FINANCING ARRANGEMENTS

The following table is a summary of the Company's financing arrangements (in thousands):



	December 31, 2016			December 31, 2015
Senior unsecured notes, at 5.25%, due August 1, 2020 ("2020 Notes")	$	800,000		$	800,000
Senior unsecured notes, at 5.125%, due June 1, 2021 ("2021 Notes")	845,000			595,000
Long-term obligations, at par	$	1,645,000		$	1,395,000
Unamortized debt issuance costs and premium, net	$	(11,728	)	$	(12,457	)
Long-term obligations, at carrying value	$	1,633,272		$	1,382,543

Senior Unsecured Notes. On July 30, 2012, the Company issued $800.0 million aggregate principal amount of 5.25% senior unsecured notes due August 1, 2020 with semi-annual fixed interest payments on February 1 and August 1 of each year. At December 31, 2016 and December 31, 2015, the fair value of the Company's 2020 Notes was $820.0 million and $812.0 million, respectively, based on quoted market prices for the instrument. The fair value of the 2020 Notes is considered a Level 2 measure according to the fair value hierarchy. The Company may redeem some or all of the 2020 Notes at any time on upon proper notice, at the following redemption prices plus unpaid interest:



Year	Percentage
Prior to August 1, 2017	102.625	%
After August 1, 2017	101.313	%
After August 1, 2018	100.000	%

(11) FINANCING ARRANGEMENTS (Continued)

On December 7, 2012, the Company issued $600.0 million aggregate principal amount of 5.125% senior unsecured notes due 2021 with semi-annual fixed interest payments on June 1 and December 1 of each year. The Company used the net proceeds from such issuance to fund a portion of the purchase price to acquire Safety-Kleen. The Company repurchased $5.0 million principal amount of the 2021 Notes during 2014. On March 14, 2016, the Company issued $250.0 million aggregate principal amount as additional notes under the indenture. At December 31, 2016 and 2015, the fair value of the Company's 2021 Notes was $861.9 million and $599.5 million, respectively, based on quoted market prices or other available market data. The fair value of the 2021 Notes is considered a Level 2 measure according to the fair value hierarchy. The Company may redeem some or all of the 2021 Notes at any time upon proper notice, at the following redemption prices plus unpaid interest:



Year	Percentage
Prior to December 1, 2017	102.563	%
After December 1, 2017	101.281	%
After December 1, 2018	100.000	%

The 2020 Notes and the 2021 Notes (collectively, the "Notes") and the related indentures contain various customary non-financial covenants and are guaranteed by substantially all the Company's current and future domestic restricted subsidiaries. The Notes are the Company's and the guarantors' senior unsecured obligations ranking equally with the Company's and the guarantors' existing and future senior unsecured obligations and senior to any future indebtedness that is expressly subordinated to the Notes and the guarantees. The Notes are effectively subordinated to all of the Company's and the Company's subsidiaries secured indebtedness under the Company's revolving credit facility and capital lease obligations to the extent of the value of the assets securing such secured indebtedness. The Notes are not guaranteed by the Company's existing and future Canadian or other foreign subsidiaries, and the Notes are structurally subordinated to all indebtedness and other liabilities, including trade payables, of the Company's subsidiaries that are not guarantors of the Notes.

Revolving Credit Facility. On November 1, 2016, the Company and one of the Company's subsidiaries (the "Canadian Borrower") entered into an amended and restated credit agreement for the Company's revolving credit facility with Bank of America, N.A. (“BofA”), as agent for the lenders under the facility. Under the amended and restated facility, the Company has the right to obtain revolving loans and letters of credit for a combined maximum of up to $300.0 million (with a sub-limit of $250.0 million for letters of credit) and the Canadian Borrower has the right to obtain revolving loans and letters of credit for a combined maximum of up to $100.0 million (with a $75.0 million sub-limit for letters of credit). Availability under the U.S. line is subject to a borrowing base basically comprised of 85% of the eligible accounts receivable of the Company and its U.S. subsidiaries plus 100% of cash deposited in a controlled account with the Agent, and availability under the Canadian line is subject to a borrowing base basically comprised of 85% of the eligible accounts receivable of the Company’s Canadian subsidiaries plus 100% of cash deposited in a controlled account with the Agent’s Canadian affiliate. Subject to certain conditions, the facility will expire on November 1, 2021.

Borrowings under the revolving credit facility bear interest at a rate of, at the Company’s option, either (i) LIBOR plus an applicable margin ranging from 1.25% to 1.50% per annum based primarily on the level of the Company’s average liquidity for the most recent 30 day period or (ii) BofA’s base rate plus an applicable margin ranging from 0.25% to 0.50% per annum based primarily on such average liquidity. There is also an unused line fee, calculated on the then unused portion of the lenders’ $400.0 million maximum commitments, ranging from 0.25% to 0.30% per annum of the unused commitment. For outstanding letters of credit, the Company will pay to the lenders a fee equal to the then applicable LIBOR margin described above, and to the issuing banks a standard fronting fee and customary fees and charges in connection with all amendments, extensions, draws and other actions with respect to letters of credit.

The Company’s obligations under the revolving credit facility (including revolving loans and reimbursement obligations for outstanding letters of credit) are guaranteed by substantially all of the Company’s U.S. subsidiaries and secured by a first lien on the Company’s and its U.S. subsidiaries’ accounts receivable. The Canadian Borrower’s obligations under the facility are guaranteed by substantially all of the Company’s Canadian subsidiaries and secured by a first lien on the accounts receivable of the Canadian subsidiaries. The Company and its U.S. subsidiaries guarantee the obligations of the Canadian subsidiaries under the facility, but the Canadian subsidiaries do not guarantee and are not otherwise responsible for the obligations of the Company and its U.S. subsidiaries.

(11) FINANCING ARRANGEMENTS (Continued)

The Company utilizes letters of credit primarily as security for financial assurance which it has been required to provide to regulatory bodies for its hazardous waste facilities and which would be called only in the event that the Company fails to satisfy closure, post-closure and other obligations under the permits issued by those regulatory bodies for such licensed facilities. At December 31, 2016 and 2015, the revolving credit facility had no outstanding loan balances, $195.2 million and $178.5 million, respectively, available to borrow and $132.6 million and $144.6 million, respectively, of letters of credit outstanding.