On March 3, 2020, the Company entered into the First Amendment (the “First Amendment”) to the Fifth Amended and Restated Business Loan and Security Agreement with a group of ten commercial banks (the “Credit Facility”). The First Amendment amended the Fifth Amended and Restated Business Loan and Security Agreement, entered into on May 17, 2017, to, among other things, (i) add a new term loan facility in the original principal amount of $200.0 million; (ii) increase the swing line commitment amount by $25.0 million to $75.0 million; (iii) extend the maturity date; and (iv) modify certain definitions and certain covenants. As a result, the Credit Facility now consists of (i) a term loan facility of $200.0 million; (ii) a revolving line of credit of up to $600.0 million with additional revolving credit commitments of up to $300.0 million, subject to lenders’ approval (the “Accordion”); and (iii) a sub-limit of $75.0 million for swing line loans. The Credit Facility matures on March 3, 2025.

The Company has the option to borrow funds under the Credit Facility at interest rates based on both LIBOR (1, 3, or 6-month rates) and the Base Rate (as defined herein), at its discretion, plus their applicable margins. Base Rates are fluctuating per annum rates of interest equal to the highest of (i) the Overnight Bank Funding Rate, plus 0.5%, (ii) the Prime Rate (as defined under the Credit Facility), and (iii) the daily LIBOR rate, plus a LIBOR margin of between 1.00% and 2.00% based on our Leverage Ratio (as defined under the Credit Facility. On December 31, 2020, our LIBOR based borrowing rate was 1.89%, including a LIBOR margin of 1.75%. The interest accrued based on LIBOR rates is to be paid on the last business day of the interest period (1, 3, or 6 months), while interest accrued based on the Base Rates is to be paid in quarterly installments. The Credit Facility provides for letters of credit aggregating up to $60.0 million which reduce the funds available under the Credit Facility when issued. The unused portion of the Credit Facility was subject to a commitment fee of between 0.13% and 0.25% per annum. Based on our Leverage Ratio that amount was 0.20% per annum at December 31, 2020 and 0.15% per annum at December 31, 2019.

The Credit Facility is collateralized by substantially all of the assets of the Company and requires that the Company remain in compliance with certain financial and non-financial covenants. The financial covenants require, among other things, that the Company maintain at all times an Interest Coverage Ratio (as defined under the Credit Facility) of not less than 3.00 to 1.00 and a Leverage Ratio of not more than 4.00 to 1.00 (subject to a step-up to 4.25 to 1.0 for a four quarter period following permitted acquisitions as defined under the Credit Facility) for each fiscal quarter. As of December 31, 2020, the Company had elected to step up its leverage ratio covenant and was in compliance with its covenants under the Credit Facility. The Credit Facility also has a conforming dividend covenant that allows the Company to pay dividends as long as we remain compliant within our covenants.

As of December 31, 2020, the available borrowing capacity under the Credit Facility (excluding the accordion) was $474.0 million. Taking into account the financial and performance-based limitations, the available borrowing capacity (excluding the accordion) was $276.1 million as of December 31, 2020.

	December 31, 2020				December 31, 2019
	Average Interest Rate	Outstanding Balance			Average Interest Rate	Outstanding Balance
Term Loan		$	192,500			$	—
Revolving Credit			123,281				165,444
Total before debt issuance costs	2.35%		315,781		3.59%		165,444
Unamortized debt issuance costs			(2,567	)			(1,183	)
		$	313,214			$	164,261

Current portion of long-term debt		$	10,000			$	—
Long-term debt - non-current			303,214				164,261
		$	313,214			$	164,261

Payments due by	Term Loan		Revolving Credit		Total
December 31, 2021	$	10,000	$	—	$	10,000
December 31, 2022		10,000		—		10,000
December 31, 2023		13,750		—		13,750
December 31, 2024		15,000		—		15,000
December 31, 2025		143,750		123,281		267,031
Thereafter		—				—
Total	$	192,500	$	123,281	$	315,781

The Company’s debt issuance costs are amortized over the term of indebtedness. The balance of net debt issuance costs at December 31, 2020 and 2019 are as follows:

	2020			2019
Amortizable debt issuance costs	$	8,751		$	6,921
Accumulated amortization		(6,184	)		(5,738	)
Net debt issuance costs	$	2,567		$	1,183

Amortization of debt issuance costs totaling $0.7 million, $0.5 million, and $0.5 million was recorded for each of the years ended December 31, 2020, 2019, and 2018, respectively, and was included as part of interest expense.

At December 31, 2020 and 2019, the Company had ten and nine outstanding letters of credit totaling approximately $2.7 million and $3.0 million, respectively. These letters of credit are renewed annually.