Long-term Debt

6 Months Ended

Jun. 30, 2020

13. Long-term Debt:

The summary of long-term debt is as follows:


	June 30, 2020		December 31, 2019
Term Loan Facility	$	947,497	$	947,497
6.75% Senior Secured Notes due 2022	625,000		625,000
5.75% Senior Unsecured Notes due 2025	295,000		295,000
ABL Facility	—		—
Other	65,484		64,629
Total debt	1,932,981		1,932,126
Original issue discount	(14,448)		(13,434)
Deferred financing costs	(10,988)		(11,730)
Total debt, net of original issue discount and deferred financing costs	1,907,545		1,906,962
Less: current portion	(8,602)		(7,766)
Total long-term debt, excluding current portion	$	1,898,943	$	1,899,196

The fair value of a financial instrument is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. As of June 30, 2020 and December 31, 2019, the fair value of the term loan facility and senior secured and unsecured notes was $1,841,160 and $1,905,822, respectively. The fair value is classified as Level 2 based upon the fair value hierarchy (see Note 4 to these condensed consolidated financial statements for further information on fair value measurements).

In July 2020, the Company entered into an agreement for a new senior secured term loan facility in an aggregate principal amount of $650,000 with an original issue discount of 1.5% and interest at a floating rate of LIBOR (with a 1.0% minimum LIBOR floor) plus 3.0% per annum. The proceeds were used to redeem its existing $625,000 of 6.75% Senior Secured Notes due 2022 and pay the associated early redemption premiums.