FINANCING ARRANGEMENTS

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



	June 30, 2018			December 31, 2017
Senior secured Term Loan Agreement ("Term Loan Agreement")	$	4,000		$	4,000
Current portion of long-term obligations, at carrying value	$	4,000		$	4,000

Senior secured Term Loan Agreement due June 30, 2024	$	392,000		$	394,000
Senior unsecured notes, at 5.25%, due August 1, 2020 ("2020 Notes")	400,000			400,000
Senior unsecured notes, at 5.125%, due June 1, 2021 ("2021 Notes")	845,000			845,000
Long-term obligations, at par	$	1,637,000		$	1,639,000
Unamortized debt issuance costs and premium, net	(12,273		)	(13,463		)
Long-term obligations, at carrying value	$	1,624,727		$	1,625,537

Total current and long-term obligations, at carrying value	$	1,628,727		$	1,629,537

On April 17, 2018, the Company, and substantially all of the Company's domestic subsidiaries as guarantors, entered into the first amendment (“First Amendment”) of the Term Loan Agreement. The First Amendment reduced the applicable interest rate margin for the Company’s initial term loans outstanding (the "Term Loans") under the Term Loan Agreement by 25 basis points for both Eurocurrency borrowings and base rate borrowings. After giving effect to the repricing, the applicable interest rate margin for the Term Loans are 1.75% for Eurocurrency borrowings and 0.75% for base rate borrowings.

On July 19, 2018, the Company, and substantially all of the Company’s domestic subsidiaries as guarantors, entered into an Incremental Facility Amendment (the “Incremental Facility Amendment”) to the Company’s existing Term Loan Agreement. The Incremental Facility Amendment increases the principal amount of the initial term loans (the “Initial Term Loans”) outstanding under the Term Loan Agreement by $350.0 million and, as a result of such increase, an aggregate of $746.0 million of principal was outstanding at July 19, 2018. Initial Term Loans under the Term Loan Agreement will mature on June 30, 2024 and may be prepaid at any time without premium or penalty other than customary breakage costs with respect to Eurodollar based loans or if the Company engages in certain repricing transactions before January 19, 2019, in which event a 1.0% prepayment premium would be due. The Company’s obligations under the Term Loan Agreement are guaranteed by all of the Company’s domestic restricted subsidiaries and secured by liens on substantially all of the assets of the Company and the guarantors.

Concurrently with the closing on July 19, 2018 of the Incremental Facility Amendment, the Company purchased $322.0 million aggregate principal of 2020 Notes. Total amount paid in purchasing the 2020 Notes was $330.9 including $7.9 million of accrued interest.

On August 1, 2018, the Company redeemed the remaining $78.0 million outstanding 2020 Notes. In connection with the redemption of the $78.0 million of 2020 Notes, the Company borrowed $50.0 million under the Company's revolving credit facility.

At June 30, 2018 and December 31, 2017, the fair value of the Term Loans was $394.5 million and $400.5 million, respectively, based on quoted market prices or other available market data. At June 30, 2018 and December 31, 2017, the fair value of the Company's 2020 Notes was $400.9 million and $404.6 million, respectively, based on quoted market prices for the instrument. At June 30, 2018 and December 31, 2017, the fair value of the Company's 2021 Notes was $848.6 million and $855.7 million, respectively, based on quoted market prices for the instrument. The fair values of the Term Loans, 2020 Notes and 2021 Notes are considered Level 2 measures according to the fair value hierarchy.

The Company also maintains a $400.0 million revolving credit facility under which the Company had no outstanding loan balances as of June 30, 2018 and December 31, 2017. At June 30, 2018, approximately $244.3 million was available to borrow and outstanding letters of credit were $132.4 million. At December 31, 2017, $217.8 million was available to borrow and outstanding letters of credit were $134.1 million.