Debt

9 Months Ended

Sep. 30, 2020

Outstanding long-term debt was as follows:


	September 30, 2020		December 31, 2019
Senior long-term debt:
Senior Secured Credit Facility (stated maturity date October 2024)	$	409,147	$	202,400
Senior Notes (stated maturity date May 2025)	800,000		800,000
Total senior long-term debt	1,209,147		1,002,400
Other debt:
Lines of credit	58,958		14,542
Notes payable and other debt	153,043		169,308
Total senior and other debt	1,421,148		1,186,250
Finance lease obligations and sale-leaseback financings	31,892		28,102
Total long-term debt and finance leases	1,453,040		1,214,352
Less: total unamortized deferred financing costs	56,306		62,911
Less: current portion of long-term debt and finance leases	88,885		48,139
Long-term debt and finance leases, less current portion	$	1,307,849	$	1,103,302

In March 2020, we fully drew down the $410,000 revolving credit facility under our Senior Secured Credit Facility, in order to increase our cash position and preserve financial flexibility in light of the COVID-19 pandemic.

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 Secured Credit Facility and the Senior Notes due 2025, are traded in a brokered market. The fair value of our remaining debt instruments approximates carrying value based on their terms. As of September 30, 2020 and December 31, 2019, 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, 2020				December 31, 2019
	Carrying amount		Estimated fair value		Carrying amount		Estimated fair value
Total senior and other debt	$	1,421,148	$	1,471,148	$	1,186,250	$	1,248,110

Certain Covenants

As of September 30, 2020, 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 Third Amended and Restated Credit Agreement (the Third A&R 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 Third A&R Credit Agreement, to exceed 3.50x as of December 31, 2019 and thereafter. The agreement also provides that if (i) the Company’s Consolidated Total Debt to Consolidated EBITDA ratio, as defined in the Third A&R 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, 2020, we were in compliance with the leverage ratio covenant. In addition, notes payable at some of our locations contain financial maintenance covenants. We are in compliance with these covenants.