Debt

3 Months Ended

Mar. 31, 2019

9. Debt

Debt outstanding, excluding lease obligations, consists of the following:

	March 31, 2019						December 31, 2018
(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	$	18,534	$	326,466	$	345,000	$	22,112	$	322,888
Senior Secured Credit Facility		465,000		5,660		459,340		350,000		6,038		343,962
Other debt		952		0		952		748		0		748
Total debt	$	810,952	$	24,194	$	786,758	$	695,748	$	28,150	$	667,598
Less: Debt payable within one year		20,952		434		20,518		20,538		479		20,059
Total long-term debt, less current maturities	$	790,000	$	23,760	$	766,240	$	675,210	$	27,671	$	647,539

Interest expense consists of the following:

	Three Months Ended March 31,
(In thousands)	2019		2018
Interest expense	$	6,229	$	7,938
Amortization of discounts and debt issuance costs		3,955		3,756
Total interest expense	$	10,184	$	11,694

Interest expense related to the 1.25% Cash Convertible Senior Notes (the “1.25% Notes”), included in the table above, consists of the following:

	Three Months Ended March 31,
(In thousands)	2019		2018
Coupon interest at 1.25%		1,078	$	1,078
Amortization of discounts and debt issuance costs		3,577		3,407
Total interest expense related to the 1.25% Notes	$	4,655	$	4,485

Allscripts Senior Secured Credit Facility

On February 15, 2018, Allscripts and Healthcare LLC entered into a Second Amended and Restated Credit Agreement (the “Second Amended Credit Agreement”), with JPMorgan Chase Bank, N.A., as administrative agent. The Second Amended Credit Agreement provides for a $400 million senior secured term loan (the “Term Loan”) and a $900 million senior secured revolving facility (the “Revolving Facility”), each with a five-year term. The Term Loan is repayable in quarterly installments, which began on June 30, 2018. A total of up to $50 million of the Revolving Facility is available for the issuance of letters of credit, up to $10 million of the Revolving Facility is available for swingline loans, and up to $100 million of the Revolving Facility could be borrowed under certain foreign currencies.

As of March 31, 2019, $345 million under the Term Loan, $120 million under the Revolving Facility, and $0.8 million in letters of credit were outstanding under the Second Amended Credit Agreement.

As of March 31, 2019, the interest rate on the borrowings under the Second Amended Credit Agreement was LIBOR plus 2.00%, which totaled 4.50%. We were in compliance with all covenants under the Second Amended Credit Agreement as of March 31, 2019.

As of March 31, 2019, we had $899.2 million available, net of outstanding letters of credit, under our Revolving Facility. There can be no assurance that we will be able to draw on the full available balance of our Revolving Facility if the financial institutions that have extended such credit commitments become unwilling or unable to fund such borrowings.

1.25% Cash Convertible Senior Notes

As of March 31, 2019, the if-converted value of the 1.25% Notes did not exceed the 1.25% Notes’ principal amount.

The following table summarizes future debt payment obligations as of March 31, 2019:


(In thousands)	Total		Remainder of 2019		2020		2021		2022		2023		Thereafter
1.25% Cash Convertible Senior Notes ⁽¹⁾	$	345,000	$	0	$	345,000	$	0	$	0	$	0	$	0
Term Loan		345,000		15,000		27,500		30,000		37,500		235,000		0
Revolving Facility ⁽²⁾		120,000		0		0		0		0		120,000		0
Other debt		952		952		0		0		0		0		0
Total debt	$	810,952	$	15,952	$	372,500	$	30,000	$	37,500	$	355,000	$	0

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

⁽²⁾ Assumes no additional borrowings after March 31, 2019, payment of any required periodic installments of principal and that all drawn amounts are repaid upon maturity.