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Long-Term Debt, Interest Rate Swap and Finance Lease Obligations
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Long-Term Debt, Interest Rate Swap and Finance Lease Obligations LONG-TERM DEBT, INTEREST RATE SWAP AND FINANCE LEASE OBLIGATIONS
Long-term debt consists of the following:
December 31,
20202019
Mortgage loan $61,087 $49,743 
Acquisition loan — 9,400 
Revolver— 14,000 
Affiliated revolver— 1,000 
61,087 74,143 
Plus finance lease obligations531 857 
Less current portion(1,660)(3,498)
59,958 71,502 
Less deferred financing costs, net(1,432)(865)
Long-term debt and finance lease obligation, net$58,526 $70,637 

The Company maintains a credit facility with a syndicate of banks. The Company originally entered into the credit facility in May 2013, and subsequently amended the facility. As of December 31, 2019, the credit facility consisted of a mortgage loan $67,500, an acquisition loan with a borrowing capacity of $12,500, a revolver with a borrowing capacity of $40,250 and an affiliated revolver with a borrowing capacity of $2,000.
On October 14, 2020, the Company executed an Amended and Restated Credit Agreement (the "Credit Agreement") with a syndicate of banks, which consists of a $62,000 mortgage loan subsequently amended ("Amended Mortgage Loan"), a $36,000
revolver subsequently amended ("Amended Revolver") and a $2,000 affiliated revolver amended ("Amended Affiliated Revolver"). The Amended Mortgage Loan, Amended Revolver and Amended Affiliated Revolver have a 3-year maturity through September 30, 2023. The Amended Mortgage Loan has a term of 3 years, with principal and interest payable monthly based on a 25-year amortization. Interest on the term loan facility is based on LIBOR plus 4.0% with a 1.0% floor. The Amended Mortgage Loan balance was $61,087 as of December 31, 2020 with an interest rate of 5.0%. The Amended Mortgage Loan consolidated the mortgage and acquisition loans. The Amended Mortgage Loan is secured by 15 owned nursing centers, related equipment and a lien on the accounts receivable of these centers. The Amended Mortgage Loan, the Amended Revolver and the Amended Affiliated Revolver are cross-collateralized and cross-defaulted. The Company’s Amended Revolver and Amended Affiliated Revolver have an interest rate of LIBOR plus 4.0% and is secured by accounts receivable and is subject to limits on the maximum amount of loans that can be outstanding under the revolver based on borrowing base restrictions.
As of December 31, 2020, the Company's weighted average interest rate on long-term debt was approximately 5.0%.
As of December 31, 2020, the Company did not have any borrowings outstanding under its revolvers compared to $15,000 outstanding as of December 31, 2019. Annual fees for letters of credit issued under the Amended Revolver are 3.0% of the amount outstanding. The Company has 4 letters of credit with a total value of $12,387 outstanding as of December 31, 2020. Considering the balance of eligible accounts receivable, the letters of credit, the amounts outstanding under the revolvers and the maximum loan amount, the amount available for borrowing under the revolvers was $16,446 at December 31, 2020.
Our lending agreements contain various financial covenants, the most restrictive of which relate to debt service charge coverage ratios. The Company is in compliance with all such covenants at December 31, 2020.
In connection with the Company's loan agreements, the Company recorded the following amounts related to deferred loan costs:
20202019
Write-off of deferred financing costs$247 $— 
Deferred financing costs capitalized$1,228 $333 
Scheduled principal payments of long-term debt are as follows:
2021$1,404 
20221,368 
202358,315 
Total$61,087 
Interest Rate Swap Cash Flow Hedge
The Company terminated its interest rate swap in conjunction with refinancing its debt in October 2020. The applicable guidance requires companies to recognize all derivative instruments as either assets or liabilities at fair value in a company's balance sheets. The interest rate swap had a net zero balance at December 31, 2020.
Finance Lease Obligations
Upon acquisition of some centers, we assumed certain leases, primarily related to equipment, that constitute finance leases. As a result, we have recorded the underlying lease liabilities and financed lease obligations of $531 and $857 as of December 31, 2020 and 2019, respectively. These lease agreements provide three to five year terms.
Scheduled payments of the financed lease obligations are as follows:
2021$282 
2022209 
202362 
202420 
Total573 
Amounts related to interest(42)
Principal payments on finance lease obligation$531