Debt and Credit Agreements

6 Months Ended

Jun. 30, 2019

During June 2019, the Company completed a private placement of $500.0 million principal amount of senior unsecured notes (the "Notes"). The Notes are due July 31, 2027 and bear interest at a fixed rate of 5.75%, which is payable on January 31 and July 31 of each year, beginning on January 31, 2020. The Notes are fully and unconditionally guaranteed, jointly and severally, by all of the wholly owned domestic subsidiaries of the Company that guarantee the Senior Secured Credit Facility. The indenture governing the Notes contains provisions that (i) allow the Company to redeem some or all of the Notes prior to maturity; (ii) require the Company to offer to repurchase all of the Notes upon a change in control; and (iii) require adherence to certain covenants which are generally less restrictive than those included in the Company's Senior Secured Credit Facility. The Notes were used, together with borrowings under the Company's Revolving Credit Facility, to fund the acquisition of Clean Earth. See Note 3, Acquisitions and Dispositions, for additional information.

Additionally, during June 2019, the Company amended the existing Senior Secured Credit Facility to, among other things, increase the borrowing capacity of the Revolving Credit Facility by $200 million to a total of $700 million, extend the maturity date of the Revolving Credit Facility until June 2024 and increase the maximum net debt to consolidated adjusted earnings before interest, tax, depreciation and amortization ratio from 3.5 to 4.0. During the second quarter of 2019, $0.7 million of expenses were recognized related to the amended Senior Secured Credit Facility.

The Company has capitalized approximately $11 million of fees related to the issuance of the Notes and the amendment of the Revolving Credit Facility, of which $9.5 million was paid as of June 30, 2019.

In addition, during the second quarter of 2019, the Company recognized $6.7 million of expenses for fees and other costs related to bridge financing commitments that the Company arranged in the event that the Notes were not issued prior to the acquisition of Clean Earth. Because the Notes were issued prior to completion of the Clean Earth acquisition, the bridge financing commitments were not utilized.

In July 2019, the Company made a required prepayment of $320.9 million on the $550 million Term Loan Facility, using proceeds from the sale of AXC. As a result of this prepayment, the Company expects to write off approximately $5 million of previously recorded deferred financing costs during July 2019. The prepayment was used to satisfy the remaining quarterly principal payment requirements under the Term Loan Facility and further reduce amounts outstanding.

Long-term debt consists of the following:



(In thousands)	June 30 2019			December 31 2018
Senior Secured Credit Facilities:
Term Loan Facility	$	539,065		$	541,788
Revolving Credit Facility	302,000			62,000
5.75% Notes, due 2027	500,000			—
Other financing payable (including finance leases) in varying amounts due principally through 2019	2,773			1,606
Total debt obligations	1,343,838			605,394
Less: deferred financing costs	(23,155		)	(13,243		)
Total debt obligations, net of deferred financing costs	1,320,683			592,151
Less: current maturities of long-term debt	(6,840		)	(6,489		)
Long-term debt	$	1,313,843		$	585,662