Debt

9 Months Ended

Sep. 30, 2019

Outstanding long-term debt was as follows:



	September 30, 2019		December 31, 2018
Senior long-term debt:
Senior Secured Credit Facility (stated maturity dates of April 2022 as of September 30, 2019 and April 2022 and April 2024 as of December 31, 2018), net of discount	$	59,000	$	1,321,629
Senior Notes (stated maturity date May 2025)	800,000		800,000
Total senior long-term debt	859,000		2,121,629
Other debt:
Lines of credit	28,850		37,899
Notes payable and other debt	358,138		503,182
Total senior and other debt	1,245,988		2,662,710
Finance lease obligations and sale-leaseback financings	99,706		119,443
Total long-term debt and finance leases	1,345,694		2,782,153
Less: total unamortized deferred financing costs	67,412		88,241
Less: current portion of long-term debt and finance leases	119,932		100,818
Long-term debt and finance leases, less current portion	$	1,158,350	$	2,593,094

Estimated Fair Value of Debt

The estimated fair value of our debt was determined using observable market prices, as the majority of our securities, including the Senior Notes due 2025 and the 2024 Term Loan, prior to its repayment in 2019, were traded in a brokered market. The fair value of our remaining debt instruments approximates carrying value based on their terms. As of September 30, 2019 and December 31, 2018, our long-term debt was classified as Level 2 within the fair value hierarchy, based on the frequency and volume of trading in the brokered market. The estimated fair value of our debt was as follows:



	September 30, 2019				December 31, 2018
	Carrying amount		Estimated fair value		Carrying amount		Estimated fair value
Total senior and other debt	$	1,245,988	$	1,316,988	$	2,662,710	$	2,675,684

Loss on Debt Extinguishment

As discussed in Note 5, Dispositions, the Company completed the sale of St. Augustine on February 1, 2019 and used approximately $340,000 of the total $346,400 of net proceeds to repay a portion of the 2024 Term Loan under its Senior Secured Credit Facility, with the remaining proceeds utilized to repay borrowings outstanding for the revolver under its Senior Secured Credit Facility. In addition, during the first quarter of 2019, the Company elected to repay approximately $35,000 of the approximately $51,700 principal balance outstanding for certain notes payable at a real estate subsidiary in Chile.

During the second quarter of 2019, the Company fully repaid the remaining balance outstanding under its 2024 Term Loan, using the proceeds received from the sales of its operations in India, Spain and Portugal, as discussed in Note 5, Dispositions. The remaining proceeds were used to repay borrowings outstanding for the revolver under its Senior Secured Credit Facility.

During the third quarter of 2019, following the closing of the Turkey transaction described in Note 5, Dispositions, the Company fully repaid a note payable at Universidad del Valle de México (UVM Mexico) that had a remaining balance outstanding of approximately $103,000.

In connection with these debt repayments, the Company recorded a Loss on debt extinguishment of $200 and $26,417 for the three and nine months ended September 30, 2019, respectively, related to the write off of a pro-rata portion of the unamortized deferred financing costs associated with the repaid debt balances, as well as the debt discount associated with the 2024 Term Loan.

Certain Covenants

As of September 30, 2019, our senior long-term debt contained certain negative covenants including, among others: (1) limitations on additional indebtedness; (2) limitations on dividends; (3) limitations on asset sales, including the sale of ownership interests in subsidiaries and sale-leaseback transactions; and (4) limitations on liens, guarantees, loans or investments. The Second Amended and Restated Credit Agreement provides, solely with respect to the revolving credit facility, that the Company shall not permit its Consolidated Senior Secured Debt to Consolidated EBITDA ratio, as defined in the Second Amended and Restated Credit Agreement, to exceed 3.50x as of the last day of each quarter ending June 30, 2018 and thereafter. However, the agreement also provides that if (i) the Company’s Consolidated Total Debt to Consolidated EBITDA ratio, as defined in the Second Amended and Restated Credit Agreement, is not greater than 4.75x as of such date and (ii) less than 25% of the revolving credit facility is utilized as of that date, then such financial covenant shall not apply. As of September 30, 2019, these conditions were satisfied and, therefore, we were not subject to the leverage ratio covenant. In addition, notes payable at some of our locations contain financial maintenance covenants. We are in compliance with these covenants.

As described further in Note 21, Subsequent Events, the Company completed an amendment and restatement of its Senior Secured Credit Facility on October 7, 2019.