LONG-TERM DEBT

Long-term debt consisted of the following (in thousands):



	December 31, 2019						December 31, 2018
	Carrying Value⁽¹⁾			Fair Value			Carrying Value⁽¹⁾			Fair Value
ABL Revolver	$	—		—			$	—		—
Term Loan B	244,375			244,375			246,875			245,949
Promissory note payable⁽²⁾	—			—			1,841			1,841
Total Debt	244,375			244,375			248,716			247,790
Less: Current maturities	(2,500		)	(2,500		)	(3,407		)	(3,398		)
Total Long-term Debt	$	241,875		$	241,875		$	245,309		$	244,392

⁽¹⁾Carrying value amount do not include unamortized debt issuance costs of $6.5 million and $8.3 million for year ended December 31, 2019 and December 31, 2018 respectively.

⁽²⁾Note payable in monthly installments at 2.9% through January 2021, collateralized by equipment. In August 2019, the Company

made a cash payment of $1.3 million to repay the remaining balance of the outstanding promissory note payable.

August 2017 Credit Agreements

On August 29, 2017, the Company entered into two credit agreements (the "August 2017 Credit Agreements") that provided for an $85.0 million asset-backed revolving line of credit (the "ABL Revolver") and a $250.0 million senior secured term loan B (the "Term Loan B"). Under the ABL Revolver, the Company may request $10.0 million incremental revolving loan commitments in an additional aggregate amount not to exceed $50.0 million, subject to pro forma compliance with certain net secured leverage ratio tests.

The applicable rate for the ABL Revolver is LIBOR plus a margin ranging from 1.25% to 1.75% per annum. The applicable rate for the Term Loan B was LIBOR plus 5.50% subject to a LIBOR floor of 1.00%. The maturity date of the ABL Revolver is August 29, 2022 and the maturity date of the Term Loan B is August 29, 2023.

On June 25, 2018, the Company entered into Amendment No. 1 (the "Repricing Amendment") to the Senior Secured Term Loan B Agreement. The Repricing Amendment, among other things, reduced the applicable rate for the term loans to LIBOR plus 4.75% (subject to a LIBOR floor of 1.00%) from LIBOR plus 5.50% for the Eurodollar Rate Loans and reduced the base rate plus a margin of 3.75% for the Base Rate Loans from 4.50%. The Repricing Amendment also included a "soft call" prepayment penalty of 1.0% for a period of six months commencing with the date of the Repricing Amendment for certain prepayments, refinancing, and amendments.

The Company accounted for the Repricing Amendment as a modification of debt. Approximately, $60,000 of prior deferred debt issuance costs were accelerated and recorded as additional interest expense in the consolidated statements of operations and comprehensive income, attributable to prior syndicate lenders who reduced or eliminated their positions during the amendment process. The Company also incurred $0.9 million of third party fees in connection with the Repricing Amendment, which was also recorded as additional interest expense in the consolidated statements of operations and comprehensive income.

As of December 31, 2019, the Company had no amount outstanding under the ABL Revolver and had $81.6 million of borrowing capacity, including the impact of letters of credit.

Debt Issuance Cost Amortization

Fees paid to DXP’s lenders to secure a firm commitment on our term loan and revolving line of credit are presented as a direct deduction from the carrying amount of the debt liability. For the term loan, fees paid by DXP are amortized over the life of the loan as additional interest. Fees paid to secure a firm commitment from our lender on our revolving line of credit are amortized over the term of the arrangement. The total unamortized debt issuance costs reported on the consolidated balance sheets as of December 31, 2019 and 2018 was $6.5 million and $8.3 million, respectively. In connection with the repricing amendment of the Term Loan B and extinguishment of the previously existing credit facility we recorded a $0.1 million and $0.6 million write-off of debt issuance costs, which was included in interest expense during 2018 and 2017.

Interest on Borrowings

The interest rates on our borrowings outstanding at December 31, 2019 and 2018, including the amortization of debt issuance costs, were as follows:



	December 31,
	2019		2018
ABL Revolver	3.5	%	4.0	%
Term Loan B	6.5	%	7.3	%
Promissory Note	—	%	2.9	%
Weighted average interest rate	6.5	%	7.2	%

The Company was in compliance with all financial covenants under the August 2017 Credit Agreements as of December 31, 2019.