Long-Term Debt and Loan Agreements

6 Months Ended

Jun. 30, 2017

11. Long-Term Debt and Loan Agreements

Long-term debt consisted of the following:

	June 30,		December 31,
	2017		2016
Loan Agreement	$	72,001	$	90,686
4.67% Senior Unsecured Notes due 2021		40,000		40,000
5.25% Senior Unsecured Notes due 2024		11,000		11,000
5.30% Senior Unsecured Notes due 2024		29,000		29,000
5.45% Senior Unsecured Notes due 2026		20,000		20,000
		172,001		190,686
Less unamortized deferred financing costs		1,887		1,164
	$	170,114	$	189,522

In March 2017, the Company entered into a Fifth Amended and Restated Loan Agreement (the “Loan Agreement”). The Loan Agreement replaced the pre-existing $300 million senior revolving credit facility with a $200 million facility and extended the term from December 2018 to March 2022. In addition, the Loan Agreement provides for a maximum Leverage Ratio of 3.75 for the first and second quarters of 2017, stepping down to 3.5 in the third quarter of 2017, and 3.25 thereafter.

Under the terms of the Loan Agreement, the Company may borrow up to $200.0 million, reduced for letters of credit issued. As of June 30, 2017, the Company had $123.6 million available under the Loan Agreement. The Company had $4.4 million of letters of credit issued related to insurance and other financing contracts in the ordinary course of business at June 30, 2017. Borrowings under the Loan Agreement bear interest at the LIBOR rate, prime rate, federal funds effective rate, the Canadian deposit offered rate, or the euro currency reference rate depending on the type of loan requested by the Company, plus the applicable margin as set forth in the Loan Agreement. The average interest rate on borrowings under our loan agreements were 4.87% and 4.51% for the three months ended June 30, 2017 and 2016, respectively, and 4.99% and 4.58% for the six months ended June 30, 2017 and 2016, respectively, which includes a quarterly facility fee on the used and unused portion.