Long-Term Debt and Interest Expense

3 Months Ended

Mar. 31, 2017

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



	March 31, 2017			December 31, 2016
Credit facilities:
Term Loan	$	163,763		$	164,175
Capital leases and other notes	90,494			78,046
Unamortized discounts, premiums, and deferred debt costs	(17,541		)	(19,001		)
Total principal amount of debt instruments, net	236,716			223,220
Less current portion	42,274			38,468
Long-term debt	$	194,442		$	184,752

Debt Discounts

Discounts on debt for the three-month period ended March 31, 2017 represent the unamortized discount to fair value of our Amended and Restated Term Loan Credit Agreement (the "Term Loan Agreement") of $10.8 million, the long-term portion of the fair value discount of capital leases of $5.2 million, and the short-term portion of the discount of capital leases of $1.5 million.

As of March 31, 2017, Basic had no borrowings and $51.6 million of letters of credit outstanding under its Second Amended and Restated ABL Credit Agreement (the "ABL Facility"), giving Basic $23.4 million of available borrowing capacity based on its borrowing base determined as of such date.

Basic’s interest expense consisted of the following (in thousands):



	Three Months Ended March 31,
	2017		2016
	(Successor)		(Predecessor)
Cash payments for interest	$	1,268	$	18,698
Commitment and other fees paid	17		673
Amortization of debt issuance costs and discounts	1,560		2,922
Change in accrued interest	6,242		(1,607		)
Other	22		28
	$	9,109	$	20,714