Long-term Debt

Our Long-term Debt consisted of the following:



(in thousands)	September 30, 2018			December 31, 2017
Credit Facility due November 5, 2020	$	67,917		48,541
Capital lease obligations	1,289			1,270
	69,206			49,811
Less: current portion	(575		)	(533		)
Long-term debt	$	68,631		$	49,278

Credit Facility

Our Credit Facility existing at September 30, 2018, with a maturity date of November 5, 2020, provided for aggregate commitments of $85.0 million (the “Existing Credit Facility”). We had $67.9 million in outstanding borrowings and $17.1 million of remaining availability under the Existing Credit Facility at September 30, 2018. On October 1, 2018, in connection with our entry into the New Term Loan Credit Agreement and New ABL Credit Facility (see Note 1 "Nature of Operations and Recent Events - Merger with Sidewinder Drilling LLC" for further details), we repaid all outstanding borrowings and obligations under the Existing Credit Facility and terminated it.

Borrowings under the Existing Credit Facility were subject to a borrowing base formula that allowed for borrowings of up to 85% of eligible trade accounts receivable not more than 90 days outstanding, plus up to a certain percentage, the “advance rate”, of the appraised forced liquidation value of our eligible, completed and owned drilling rigs. As of September 30, 2018, the advance rate was 70%.

The obligations under the Credit Facility are secured by all of our assets and are unconditionally guaranteed by all of our current and future direct and indirect subsidiaries.

At our election, interest under the Existing Credit Facility was determined by reference, at our option, to either (i) the London Interbank Offered Rate (“LIBOR”), plus 4.5% or (ii) a “base rate” equal to the higher of the prime rate published by JP Morgan Chase Bank or three-month LIBOR plus 1%, plus in each case, 3.5%, the federal funds effective rate plus 0.05%. We also paid, on a quarterly basis, a commitment fee of 0.50% per annum on the unused portion of the Credit Facility commitment. As of September 30, 2018, the weighted average interest rate on our borrowings was 6.99%.

Capital Lease Obligations

Our capital lease obligations all relate to vehicles that are leased to support our operations. These leases generally have initial terms of 36 months and are paid monthly.