Long-Term Debt

3 Months Ended

Mar. 31, 2019

Total debt consisted of the following:



(in thousands)	March 31, 2019		December 31, 2018
Term loan A-1	$	278,561	$	287,699
Term loan A-2	486,787		497,537
	765,348		785,236
Less: unamortized loan fees	14,085		14,994
Total debt, net of unamortized loan fees	$	751,263	$	770,242

Current maturities of long-term debt, net of current unamortized loan fees	$	24,293	$	20,618
Long-term debt, less current maturities, net of unamortized loan fees	$	726,970	$	749,624

As of March 31, 2019, the Company's indebtedness totaled approximately $751.3 million, net of unamortized loan fees of $14.1 million, with an annualized overall weighted average interest rate of approximately 3.78%. As of March 31, 2019, the Term Loan A-1 bears interest at one-month London Interbank Offered Rate ("LIBOR") plus a margin of 1.75%, while the Term Loan A-2 bears interest at one-month LIBOR plus a margin of 2.00%. LIBOR resets monthly.

The amended Term Loan A-1 requires quarterly principal repayments of $3.6 million, which began on December 31, 2018 and continue through September 30, 2019, increasing to $7.3 million quarterly from December 31, 2019 through September 30, 2022; then increasing to $10.9 million quarterly from December 31, 2022 through September 30, 2023, with the remaining balance due November 8, 2023. The amended Term Loan A-2 requires quarterly principal repayments of $1.2 million which began on December 31, 2018 and continue through September 30, 2025, with the remaining balance due November 8, 2025. In addition to its required quarterly repayments, the Company paid an additional $15.0 million in the first quarter of 2019 with no prepayment penalties.

The Company paid cash for interest, net of amounts capitalized, of $7.2 million and $8.5 million during the three months ended March 31, 2019 and 2018, respectively.

As shown below, as of March 31, 2019, the Company was in compliance with the covenants in its credit agreement.

Covenant Requirement

Total leverage ratio

3.50 or Lower

Debt service coverage ratio

2.00 or Higher

Minimum liquidity balance (in millions)

$25.0 or Higher