8. Debt

Debt outstanding, excluding capital leases, consists of the following:

	June 30, 2017						December 31, 2016
(In thousands)	Principal Balance		Unamortized Discount and Debt Issuance Costs		Net Carrying Amount		Principal Balance		Unamortized Discount and Debt Issuance Costs		Net Carrying Amount
1.25% Cash Convertible Senior Notes	$	345,000	$	42,662	$	302,338	$	345,000	$	49,186	$	295,814
Senior Secured Credit Facility		453,125		4,022		449,103		441,875		4,691		437,184
Netsmart Non-Recourse Debt:
First Lien Term Loan		430,749		10,703		420,046		432,925		11,655		421,270
Second Lien Term Loan		167,000		8,159		158,841		167,000		8,901		158,099
Other debt		0		0		0		13		0		13
Total debt	$	1,395,874	$	65,546	$	1,330,328	$	1,386,813	$	74,433	$	1,312,380
Less: Debt payable within one year - excluding Netsmart		21,875		462		21,413		15,638		480		15,158
Less: Debt payable within one year - Netsmart		4,351		1,891		2,460		4,351		1,900		2,451
Total long-term debt, less current maturities	$	1,369,648	$	63,193	$	1,306,455	$	1,366,824	$	72,053	$	1,294,771

Interest expense consists of the following:

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2017		2016		2017		2016
Interest expense	$	4,668	$	3,595	$	9,502	$	7,133
Amortization of discounts and debt issuance costs		3,612		3,448		7,193		6,879
Netsmart:
Interest expense ⁽¹⁾		11,164		8,530		22,081		8,530
Amortization of discounts and debt issuance costs		846		848		1,694		848
Total interest expense	$	20,290	$	16,421	$	40,470	$	23,390

⁽¹⁾

Includes interest expense related to capital leases.

Interest expense related to the 1.25% Notes, included in the table above, consists of the following:

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2017		2016		2017		2016
Coupon interest at 1.25%	$	1,078	$	1,078	$	2,156	$	2,156
Amortization of discounts and debt issuance costs		3,278		3,108		6,524		6,216
Total interest expense related to the 1.25% Notes	$	4,356	$	4,186	$	8,680	$	8,372

Allscripts Senior Secured Credit Facility

As of June 30, 2017, $228.1 million under a term loan, $225.0 million under our revolving credit facility, and $0.8 million in letters of credit were outstanding under our senior secured credit facility.

As of June 30, 2017, the interest rate on the borrowings under our senior secured credit facility was LIBOR plus 2.00%, which totaled 3.23%. We were in compliance with all covenants under the senior secured credit facility agreement as of June 30, 2017.

As of June 30, 2017, we had $324.2 million available, net of outstanding letters of credit, under our revolving credit facility. There can be no assurance that we will be able to draw on the full available balance of our revolving credit facility if the financial institutions that have extended such credit commitments become unwilling or unable to fund such borrowings.

As of June 30, 2017, the if-converted value of the 1.25% Notes did not exceed the 1.25% Notes’ principal amount.

Netsmart Non-Recourse Debt

As of June 30, 2017, $430.7 million under the Netsmart First Lien Term Loan, $167.0 million under the Netsmart Second Lien Term Loan and no amounts under the Netsmart Revolving Facility (collectively, the “Credit Agreements”) were outstanding.

As of June 30, 2017, the interest rate on the borrowings under the Netsmart First Lien Term Loan was Adjusted LIBO plus 4.50%, which totaled 5.80%, the interest rate on the borrowings under the Netsmart Second Lien Term Loan was Adjusted LIBO plus 9.50%, which totaled 10.70%, and the interest rate on the borrowings under the Netsmart Revolving Facility was Adjusted LIBO plus 4.75%, which totaled 6.05%. Netsmart was in compliance with all covenants under its Credit Agreements as of June 30, 2017.

As of June 30, 2017, Netsmart had $48.5 million available, net of outstanding letters of credit of $1.5 million, under the Netsmart Revolving Facility. There can be no assurance that Netsmart will be able to draw on the full available balance of the Netsmart Revolving Facility if the financial institutions that have extended such credit commitments become unwilling or unable to fund such borrowings.

The following table summarizes future debt payment obligations as of June 30, 2017:


(In thousands)	Total		Remainder of 2017		2018		2019		2020		2021		Thereafter
1.25% Cash Convertible Senior Notes ⁽¹⁾	$	345,000	$	0	$	0	$	0	$	345,000	$	0	$	0
Term Loan		228,125		9,375		28,125		40,625		150,000		0		0
Revolving Facility ⁽²⁾		225,000		0		0		0		225,000		0		0
Netsmart Non-Recourse Debt ⁽²⁾
First Lien Term Loan		430,749		2,176		4,351		4,351		4,351		4,351		411,169
Second Lien Term Loan		167,000		0		0		0		0		0		167,000
Total debt	$	1,395,874	$	11,551	$	32,476	$	44,976	$	724,351	$	4,351	$	578,169

⁽¹⁾ Assumes no cash conversions of the 1.25% Notes prior to their maturity on July 1, 2020.

⁽²⁾ Assumes no additional borrowings after June 30, 2017, payment of any required periodic installments of principal and that all drawn amounts are repaid upon maturity.