6. Long-Term Debt

Long-term debt consisted of the following as of March 31, 2017 and December 31, 2016:



	March 31, 2017			December 31, 2016
	(In thousands)
Senior Secured Revolving Credit Facility due 2018		$123,000			$87,000
7.50% Senior Notes due 2020	600,000			600,000
Unamortized premium for 7.50% Senior Notes	960			1,020
Unamortized debt issuance costs for 7.50% Senior Notes	(7,189		)	(7,573		)
6.25% Senior Notes due 2023	650,000			650,000
Unamortized debt issuance costs for 6.25% Senior Notes	(9,150		)	(9,454		)
Other long-term debt due 2028	4,425			4,425
Long-term debt		$1,362,046			$1,325,418

Senior Secured Revolving Credit Facility

The Company has a senior secured revolving credit facility with a syndicate of banks that, as of March 31, 2017, had a borrowing base of $600.0 million, with $123.0 million of borrowings outstanding at a weighted average interest rate of 2.95%. As of March 31, 2017, the Company also had $0.4 million in letters of credit outstanding, which reduce the amounts available under the revolving credit facility. As of March 31, 2017, the credit agreement governing the revolving credit facility provided for interest-only payments until July 2, 2018, when the credit agreement was scheduled to mature and any outstanding borrowings would become due. The borrowing base under the credit agreement is subject to regular redeterminations in the spring and fall of each year, as well as special redeterminations described in the credit agreement, which in each case may reduce the amount of the borrowing base. The amount the Company is able to borrow with respect to the borrowing base is subject to compliance with the financial covenants and other provisions of the credit agreement. The capitalized terms which are not defined in this description of the revolving credit facility, shall have the meaning given to such terms in the credit agreement.

The obligations of the Company under the credit agreement are guaranteed by the Company’s material domestic subsidiaries and are secured by liens on substantially all of the Company’s assets, including a mortgage lien on oil and gas properties having at least 90% of the total value of the oil and gas properties included in the Company’s reserve report used in its most recent redetermination.

Borrowings outstanding under the credit agreement bear interest at the Company’s option at either (i) a base rate for a base rate loan plus the margin set forth in the table below, where the base rate is defined as the greatest of the prime rate, the federal funds rate plus 0.50% and the adjusted LIBO rate plus 1.00%, or (ii) an adjusted LIBO rate for a Eurodollar loan plus the margin set forth in the table below. The Company also incurs commitment fees at rates, as of March 31, 2017, as set forth in the table below on the unused portion of lender commitments, which are included in interest expense, net in the consolidated statements of operations.



Ratio of Outstanding Borrowings and Letters of Credit to Lender Commitments	Applicable Margin for Base Rate Loans	Applicable Margin for Eurodollar Loans	Commitment Fee
Less than 25%	1.00%	2.00%	0.500%
Greater than or equal to 25% but less than 50%	1.25%	2.25%	0.500%
Greater than or equal to 50% but less than 75%	1.50%	2.50%	0.500%
Greater than or equal to 75% but less than 90%	1.75%	2.75%	0.500%
Greater than or equal to 90%	2.00%	3.00%	0.500%

As of March 31, 2017, the Company was subject to certain covenants under the terms of the credit agreement, which include the maintenance of the following financial covenants determined as of the last day of each quarter: (1) a ratio of Total Secured Debt to EBITDA of not more than 2.00 to 1.00, (2) a Current Ratio of not less than 1.00 to 1.00, and (3) a ratio of EBITDA to Interest Expense of not less than 2.50 to 1.00. As defined in the credit agreement, EBITDA includes the last four quarters after giving pro forma effect to EBITDA for material acquisitions and dispositions of oil and gas properties, Interest Expense is comprised of the aggregate interest expense paid in cash for the last four quarters, and the Current Ratio includes an add back of the unused portion of lender commitments. As of March 31, 2017, the ratio of Total Secured Debt to EBITDA was 0.30 to 1.00, the Current Ratio was 2.56 to 1.00 and the ratio of EBITDA to Interest Expense was 4.53 to 1.00. Because the financial covenants are determined as of the last day of each quarter, the ratios can fluctuate significantly period to period as the level of borrowings outstanding under the credit agreement are impacted by the timing of cash flows from operations, capital expenditures, acquisitions and dispositions of oil and gas properties and securities offerings.

The credit agreement also places restrictions on the Company and certain of its subsidiaries with respect to additional indebtedness, liens, dividends and other payments to shareholders, repurchases or redemptions of the Company’s common stock, redemptions of senior notes, investments, acquisitions, mergers, asset dispositions, transactions with affiliates, hedging transactions and other matters.

The credit agreement is subject to customary events of default, including in connection with a change in control. If an event of default occurs and is continuing, the lenders may elect to accelerate amounts due under the credit agreement (except in the case of a bankruptcy event of default, in which case such amounts will automatically become due and payable).

On May 4, 2017, the Company entered into a ninth amendment to its credit agreement governing the revolving credit facility. See “Note 13. Subsequent Events” for further details.