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 October 19, 2022 (the “Incremental Term Loan”); and a revolving line of credit with a face amount of $75.0 million, maturing on July 20, 2022 (the “Senior Secured Revolver”). The credit facility is collateralized by all of our assets.

The following table presents debt balances as of March 31, 2020, and December 31, 2019.



	March 31, 2020		December 31, 2019
Senior Secured Term Loan	$	524,875	$	526,313
Incremental Term Loan	254,222		257,111
Senior Secured Revolver	60,000		—
International lines of credit and other loans	11,140		9,823
Total principal	850,237		793,247
Less-current maturities of long-term debt	20,064		19,160
Principal, net of current portion	830,173		774,087
Less-unamortized debt issuance costs (1)	15,201		16,647
Long-term debt, net of current portion	$	814,972	$	757,440

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(1) In addition to this amount, costs of $2.7 million and $3.0 million related to the Senior Secured Revolver are recorded in other non-current assets as of March 31, 2020, and December 31, 2019, respectively.

We capitalized interest costs of $0.3 million and $0.6 million in the three months ended March 31, 2020 and 2019, 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 LIBOR plus an applicable margin of 5.75%. At March 31, 2020, the Senior Secured Term Loan bore interest at 6.74%.

Incremental Term Loan

Outstanding borrowings under the Incremental Term Loan bear interest at one-month LIBOR plus an applicable margin of 5.75%. At March 31, 2020, the Incremental Term Loan bore interest of 6.74%.

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 4.00% or the prime lending rate plus an applicable margin of 3.00%. At March 31, 2020, the weighted average interest rate on outstanding borrowings under the Senior Secured Revolver was 4.96%. We pay a commitment fee of 0.50% for unused capacity under the Senior Secured Revolver.

We had $60.0 million outstanding under the Senior Secured Revolver at March 31, 2020. Total capacity under the Senior Secured Revolver was $75.0 million as of March 31, 2020, with $3.4 million available for future borrowings after reductions for outstanding letters of credit and outstanding borrowings as of March 31, 2020. Our credit facility is subject to certain financial covenants based on a consolidated net leverage ratio, becoming more restrictive over time. If our operational or financial performance does not improve, we may be required to take actions to further reduce expenditures and decrease our net indebtedness to maintain compliance in future periods or attempt to amend our covenants or refinance our debt. We were in compliance with all covenants under our credit facility at March 31, 2020.

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 18 for further discussion of the interest rate swap agreement.