NOTE 8. DEBT

Long-term debt consisted of the following:

	March 31,			December 31,
$s in thousands	2017			2016

Term loan	$	278,314		$	283,040
Unamortized discount and debt issuance costs	(5,281		)	(5,678		)

Total debt	273,033			277,362
Current portion of long-term debt	(2,862		)	(2,903		)

Long-term debt	$	270,171		$	274,459

On June 17, 2014, the Company entered into a new $540.0 million senior secured credit agreement (the “Former Credit Agreement”) with a syndicate of banks comprised of a $415.0 million term loan (the “Former Term Loan”) with a maturity date of June 17, 2021 and a $125.0 million revolving line of credit (the “Former Revolving Credit Facility”) with a maturity date of June 17, 2019.

Former Term Loan

The Former Term Loan provided an initial commitment amount of $415.0 million and bore interest at a base rate (as defined in the Former Credit Agreement) plus 2.00% or LIBOR plus 3.00%, at the Company’s option. At March 31, 2017, the effective interest rate on the Former Term Loan, including the impact of our interest rate swap, was 4.75%. In October 2014, the Company entered into an interest rate swap agreement, effectively fixing the interest rate on $205.0 million, or 74%, of the Former Term Loan principal outstanding as of March 31, 2017.

Former Revolving Credit Facility

The Former Revolving Credit Facility provided up to $125.0 million of revolving credit loans or letters of credit with the use of proceeds restricted solely for working capital and other general corporate purposes. Under the Former Revolving Credit Facility, revolving loans were available based on a base rate (as defined in the Former Credit Agreement) or LIBOR, at the Company’s option, plus an applicable margin which was determined according to a pricing grid under which the interest rate decreased or increased based on our ratio of funded debt to consolidated earnings before interest, taxes, depreciation and amortization (as defined in the Former Credit Agreement). The maximum letter of credit capacity under the Former Revolving Credit Facility was $50.0 million and the Former Credit Agreement provided for a letter of credit fee equal to the applicable margin for LIBOR loans under the Former Revolving Credit Facility. At March 31, 2017, there were no borrowings outstanding on the Former Revolving Credit Facility and we were in compliance with all of the financial covenants in the Former Credit Agreement.

On April 18, 2017, the Company entered into a senior secured credit agreement (the “New Credit Agreement”), which provides for a $500.0 million, five-year revolving credit facility (the “Revolving Credit Facility”), including a $75.0 million sublimit for the issuance of standby letters of credit. In connection with the Company’s entry into the New Credit Agreement, the Company refinanced the Former Credit Agreement. For more information about our refinancing, see Note 15 of the Notes to Consolidated Financial Statements in “Part I, Item 1. Financial Statements (Unaudited)” of this Quarterly Report on Form 10-Q.