LONG-TERM DEBT

Long-term debt consists of:



	December 31,
	2017		2016
	(In thousands)
Term Loan due November 1, 2022	$	275,000	$	—
Less: current portion of Term Loan	13,750		—
Less: unamortized debt issuance costs	2,938		—
Total long-term debt, net	$	258,312	$	—

See "Note 15—Related Party Transactions" for a description of related-party long-term debt.

Term Loan

On November 1, 2017, the Company borrowed $275 million under a five-year term loan facility ("Term Loan"). The Term Loan currently bears interest at LIBOR plus 2.00%, or 3.38% at December 31, 2017, which is subject to change based on the Company's consolidated net leverage ratio. Interest payments are due at least quarterly through the term of the loan and quarterly principal payments of 1.25% of the original principal amount in the first three years, 2.5% in the fourth year and 3.75% in the fifth year are required. A portion of the proceeds from the Term Loan were used to repay the Intercompany Notes outstanding to IAC and its subsidiaries on November 1, 2017, see "Note 15—Related Party Transactions" for additional information, and the remaining proceeds will be used for general corporate purposes.

There are additional covenants under the Term Loan that limit the ability of the Company and its subsidiaries to, among other things, incur indebtedness, pay dividends or make distributions. The Term Loan is guaranteed by the Company's wholly-owned material domestic subsidiaries and is secured by substantially all assets of the Company and the guarantors, subject to certain exceptions.

Long-term debt maturities:



Years Ending December 31,	(In thousands)
2018	$	13,750
2019	13,750
2020	13,750
2021	27,500
2022	206,250
Total	275,000
Less: current portion of Term Loan	13,750
Less: unamortized debt issuance costs	2,938
Total long-term debt, net	$	258,312