4.	Long-Term Debt

Long-term debt at

September 30, 2018

and

December 31, 2017

consists of the following (in thousands):

	September 30, 2018			December 31, 2017
Term loan agreement, maturing May 2020, terminated June 2018, effective interest rate of 12.2%	$	-		$	193,177

Line of credit, maturing March 2020, terminated June 2018		-			29,333

Term loan agreement, interest rate of 4.3% at September 30, 2018, maturing June 2023		197,500			-

Revenue equipment installment notes with finance companies, weighted average interest rate of 4.7% and 4.7% at September 30, 2018 and December 31, 2017, due in monthly installments with final maturities at various dates through October 2023, secured by related revenue equipment with a net book value of $164.7 million and $315.7 million in September 2018 and December 2017		151,773			310,850

Note payable to limited liability company owned in part by certain officers of the Company, interest rate of 13.0% at December 31, 2017, maturing November 2020, terminated June 2018		-			25,516

Mortgage note payables, interest rates ranging from 5.25% to 6.99% at September 30, 2018 and December 31, 2017 due in monthly installments with final maturities as various dates through September 2031, secured by real estate with a net book value of $23.9 million and $24.7 million at September 2018 and December 2017		19,161			20,033

Capital lease obligations, maturing at various dates through April 2024		21,244			27,761
Other		10,749			6,134
		400,427			612,804
Less: Unamortized discount and debt issuance costs		(1,413	)		(7,266	)
Less: Current maturities of long-term debt		(120,305	)		(132,332	)
	$	278,709		$	473,206

New Credit Facility

June 2018,

we entered into a new credit facility (the “Credit Facility”) that contains a

$150.0

million revolving component (the “Revolving Facility”) and a

$200.0

million term loan component (the “Term Facility”). The Credit Facility contains an accordion feature that, so long as

event of default exists, allows us to request an increase in the borrowing amounts under the Revolving Facility or the Term Facility by a combined maximum amount of

$75.0

million. Borrowings under the Credit Facility are classified as either “base rate loans” or “Eurodollar rate loans.” Base rate loans accrue interest at a base rate equal to the agent’s prime rate plus an applicable margin that was set at

1.25%

through

September 30, 2018

and adjusted quarterly thereafter between

0.75%

and

1.50%

based on our consolidated net leverage ratio. Eurodollar rate loans will accrue interest at London Interbank Offered Rate, or a comparable or successor rate approved by the administrative agent, plus an applicable margin that was set at

2.25%

through

September 30, 2018

and adjusted quarterly thereafter between

1.75%

and

2.50%

based on our consolidated net leverage ratio. The Credit Facility requires payment of a commitment fee on the unused portion of the Revolving Facility commitment of between

0.25%

and

0.35%

based on our consolidated net leverage ratio. In addition, the Revolving Facility includes, within its

$150.0

million revolving credit facility, a letter of credit sub facility in an aggregate amount of

$75.0

million and a swingline sub facility in an aggregate amount of

$15.0

million. The Term Facility has scheduled quarterly principal payments between

1.25%

and

2.50%

of the original face amount of the Term Facility plus any additional amount borrowed pursuant to the accordion feature of the Term Facility, with the

first

such payment occurring on the last day of our fiscal quarter ending

September 30, 2018.

The Credit Facility will mature on

June 18, 2023.

Borrowings under the Credit Facility are prepayable at any time without premium and are subject to mandatory prepayment from the net proceeds of certain asset sales and other borrowings. The Credit Facility is secured by a pledge of substantially all of our assets, excluding, among other things, certain real estate and revenue equipment financed outside the Credit Facility.

The Credit Facility contains restrictive covenants including, among other things, restrictions on our ability to incur additional indebtedness or issue guarantees, to create liens on our assets, to make distributions on or redeem equity interests, to make investments, to transfer or sell properties or other assets and to engage in mergers, consolidations, or acquisitions. In addition, the Credit Facility requires us to meet specified financial ratios and tests, including a maximum leverage ratio and a minimum interest coverage ratio.

September 30, 2018,

the Revolving Facility had issued collateralized letters of credit in the face amount of

$37.5

million, with

borrowings outstanding and

$112.5

million available to borrow.

The Credit Facility includes usual and customary events of default for a facility of this nature and provides that, upon the occurrence and continuation of an event of default, payment of all amounts payable under the Credit Facility

may

be accelerated, and the Lenders’ commitments

may

be terminated. At

September 30, 2018,

the Company was in compliance with all financial covenants prescribed by the Credit Facility.

Old

Term Loan Agreement

June 2018,

as a result of the offering, the Company repaid its then existing term loan and incurred a loss on early extinguishment of debt. The loss resulted from the write-off of unamortized discount and debt issuance costs of

$0.6

million and

$5.3

million, respectively, payment of fees to lenders of

$1.4

million and

third

party fees of

$0.1

million. The effective interest rate for the term loan at

December 31, 2017

was

12.2%,

including the effect of original issue discount as discussed below.

Original issue discount was recorded as an offset to long-term debt and was amortized over the term of the respective obligation using the effective interest method. Unamortized original issue discount was

$0.8

million as of

December

31,

2017.

Old

Line of Credit

June 2018,

as a result of the offering, the Company repaid and terminated its then existing revolving credit facility and incurred a loss on early extinguishment of debt. The loss resulted from the write-off of debt issuance costs of

$0.2

million and payment of fees to lenders of

$0.1

million.