Debt and Credit Facilities

Debt consisted of the following:



	March 31, 2019		December 31, 2018
Term loan and security agreement (a)	$	158,801	$	163,758

(a) Presented in the Condensed Consolidated Balance Sheets as of March 31, 2019 as current portion of long-term debt of $3.2 million, net of deferred financing costs and original issue discount each of $0.6 million; and long-term debt of $155.6 million, net of deferred financing costs and original issue discount of $1.5 million and $1.7 million, respectively.

Term Loan and Security Agreement

On April 12, 2017, the Company entered into a $175.0 million senior secured Term Loan and Security Agreement (the “TLS Agreement”) maturing on April 12, 2023, the terms of which are described in footnote 7 in our 2018 Form 10-K. The unamortized deferred financing fees of $2.1 million and original issue discount of $2.3 million are netted against the aggregate book value of the outstanding debt resulting in a balance of $158.8 million as of March 31, 2019 and are being amortized over the remaining life of the agreement.

The TLS Agreement contains customary restrictive, financial maintenance and reporting covenants that are described in footnote 7 in our 2018 Form 10-K. We were in compliance with the covenants as of March 31, 2019.

Revolving Credit Facility

On April 12, 2017, the Company entered into the Third Amended and Restated Loan and Security Agreement (the "Third ARLS Agreement") maturing on April 12, 2022, the terms of which are described in footnote 7 in our 2018 Form 10-K.

The applicable margin, which is set at Level III as of March 31, 2019, is based on average daily availability under the revolving credit facility as follows:



Level	Average Daily Availability	Base Rate Loans		LIBOR Revolver Loans
III	≥ $24,000,000	0.50	%	1.50	%
II	> $12,000,000 but < $24,000,000	0.75	%	1.75	%
I	≤ $12,000,000	1.00	%	2.00	%

At March 31, 2019 we had no borrowings under the revolving credit facility and the outstanding letters of credit were $1.6 million and we had availability of $63.4 million. The unamortized deferred financing fees associated with our revolving credit facility of $0.8 million and $0.7 million as of March 31, 2019 and December 31, 2018, respectively, are being amortized over the remaining life of the agreement. At December 31, 2018 we did not have borrowings under the revolving credit facility and had outstanding letters of credit $1.7 million.

The Third ARLS Agreement contains customary restrictive, financial maintenance and reporting covenants that are described in footnote 7 in our 2018 Form 10-K. Since the Company had borrowing availability in excess of the greater of (i) $5,000,000 or (ii) ten percent (10%) of the revolving commitments from December 31, 2018 through March 31, 2019 the Company was not required to comply with the minimum fixed charge coverage ratio covenant during the quarter ended March 31, 2019. The Company was in compliance with all applicable covenants as of March 31, 2019.