NOTE 5.Debt

The Company’s debt obligations consist of a $550.0 million Senior Secured Term Loan due February 1, 2020 (“Term Loan”) and a $150.0 million Senior Secured Revolving Credit Facility due February 1, 2018 (“Revolving Credit Facility” and, together with the Term Loan, the “2013 Credit Facility”), in addition to $600.0 million in 5.25% senior notes due February 1, 2021 (“Senior Notes”). As of June 30, 2016, the Company had not drawn any amounts under the Revolving Credit Facility. The 2013 Credit Facility requires that the Company comply with a maximum leverage ratio and a minimum interest coverage ratio. As of June 30, 2016, we were in compliance with our debt covenants.

The following table provides a summary of the Company’s long-term debt:


(in millions)	June 30, 2016		December 31, 2015
Term Loan due February 1, 2020	$	532.1	$	534.9
Senior Notes due February 1, 2021		600.0		600.0
Total borrowings		1,132.1		1,134.9
Less: unamortized discounts and issuance costs		(22.2)		(25.0)
Total borrowings, net		1,109.9		1,109.9
Less: current maturities of long-term debt		(5.5)		(5.5)
Total long-term debt, net	$	1,104.4	$	1,104.4

The Company’s future debt payments, excluding interest payments, consisted of the following as of June 30, 2016:


(in millions)	Amount
Remainder of 2016	$	2.7
2017		5.5
2018		5.5
2019		5.5
2020		512.9
Thereafter		600.0
Total	$	1,132.1

Interest expense, net consisted of the following:


	For the three months ended				For the six months ended
	June 30,				June 30,
(in millions)	2016		2015		2016		2015
Interest	$	14.5	$	13.1	$	28.9	$	26.1
Accretion of debt discount, debt issuance cost amortization and line of credit fees		2.0		1.8		4.0		3.6
Capitalized interest		(11.7)		(9.4)		(22.9)		(11.5)
Interest expense	$	4.8	$	5.5	$	10.0	$	18.2
Interest income		(0.1)		(0.1)		(0.2)		(0.1)
Interest expense, net	$	4.7	$	5.4	$	9.8	$	18.1