INDEBTEDNESS

Long-term debt consisted of the following as of March 31, 2020 (in thousands):



	Principal Amount		Discount			Debt Issuance Costs			Net Balance
ABL facility	$	—	$	—		$	—		$	—
First lien term loan	922,688		(8,120		)	(22,069		)	892,499
Second lien notes	412,256		(11,455		)	(7,721		)	393,080
	$	1,334,944	$	(19,575	)	$	(29,790	)	1,285,579
Less: current portion									(9,250		)
Total long-term debt									$	1,276,329

Long-term debt consisted of the following as of December 31, 2019 (in thousands):



	Principal Amount		Discount			Debt Issuance Costs			Net Balance
ABL facility	$	—	$	—		$	—		$	—
First lien term loan	925,000		(8,399		)	(22,825		)	893,776
Second lien notes	412,256		(11,672		)	(7,864		)	392,720
	$	1,337,256	$	(20,071	)	$	(30,689	)	1,286,496
Less: current portion									(9,250		)
Total long-term debt									$	1,277,246

The interest rate on the first lien term loan was 5.49% and 6.20% as of March 31, 2020 and December 31, 2019, respectively. The weighted average interest rate incurred on the first lien term loan was 6.18% for the three months ended March 31, 2020. The weighted average interest rate incurred on the previous first lien term loan was 6.25% for the three months ended March 31, 2019. The interest rate on the second lien notes was 10.49% and 10.66% as of March 31, 2020 and December 31, 2019, respectively. The weighted average interest incurred on the second lien notes was 10.54% for the three months ended March 31, 2020. The weighted average interest incurred on the previous second lien term loan was 11.55% for the three months ended March 31, 2019.

Long-term debt matures as follows (in thousands):



Year Ending December 31,	Minimum Payments
2020	$	6,938
2021	9,250
2022	9,250
2023	9,250
2024	9,250
Thereafter	1,291,006
Total	1,334,944

During the three months ended March 31, 2020 and 2019, the Company engaged in hedging activities to limit its exposure to changes in interest rates. See Note 12, Derivative Instruments, for further discussion.

The following table presents the estimated fair values of the Company’s debt obligations as of March 31, 2020 (in thousands):



Financial Instrument	Carrying Value as of March 31, 2020		Markets for Identical Item (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
First lien term loan	$	892,499	$	—	$	775,058	$	—
Second lien notes	393,080		—		—		339,371
Total debt instruments	$	1,285,579	$	—	$	775,058	$	339,371

The following table sets forth the changes in Level 3 measurements for the three months ended March 31, 2020 (in thousands):



	Level 3 Measurements
Second lien notes fair value as of January 1, 2020	$	411,119
Change in fair value	(71,748		)
Second lien notes fair value as of March 31, 2020	$	339,371

See Note 13, Fair Value Measurements, for further discussion.