9. Long-Term Debt

Long-term debt at December 31, 2019 and 2018 consists of the following (in thousands):


	December 31, 2019		December 31, 2018
Line of credit, maturing June 2023	$	—	$	—
Term loan agreement, interest rate of 4.3% and 4.8% at December 31, 2019 and December 31, 2018, respectively, maturing June 2023		150,000		195,000
Revenue equipment installment notes with finance companies, weighted average interest rate of 4.7% and 5.0% at December 31, 2019 and 2018, due in monthly installments with final maturities at various dates through February 2026, secured by related revenue equipment with a net book value of $220.4 million and $197.1 million at December 31, 2019 and 2018		208,252		184,867
Mortgage note payables, interest rates ranging from 6.26% to 6.99% at December 31, 2019 and 2018 due in monthly installments with final maturities at various dates through September 2031, secured by real estate with a net book value of $20.2 million and $24.1 million at December 31, 2019 and 2018		17,776		18,861
Other		8,795		6,872
		384,823		405,600
Less: Debt issuance costs		(1,223)		(1,347)
Less: Current maturities of long-term debt		(75,596)		(106,383)
	$	308,004	$	297,870

Credit Facilities

In June 2018, we entered into a credit facility that contained a $150.0 million revolving component and a $200.0 million term loan component. The credit facility contained an accordion feature that, so long as no event of default existed, allowed 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 were classified as either “base rate loans” or “Eurodollar rate loans.” Base rate loans accrued 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 required 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 included, 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 had 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 was scheduled to mature on June 18, 2023.

Borrowings under the credit facility were 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 was 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 contained 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 required us to meet specified financial ratios and tests, including a maximum leverage ratio and a minimum interest coverage ratio.

At December 31, 2019, the Revolving Facility had issued collateralized letters of credit in the face amount of $32.7 million, with $0 borrowings outstanding and $117.3 million available to borrow and the Term Facility had $150.0 million outstanding.

On January 28, 2020, we entered into a new credit facility (the “Credit Facility”)and contemporaneously with the funding of the Credit Facility paid off obligations under our then existing credit facility and terminated such facility. The Credit Facility is a $250.0 million revolving credit facility, with an uncommitted accordion feature that, so long as no event of default exists, allows the Company to request an increase in the revolving credit facility of up to $75.0 million.

The Credit Facility is a five-year facility scheduled to terminate on January 28, 2025. 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 highest of (A) the Federal Funds Rate plus 0.50%, (B) the Agent’s prime rate, and (C) LIBOR plus 1.00% plus an applicable margin that is set at 0.50% through June 30, 2020 and adjusted quarterly thereafter between 0.25% and 0.75% based on the ratio of the daily average availability under the Credit Facility to the daily average of the lesser of the borrowing base or the revolving credit facility. Eurodollar rate loans accrue interest at LIBOR plus an applicable margin that is set at 1.50% through June 30, 2020 and adjusted quarterly thereafter between 1.25% and 1.75% based on the ratio of the daily average availability under the Credit Facility to the daily average of the lesser of the borrowing base or the revolving credit facility. The Credit Facility includes, within its $250.0 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 $25.0 million. An unused line fee of 0.25% is applied to the average daily amount by which the lenders’ aggregate revolving commitments exceed the outstanding principal amount of revolver loans and aggregate undrawn amount of all outstanding letters of credit issued under the Credit Facility. The Credit Facility is secured by a pledge of substantially all of the Company’s assets, excluding, among other things, any real estate or revenue equipment financed outside the Credit Facility.

Borrowings under the new Credit Facility are subject to a borrowing base limited to the lesser of (A) $250.0 million; or (B) the sum of (i) 87.5% of eligible billed accounts receivable, plus (ii) 85.0% of eligible unbilled accounts receivable (less than 30 days), plus (iii) 85.0% of the net orderly liquidation value percentage applied to the net book value of eligible revenue equipment, plus (iv) the lesser of (a) 80.0% the fair market value of eligible real estate or (b) $25.0 million. The Credit Facility contains a single springing financial covenant, which requires a consolidated fixed charge coverage ratio of at least 1.0 to 1.0. The financial covenant is tested only in the event excess availability under the Credit Facility is less than the greater of (A) 10.0% of the lesser of the borrowing base or revolving credit facility or (B) $20.0 million

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. The Credit Facility contains certain restrictions and covenants relating to, among other things, dividends, liens, acquisitions and dispositions, affiliate transactions, and other indebtedness.

Old Term Loan Agreement

At December 31, 2017, the Company had an outstanding term loan in the amount of $193.2 million.

In June 2018, the Company repaid this term loan with proceeds from the offering 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.

Old Line of Credit

At December 31, 2017, the Company had $29.3 million outstanding on its $155.0 million senior secured revolving credit facility.

In June 2018, in connection with the offering and entering into the New Credit Facility, the Company repaid and terminated this 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.

Debt Maturities

As of December 31, 2019, the scheduled principal payments of long-term debt, excluding unamortized discount and debt issuance costs and finance leases are as follows (in thousands):


2020	$	75,596
2021		42,602
2022		61,874
2023		179,403
2024		3,904
Thereafter		21,444
	$	384,823