Long-term debt

Our long-term debt is summarized below (in thousands):



	Dec. 31,
	2017			2016
Unsecured floating rate term loan due quarterly through August 2018	$	20,500		$	52,100
VIE unsecured floating rate term loans due quarterly through December 2018	646			1,292
Unsecured floating rate term loan due quarterly through June 2020	100,000			140,000
Unsecured floating rate term loan due quarterly through September 2020	225,000			285,000
Borrowings under revolving credit agreement expiring June 2020	—			635,000
Unsecured notes bearing fixed rate interest at 5.125% due October 2019	320,000			600,000
Unsecured notes bearing fixed rate interest at 5.125% due July 2020	600,000			600,000
Unsecured notes bearing fixed rate interest at 4.875% due September 2021	350,000			350,000
Unsecured notes bearing fixed rate interest at 6.375% due October 2023	650,000			650,000
Unsecured notes bearing fixed rate interest at 5.50% due September 2024	325,000			325,000
Unsecured notes bearing fixed rate interest at 7.75% due June 2027	200,000			200,000
Unsecured notes bearing fixed rate interest at 7.25% due September 2027	240,000			240,000
Total principal long-term debt	3,031,146			4,078,392
Debt issuance costs	(20,551		)	(27,615		)
Other (fair market value adjustments and discounts)	(2,902		)	(7,382		)
Total long-term debt	3,007,693			4,043,395
Less current portion of long-term debt maturities of VIE loans	646			646
Long-term debt, net of current portion	$	3,007,047		$	4,042,749

In connection with and prior to the completion of its spin-off, Cars.com borrowed an aggregate principal amount of approximately $675.0 million under a revolving credit facility agreement. The proceeds were used to make a tax-free distribution of $650.0 million from Cars.com to TEGNA. In the second quarter of 2017, TEGNA used $609.9 million of the tax-free distribution proceeds to fully pay down our then-outstanding revolving credit agreement borrowings plus accrued interest.

As a result of the sale of our majority ownership stake in CareerBuilder we received cash proceeds of $198.3 million, net of cash transferred of $36.6 million. Additionally, during the third quarter of 2017 and prior to the closing of the sale, CareerBuilder issued a final cash dividend to its selling shareholders, of which $25.8 million was retained by TEGNA.

On October 16, 2017, we used the net proceeds from the CareerBuilder sale, as well as the remaining cash distribution from Cars.com and other cash on hand to retire $280.0 million of principal of our unsecured notes due in October 2019 on an accelerated basis. We redeemed $280 million of the 5.125% notes due October 2019, by paying 101.281% of the outstanding principal amount in accordance with the original terms.

On August 1, 2017, we amended our Amended and Restated Competitive Advance and Revolving Credit Agreement. Under the amended terms, our maximum total leverage ratio will remain at 5.0x through June 30, 2018, after which, as amended, it will be reduced to 4.75x through June 2019 and then to 4.5x until the expiration date of the credit agreement on June 29, 2020.

On September 26, 2016, we amended the Amended and Restated Competitive Advance and Revolving Credit Agreement to increase the capacity of the facility by $103 million.

Total commitments under the Amended and Restated Competitive Advance and Revolving Credit Agreement are $1.5 billion. As of December 31, 2017, we had unused borrowing capacity of $1.49 billion under our revolving credit facility.

We also have an effective shelf registration statement on Form S-3 on file with the U.S. Securities and Exchange Commission under which an unspecified amount of securities may be issued, subject to a $7.0 billion limit established by the Board of Directors. Proceeds from the sale of such securities may be used for general corporate purposes, including capital expenditures, working capital, securities repurchase programs, repayment of debt and financing of acquisitions. We may also invest borrowed funds that are not required for other purposes in short-term marketable securities.

Our debt maturities may be repaid with cash flow from operating activities, accessing capital markets or a combination of both. The following schedule of annual maturities of the principal amount of total debt assumes we use available capacity under our revolving credit agreement to refinance unsecured floating rate term loans due in 2018 and 2019. Based on this refinancing assumption, all of the obligations other than the VIE unsecured floating rate term loan due prior to 2020 are reflected as maturities for 2020 (in thousands).



2018 ⁽¹⁾	$	646
2019	—
2020 ⁽²⁾	1,265,500
2021	350,000
Thereafter	1,415,000
Total	$	3,031,146

(1) Term debt payments due in 2018 and 2019 are assumed to be repaid with funds from the revolving credit agreement, which matures in 2020. Excluding our ability to repay funds with the revolving credit agreement, contractual debt maturities are $121 million for 2018 and $420 million in 2019.

(2) Assumes current revolving credit agreement borrowings mature in 2020 and credit facility is not extended.