The following table summarizes the Company’s long-term debt and finance lease obligations:

(1)	Represents the effective interest rate in effect for all borrowings outstanding as of the year ended December 31, 2021 pursuant to each debt instrument including the applicable margin.

(2)	At December 31, 2021 and 2020 includes $5.8 million and $6.1 million of net unamortized discounts, respectively.

(3)	At December 31, 2021 and 2020 debt issuance costs include $4.1 million and $4.4 million related to Term B Loans and $1.4 million and $1.2 million related to the Revolving Credit Facility, respectively.

Refinancing of the Term B Loans and Revolving Credit Facility

On December 20, 2021, the Company entered into a new secured credit agreement with Morgan Stanley Senior Funding, Inc., as administrative agent, collateral agent and issuing bank (the “Credit Agreement”). The Credit Agreement consists of (i) a new Term Loan B in an aggregate principal amount of $730.0 million and (ii) a $250.0 million revolving credit commitment. The Term Loan B matures in December 2028 and bears interest at a rate equal to the Secured Overnight Financing Rate (“SOFR”) plus 3.00%, subject to a 50 basis point floor, and the revolving credit commitment bears interest at a rate equal to SOFR plus 2.75%, subject to a 50 basis point commitment fee rate for unused commitments, and matures in December 2026. The Senior Secured Term B loans and Revolving Credit Facility are secured on a first-priority basis by a lien on substantially all of the Company’s assets, subject to certain exceptions and permitted liens.

The Credit Agreement contains certain (a) restrictive covenants, including, but not limited to, restrictions on the entry into burdensome agreements, the prohibition of the incurrence of certain indebtedness secured by liens, restrictions on the ability to make certain payments and to enter into certain merger, consolidation, asset sale and affiliate transactions, and (b) financial maintenance covenants, including, but not limited to, a maximum leverage ratio, a minimum fixed charge ratio and a maximum secured indebtedness ratio. The Credit Agreement also contains representations and warranties, affirmative covenants and events of default customary for an agreement of its type.

The Credit Agreement allows for the issuance of letters of credit. The aggregate amount of undrawn letters of credit cannot exceed $20.0 million and are used in the ordinary course of business and released when the respective contractual obligations have been fulfilled by the Company. The outstanding amount of cash collateralized letters of credit was $5.3 million as of December 31, 2021.

On the date of re-financing, the Company repaid the unpaid principal balance of its Term B loans under the previous eighth amendment (“Eighth Amendment”) to its previous credit agreement dated July 17, 2017, with JPMorgan Chase Bank, N.A., as the administrative agent and revolver agent. Under the Eighth Amendment, (i) the previous Term B loans matured on August 19, 2023 and bore interest, at the Company’s option, at a rate equal to ABR plus 2.25% or LIBOR plus 3.25%, and (ii) the borrowings under the revolving credit facility matured on May 31, 2022 and bore interest, at the Company's option, at a rate equal to ABR plus 2.00% or LIBOR plus 3.00%.

As a result of the re-financing, the Company recorded a $3.2 million loss on early extinguishment of debt related to the write-off of unamortized debt issuance and third-party costs. As of December 31, 2021, the Company was in compliance with all debt covenants.

Amortization of debt issuance costs and debt discount, all of which are included in interest expense in the accompanying consolidated statements of operations, for the years ended December 31, 2021, 2020 and 2019 are as follows:


	December 31,
	2021		2020		2019

	(in millions)
Amortization of deferred issuance costs	$	2.4	$	2.4	$	2.4
Amortization of debt discount		2.3		2.3		2.3

Principal maturities of our long-term debt, excluding finance lease obligations, as of December 31, 2021 are as follows:


	Long-term Debt
	(in millions)
2022	$	7.3
2023		7.3
2024		7.3
2025		7.3
2026		7.3
Thereafter		693.5
	$	730.0