional letters of credit on the company’s behalf he in an aggregate amount of up to $50 million to an aggregate principal amount of commitments of up to $100 million until August 30, 2023, upon which the aggregate L/C facility commitments reduced to $50 million, provided that, at all times, the company posted cash collateral in an amount greater than or equal to 104% of the aggregate amount of letters of credit issued and outstanding at any given time.
With the funding from the net proceeds from the term loans, the balance on deposit in the L/C cash collateral account was increased by an additional $59 million to a total of $102 million, and with the termination of the ABL credit agreement, commitments increased to $99 million. The commitments under the L/C facility included letters of credit of $68 million to ensure payment of the company’s undiscounted actuarial workers’ compensation obligation with the New York State Workers’ Compensation Board. In August of 2023, the company used $68 million of the fund in the L/C cash collateral account, cash collateralized its undiscounted actuarial workers’ compensation obligations with the New York State Workers’ Comp Board, which decreased commitments to $31 million and the balance on deposit in the L/C cash collateral account to $32 million.
L/C facility agreements does not include a minimum liquidity or financial maintenance covenants. We are pleased with the completion of these transactions to proactively solidify our capital structure and replace our ABL facility. These arrangements provide for an extended term of the term loan and L/C facility contingent on our ability to convert, redeem or extend the existing Series B and C preferred stock as their current maturities of May 26, 2026. I will now share further details on the full company results, operational EBITDA and cash flow for the third quarter and 9 months ending September 30, 2023. On Slide 7, for the third quarter of 2023, we reported revenues of $269 million compared to $289 million in the prior year quarter, a decline of $20 million or 7%.
On a constant currency basis, revenue declined by $26 million or 9% compared to the prior year quarter. As Jim mentioned, pricing rationalization, cost reduction and customer-focused initiatives continue to be a priority for the company, and we continue to recognize significant improvements in profitability as a result of the collective impact of these initiatives in the face of difficult global economic environment. Gross profit increased by $7 million or 16% when compared to the prior year quarter. Excluding the favorable impact of foreign exchange, gross profit improved $5 million or 12% when compared to the prior year quarter. Our gross profit percentage was 19% in Q3 2023 compared to 15% in the prior year quarter. This improvement is a result of the actions our team has taken to mitigate the effects of the global economy, to make our operations more efficient and to realize the value of our offerings.
