Long-Term Debt

6 Months Ended

Jun. 30, 2022

Long-Term Debt

Long-Term Debt

7. Long-Term Debt

(in thousands)	June 30, 2022		December 31, 2021
Credit Facility	$	235,733	$	234,500
2028 Notes
Principal		800,000		800,000
Premium, net of amortization		11,533		12,536
Deferred financing costs, net of amortization		(9,574)		(10,406)
		801,959		802,130
2027 Notes
Principal		500,000		500,000
Deferred financing costs, net of amortization		(5,254)		(5,805)
		494,746		494,195
Long-term debt	$	1,532,438	$	1,530,825

Credit Facility

As of June 30, 2022, there were $5.8 million letters of credit outstanding under the Credit Facility and the applicable margin on borrowings outstanding was 2.3%. The weighted average annual interest rate on the outstanding balance under the Credit Facility, excluding the effect of interest rate swaps, was 3.9% and 2.6% at June 30, 2022 and December 31, 2021, respectively. We incurred $0.5 million and $0.4 million in commitment fees on the daily unused amount of the Credit Facility during the three months ended June 30, 2022 and 2021, respectively, and $1.0 million during each of the six months ended June 30, 2022 and 2021.

As of June 30, 2022, we were in compliance with all covenants under our Credit Facility agreement. As a result of the facility’s financial ratio requirements, $476.6 million of the $508.5 million of undrawn capacity was available for additional borrowings as of June 30, 2022.

In February 2021, we amended our Credit Facility to, among other things, reduce the aggregate revolving commitment from $1.25 billion to $750.0 million and adjust certain financial ratios. We wrote off $4.9 million of unamortized deferred financing costs as a result of the amendment, which was recorded to interest expense in our condensed consolidated statements of operations during the six months ended June 30, 2021.