Debt

Collectively, our credit facility is comprised of a term loan with a face amount of $545.0 million, maturing on October 19, 2022 (the “Senior Secured Term Loan”); a term loan with a face amount of $300.0 million, maturing on April 3, 2021 (the Incremental Term Loan”); and the Senior Secured Revolver. The credit facility is collateralized by all of our assets.

The following table presents debt balances as of September 30, 2019, and December 31, 2018.



	September 30, 2019		December 31, 2018
Senior Secured Term Loan	$	527,750	$	532,063
Incremental Term Loan	270,000		279,000
Senior Secured Revolver	71,323		38,720
International lines of credit and other loans	9,897		9,810
Total principal	878,970		859,593
Less—current maturities of long-term debt	25,601		31,280
Principal, net of current portion	853,369		828,313
Less—unamortized debt issuance costs	11,621		16,842
Long-term debt, net of current portion	$	841,748	$	811,471

We capitalized interest costs of $0.4 million and $0.3 million in the three months ended September 30, 2019 and 2018, respectively, and $1.5 million and $0.8 million in the nine months ended September 30, 2019 and 2018, respectively, related to construction in progress.

Senior Secured Term Loan

Outstanding borrowings under the Senior Secured Term Loan bear interest at the greater of 0.75% or one-month London Interbank Offered Rate (“LIBOR”) plus an applicable margin of 3.75%. At September 30, 2019, the Senior Secured Term Loan bore interest at 5.80%.

Incremental Term Loan

Outstanding borrowings under the Incremental Term Loan bear interest at one-month LIBOR plus an applicable margin of 3.25%. At September 30, 2019, the Incremental Term Loan bore interest of 5.30%.

Senior Secured Revolver

Outstanding borrowings under the Senior Secured Revolver bear interest on a variable rate structure with borrowings bearing interest at either one-month LIBOR plus an applicable margin of 3.50% or the prime lending rate plus an applicable margin of 2.50%. At September 30, 2019, the weighted average interest rate on outstanding borrowings under the Senior Secured Revolver was 5.73%. We pay a commitment fee of 0.50% for unused capacity under the Senior Secured Revolver.

In March 2019, we amended our existing credit facility (the “March 2019 amendment”) to amend the defined terms within the credit facility. In June 2019, we amended our existing credit facility (the “June 2019 amendment”) to reduce the maximum capacity under the Senior Secured Revolver to $110.0 million, reduce the total available capacity to $100.0 million, and modify the consolidated net leverage ratio, as defined in the credit facility agreement, which is utilized for certain financial covenants. We paid $0.8 million and $0.2 million of debt issuance costs related to the March 2019 amendment and June 2019 amendment, respectively, which were recorded as a direct reduction to the carrying amount of the associated long-term debt. Additionally, $2.7 million of unamortized debt issuance costs associated with the March 2019 amendment to the existing credit facility were written off.

We had $71.3 million outstanding under the Senior Secured Revolver at September 30, 2019. Total available capacity under the Senior Secured Revolver was $100.0 million as of September 30, 2019, with $16.7 million available for future borrowings after reductions for outstanding letters of credit and outstanding borrowings as of September 30, 2019. Our credit facility is subject to certain financial covenants based on a consolidated net leverage ratio. The financial covenants are effective when we have outstanding borrowings under our Senior Secured Revolver on the last day of any fiscal quarter, become more restrictive over time, and are dependent upon our operational and financial performance. If our operational or financial performance does not improve in line with our expectations, we may be required to take actions to reduce expenditures and decrease our net indebtedness to maintain compliance in future periods. We were in compliance with all covenants under our credit facility at September 30, 2019.

As discussed in Note 1, the outstanding amounts under our Senior Secured Revolver are recognized as a current liability as of October 20, 2019.

Derivative Instruments and Hedging Activities

In February 2019, we entered into a $700.0 million amortizing notional amount fixed-rate interest rate swap agreement to manage the interest rate risk associated with our long-term variable-rate debt until 2022. The fixed-rate interest rate swap agreement calls for us to receive interest monthly at a variable rate equal to one-month LIBOR and to pay interest monthly at a fixed rate of 2.4575%. Refer to Note 16 for further discussion of the interest rate swap agreement.