Long-Term Debt

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Long-Term Debt

9. Long-Term Debt

Long-term debt consisted of the following (in thousands):

	June 30, 2020		December 31, 2019
Credit Facility	$	823,000	$	513,000
2028 Notes		500,000		500,000
Less: Deferred financing costs, net of amortization		(7,603)		(8,090)
		492,397		491,910
2027 Notes		500,000		500,000
Less: Deferred financing costs, net of amortization		(7,460)		(7,999)
		492,540		492,001
2022 Notes		—		350,000
Less: Debt discount, net of amortization		—		(2,046)
Less: Deferred financing costs, net of amortization		—		(2,316)
		—		345,638
Long-term debt	$	1,807,937	$	1,842,549

Credit Facility

As of June 30, 2020, there were $12.4 million letters of credit outstanding under the Credit Facility and the applicable margin on borrowings outstanding was 2.5%. The weighted average annual interest rate on the outstanding balance under the Credit Facility, excluding the effect of interest rate swaps, was 2.7% and 4.3% at June 30, 2020 and December 31, 2019, respectively. We incurred $0.4 million and $0.6 million in commitment fees on the daily unused amount of the Credit Facility during the three months ended June 30, 2020 and 2019, respectively, and $1.1 million during each of the six months ended June 30, 2020 and 2019.

We must maintain certain consolidated financial ratios as defined in our Credit Facility agreement. As of June 30, 2020, the ratio requirements did not constrain our undrawn capacity and as such, $414.6 million was available for additional borrowings. As of June 30, 2020, we were in compliance with all covenants under the Credit Facility agreement.

2022 Notes Redemption

On April 1, 2020, the 2022 Notes were redeemed at 100% of their $350.0 million aggregate principal amount plus accrued and unpaid interest of $10.5 million with borrowings from the Credit Facility. A debt extinguishment loss of $4.0 million related to the redemption was recognized during the three and six months ended June 30, 2020.