Interest Expense

12 Months Ended

Dec. 31, 2019

Interest and Debt Expense [Abstract]

Interest Expense

Interest Expense

The following table presents an analysis of interest expense:

	For the Year Ended December 31
	2019		2018		2017
	(Dollars in thousands)
Interest incurred on debt	$	121,010	$	100,844	$	24,060
Related Party Promissory Note interest expense	—		5,090		—
Senior Note redemption premium	—		4,782		—
Accretion of fair value adjustment on Senior Notes	—		19,414		6,454
Accretion of original issue discount on 2018 Term Loans	2,196		1,455		—
Amortization of debt issuance costs	4,125		3,476		309
Total interest expense	$	127,331	$	135,061	$	30,823

Interest rates

The 2018 Credit Agreement had an effective interest rate of 5.30% as of December 31, 2019 and 6.02% as of December 31, 2018. The Old Revolving Facility and Old Term Loan Facility had an effective interest rate of 4.57% as of December 31, 2017 and the Senior Notes had a fixed interest rate of 6.375%, both of which were repaid on February 12, 2018 as part of our refinancing (See Note 5 "Debt and Liquidity").

As a result of our February 12, 2018 refinancing, we paid a prepayment premium for the redemption of our Senior Notes totaling $4.8 million. The accretion of the August 15, 2015 fair value adjustment to our Senior Notes totaling $19.4 million in 2018, included accelerated accretion of $18.7 million resulting from the prepayment. Amortization of debt issuance costs included $0.3 million of accelerated amortization related to the refinancing.