LONG-TERM DEBT

Long-term debt consists of:



	June 30, 2018		December 31, 2017
	(In thousands)
Term Loan due November 1, 2022	$	268,125	$	275,000
Less: current portion of Term Loan	13,750		13,750
Less: unamortized debt issuance costs	2,635		2,938
Total long-term debt, net	$	251,740	$	258,312

See "Note 11—Related Party Transactions with IAC" for a description of related-party long-term debt.

At June 30, 2018 and December 31, 2017, the outstanding balance of the five-year term loan facility ("Term Loan") was $268.1 million and $275.0 million respectively. The Term Loan bears interest at LIBOR plus 2.00%, which is subject to change in future periods based on the Company's consolidated net leverage ratio, and was 4.36% and 3.38% at June 30, 2018 and December 31, 2017 respectively. 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.

The terms of the Term Loan require the Company to maintain a consolidated net leverage ratio of not more than 4.5 to 1.0 and a minimum interest coverage ratio of not less than 2.5 to 1.0 (in each case as defined in the credit agreement). 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.