Long-Term Debt

3 Months Ended

Mar. 31, 2021

Long-term debt, net, consisted of the following:


(In thousands)	March 31, 2021		December 31, 2020
Term Loan	$	772,000	$	772,000
2026 Unsecured Notes	375,000		375,000
Finance lease liabilities	8,337		9,182
Notes payable	2,424		4,373
Total long-term debt and finance leases	1,157,761		1,160,555
Unamortized discount	(14,727)		(15,570)
Unamortized debt issuance costs	(6,560)		(6,873)
Total long-term debt and finance leases after debt issuance costs and discount	1,136,474		1,138,112
Current portion of long-term debt and finance leases	(11,450)		(11,142)
Long-term debt, net and finance leases	$	1,125,024	$	1,126,970

Senior Secured Credit Facility

In October 2017, the Company entered into a senior secured credit facility consisting of a $900 million senior secured first lien credit facility (consisting of an $800 million term loan (the “Term Loan”) and a $100 million Revolving Credit Facility) with JPMorgan Chase Bank, N.A. (as administrative agent and collateral agent), the lenders party thereto and the other entities party thereto (the “Credit Facility”). The Revolving Credit Facility was subsequently increased from $100 million to $200 million in 2018 increasing the total Credit Facility capacity to $1.0 billion.

As of March 31, 2021, the Company had $772 million in principal amount of outstanding Term Loan borrowings under its Credit Facility, no outstanding letters of credit and no borrowings under the Revolving Credit Facility, such that full borrowing availability of $200 million under the Revolving Credit Facility was available to the Company for re-borrowing.

The Revolving Credit Facility matures on October 20, 2022, and the Term Loan matures on October 20, 2024. The Term Loan is repayable in 27 quarterly installments of $2 million each, which commenced in March 2018, followed by a final installment of $746 million at maturity.

The Company was in compliance with its financial and other covenants under the Credit Facility as of March 31, 2021.

Senior Unsecured Notes

On April 15, 2019, the Company issued $375 million in principal amount of 7.625% Senior Notes due 2026 (“2026 Unsecured Notes”) in a private placement to institutional buyers at face value. The 2026 Unsecured Notes bear interest at 7.625%, payable semi-annually on April 15th and October 15th of each year.

For the three months ended March 31, 2021, the weighted-average effective interest rate on the Company’s outstanding borrowings under the Credit Facility was approximately 3.75% and under the Credit Facility and the 2026 Unsecured Notes (collectively) was approximately 5.02%.