NOTE 8—DEBT

The carrying values of our long-term debt obligations, net of unamortized debt issuance costs of $5 million as of March 31, 2018 and December 31, 2017, are as follows:


	March 31, 2018		December 31, 2017
	(In thousands)
Senior Notes	$	495,383	$	495,000
North Ocean 105 construction financing		24,511		24,511
Vendor equipment financing		15,686		15,686
Other, including capital lease obligations		1,678		1,780
		537,258		536,977
Less: Amounts due within one year		24,264		24,264
Total long-term debt	$	512,994	$	512,713

On June 30, 2017, we amended and restated our credit agreement dated April 16, 2014, by entering into an Amended and Restated Credit Agreement (the “Current Credit Agreement”) with a syndicate of lenders and letter of credit issuers, and Crédit Agricole Corporate and Investment Bank, as administrative agent and collateral agent. Available capacity under the Current Credit Agreement is as follows:

	Capacity		Utilized
			March 31, 2018		December 31, 2017
	(In millions)
Letters of Credit⁽¹⁾	$	510	$	390	$	407
Revolving Credit Facility/ Letters of Credit		300		-		-

⁽¹⁾

Includes $19 million of financial letters of credit as of March 31, 2018 and as of December 31, 2017.

During the first quarter of 2018, the maximum amount of cash collateral used to support bilateral letters of credit was $122 million.

Senior Secured Notes—On April 9, 2018, in connection with the financings referred to in Note 2, Business Combination Agreement with Chicago Bridge & Iron Company N.V. (“CB&I”), we gave a conditional notice for full optional redemption of all our outstanding senior secured notes due 2021 (the “Outstanding Senior Secured Notes”) on May 10, 2018, which date is subject to extension through June 8, 2018. The redemption price will be equal to 102% of the aggregate principal amount of the Outstanding Senior Secured Notes, plus accrued and unpaid interest. The redemption is subject to our depositing, with the trustee for the Outstanding Senior Secured Notes, funds sufficient to pay the redemption price for all of the Outstanding Senior Secured Notes, plus accrued and unpaid interest.

Uncommitted Bilateral Credit Facilities—We are party to a number of short-term uncommitted bilateral credit facilities (the “Uncommitted Facilities”) across several geographic regions, as follows:

	March 31, 2018				December 31, 2017
	Uncommitted Line Capacity		Utilized		Uncommitted Line Capacity		Utilized
	(In millions)
Bank Guarantee and Bilateral Letter of Credit	$	875	$	545	$	725	$	572
Surety Bonds	300		48		300		49
Bilateral arrangements to issue cash collateralized letters of credit		175		6		175		18

As of March 31, 2018, we were in compliance with all of the financial covenants set forth in the Current Credit Agreement.

See Note 12, Debt, included in our Annual Report on Form 10-K for the year ended December 31, 2017, for additional information relating to our outstanding debt.