Long-term debt, net of debt issuance costs, consisted of the following at December 31:



	2020		2019
	(in thousands)
Total debt obligations	$	-	$	63,000
Less: current portion		-		-
Debt obligations, net of current portion	$	-	$	63,000

On September 18, 2018, Holdings and its operating subsidiary, The Tile Shop, entered into a credit agreement with Bank of America, N.A., Fifth Third Bank and Citizens Bank (the “Credit Agreement”). The Credit Agreement provides the Company with a senior credit facility consisting of a $100.0 million revolving line of credit through September 18, 2023. Borrowings pursuant to the Credit Agreement initially bear interest at a LIBOR or base rate. The LIBOR-based rate ranges from LIBOR plus 1.50% to 2.25% depending on the Company’s rent adjusted leverage ratio. The base rate is equal to the greatest of (a) the Federal funds rate plus 0.50%, (b) the Bank of America “prime rate,” and (c) the Eurodollar rate plus 1.00%, in each case plus 0.50% to 1.25% depending on the Company’s rent adjusted leverage ratio. At December 31, 2020, the LIBOR-based interest rate was 1.90% and the base rate was 4.00%.

The Credit Agreement is secured by virtually all of the assets of the Company, including but not limited to, inventory, receivables, equipment and real property. The Credit Agreement contains customary events of default, conditions to borrowings, and restrictive covenants, including restrictions on the Company’s ability to dispose of assets, make acquisitions, incur additional debt, incur liens, or make investments. The Credit Agreement also includes financial and other covenants, including covenants to maintain certain fixed charge coverage ratios and consolidated total rent adjusted leverage ratios. The Company was in compliance with the covenants as of December 31, 2020.

The Company did not have any borrowings outstanding on the revolving line of credit as of December 31, 2020. The Company has standby letters of credit outstanding related to its workers’ compensation and medical insurance policies. As of December 31, 2020 and 2019, the standby letters of credit totaled $2.4 million and $1.3 million, respectively. There was $97.6 million available for borrowing on the revolving line of credit as of December 31, 2020, which may be used to support the Company’s growth and for working capital purposes.