9. Debt

As of September 30, 2018 and December 31, 2017 the carrying values of debt were as follows:

			September 30, 2018			December 31, 2017
	Issuance date	Maturity date	Amount (in thousands)		Effective Interest Rate	Amount (in thousands)		Effective Interest Rate
Revolving credit facilities, as modified	February 2013	April 2022	$	25,000	5.54% - 6.51%	$	25,000	5.36% - 5.46%
2017 Refinancing Facility Agreement	April 2017	April 2024		296,250	6.20% - 6.81%		298,500	5.66% - 5.84%
Total debt			$	321,250		$	323,500
Less: Unamortized issuance discount and issuance costs, net				4,454			5,179
Less: Current portion of debt, net				103,282			2,032
Long term debt, net			$	213,514		$	316,289

In February 2013, the Company entered into a Credit Agreement (“2013 Credit Facility”) which was subsequently amended at various dates primarily to revise certain financial covenants and ratios, permit certain transactions, increase the facility, or extend the maturity date. As modified, the 2013 Credit Facility comprised a $315 million term loan and $75 million revolving credit facility.

In April 2017, the Company entered into a Refinancing Facility Agreement (“2017 Credit Facility”), comprising a $300 million Term Loan and $75 million revolving credit facility. Upon execution of the 2017 Credit Agreement, the term loan under the 2013 Credit Facility was substantially modified and partially extinguished (and the Company recognized a $0.2 million loss on extinguishment during the three and nine months ended September 30, 2017). Loans under the 2017 Credit Facility accrue interest based upon, at the Company’s option, either at a base interest rate or a reserve adjusted LIBOR rate, in each case plus an applicable margin. The applicable margin for the Term Loan is 3.50% in the case of a base rate loan and 4.50% in the case of a LIBOR loan, and the applicable margin for the revolving loan is 3.00% in the case of a base rate loan and 4.00% in the case of a LIBOR loan. Periodic principal payments on the Term Loan are due quarterly at an amount equal to 0.25% of the aggregate amount of all Term Loans outstanding. The remaining principal amounts on the Term Loan are due on April 13, 2024. The principal amount on the revolving credit facility is due and all revolver commitments terminate on April 13, 2022.

On October 10, 2018, the Company entered into a Refinancing Facility Agreement (see Note 14 for additional discussion).

The Company records debt discounts and issuance costs as a reduction to the current and long-term portions of the debt in the consolidated balance sheets. The Company amortizes these costs using the straight-line method which approximates the effective interest rate method over the life of the loan. The amounts amortized are included in interest expense in the accompanying consolidated statements of operations.

As of September 30, 2018, the Company has $42.2 million of borrowing available under the line of credit portion of the 2017 Credit Facility.

The Company’s obligations under the 2017 Credit Facility are guaranteed by certain of its subsidiaries and secured by liens on substantially all of the assets of the Company and such subsidiaries. The 2017 Credit Facility contains financial, affirmative and negative covenants that, if violated, may require the Company to pay down the loans earlier than the stated maturity dates with higher interest rates. As of September 30, 2018 and December 31, 2017, respectively, the Company was compliant with all of its debt covenant requirements in the 2017 Credit Facility. The Company believes that it will continue to comply with the terms of the loan agreements through the stated maturity dates. However, if the Company’s projections do not materialize, the Company may require additional equity or debt financing. There can be no assurance that additional financing, if required, will be available on terms satisfactory to the Company.

Principal and interest payments are due quarterly. As of September 30, 2018, future minimum payment obligations of principal amounts due under the 2017 Credit Facility by fiscal year were as follows, (in thousands):

Remainder of 2018	$	750
2019		3,000
2020		3,000
2021		3,000
2022		28,000
2023		3,000
Thereafter		280,500
Total principal outstanding	$	321,250