7.LONG-TERM DEBT

Long-term debt consists of the following:


	December 31,		December 31,
	2016		2015
Term loan facility	$	2,064.0	$	2,064.0
Less unamortized original issue discount and debt issue costs		27.0		29.9
	$	2,037.0	$	2,034.1

In connection with the Spin-Off, the Company entered into a credit agreement dated as of December 16, 2014 (as amended, the “Credit Agreement”) governing its senior secured bank credit facilities, consisting of (a) a five-year, $600.0 revolving credit facility (the “Revolving Credit Facility”) and (b) a seven-year, $2,200.0 term loan facility (the “Term Loan Facility”). The most recent amendment to the Credit Agreement on May 27, 2016 decreased the effective borrowing rate, increased the amount available for dividend and share repurchases and provided greater flexibility to securitize assets. Borrowings under the Revolving Credit Facility bear interest at an annual rate equal to the London interbank offered rate (“LIBOR”) plus 200 basis points or prime (as defined therein) plus 100 basis points. There were no amounts outstanding under the Revolving Credit Facility as of December 31, 2016 and 2015. Borrowings under the Term Loan Facility bear interest at an annual rate equal to LIBOR plus 300 basis points (LIBOR shall not be less than 75 basis points per annum) or ABR (as defined therein) plus 200 basis points (3.89% at December 31, 2016). Long-term debt as of December 31, 2016 consisted of $2,064.0 outstanding under the Term Loan Facility, none of which was current. During 2015, the Company repaid $136.0 of its outstanding Term Loan Facility.

In connection with the Spin-Off in December 2014, the Company redeemed $1,300.0 of its 5.25% Notes due 2022 and $650.0 of its 6.875% Notes due 2020. The Company incurred a loss on debt extinguishment of $243.6 related to unamortized debt issue costs and fees and expenses related to the repurchase of its 5.25% and 6.875% Notes during December 2014.

Letters of credit outstanding under the Revolving Credit Facility aggregated $17.2 at December 31, 2016 ($7.7 at December 31, 2015).

The Revolving Credit Facility contains an interest coverage ratio financial covenant (as defined therein) that must be maintained at a level greater than 3.0 to 1 and a total leverage ratio covenant (as defined therein) which limits gross debt to a 4.5 to 1 multiple of EBITDA (as defined therein). The Credit Agreement is collateralized by substantially all of the Company’s assets and contains customary affirmative covenants, negative covenants and conditions precedent for borrowings, all of which were met as of December 31, 2016.

Maturities of long-term debt are as follows:


Year Ending December 31,
2017	$	—
2018		—
2019		—
2020		—
2021		2,064.0
Thereafter		—
Total	$	2,064.0

Interest expense amounted to $91.1, $94.8 and $130.6 for the years ended December 31, 2016, 2015 and 2014, respectively.