10.

Debt

Debt consisted of the following:

			As of
(in thousands)	Maturity		June 30, 2016				December 31, 2015
Amended Revolving Credit Facility	2019 - 2020	$		-		$		389,170
Term Loan	2017			249,863				249,129
2.70% Senior Notes	2016			499,624				499,174
2.75% Senior Notes	2019			496,302				495,750
TVN 7.38% Senior Notes	2020			402,273				399,986
2.80% Senior Notes	2020			594,524				593,796
3.50% Senior Notes	2022			395,703				395,309
3.90% Senior Notes	2024			493,593				493,210
3.95% Senior Notes	2025			495,056				494,748
Total debt		$		3,626,938		$		4,010,272
Current portion of debt				(749,487	)			(499,174	)
Debt (less current portion)		$		2,877,451		$		3,511,098
Fair value of debt *		$		3,747,594		$		3,977,985

*The fair value of the Senior Notes was estimated using Level 2 inputs comprised of quoted prices in active markets, market indices and interest rate measurements for debt with similar remaining maturity.

Revolving Credit Facilities

In March 2014, we entered into a five-year revolving credit facility (the “Facility”) that permitted $650.0 million in aggregate borrowings with an expiration date of March 2019. In May 2015, we entered into the Amended Revolving Credit Facility to amend the Facility. The Amended Revolving Credit Facility provides $250.0 million additional revolving loan capacity, which increased permitted borrowings up to an aggregate principal amount of $900.0 million and may be increased to $1,150.0 million at our option. Additionally, the Amended Revolving Credit Facility extended the maturity date of the Facility to March 2020, with the exception of $32.5 million, which remains scheduled to mature in March 2019.

Borrowings under the Amended Revolving Credit Facility incur interest charges based on the Company’s credit rating, with drawn amounts incurring interest at LIBOR plus a range of 69 to 130 basis points, and a facility fee ranging from 6 to 20 basis points, also subject to the Company’s credit ratings.

The Company had no outstanding borrowings as of June 30, 2016 and average borrowings outstanding of $29.4 million incurring interest at a rate of approximately 1.54% for the three months ended June 30, 2016. Outstanding letters of credit totaled $0.9 million under the Amended Revolving Credit Facility at June 30, 2016. There were outstanding borrowings of $389.2 million and outstanding letters of credit of $1.1 million under the Amended Revolving Credit Facility at December 31, 2015.

Term Loan

In June 2015, we entered into a $250.0 million senior unsecured Term Loan agreement. The Term Loan has a maturity date in June 2017, with outstanding borrowings incurring interest at LIBOR plus a range of 62.5 to 137.5 basis points, subject to the Company’s credit ratings. The weighted average interest rate on the Term Loan was 1.53% in the second quarter of 2016. The Term Loan is classified within current portion of debt on our condensed consolidated balance sheets.

Senior Notes

Our $500.0 million aggregate principal amount of 2.70% Senior Notes mature in December 2016 (the “2016 Notes”). Interest is paid on the 2016 Notes on June 15th and December 15th of each year. The balance outstanding on the 2016 Notes is classified within current portion of debt on our condensed consolidated balance sheets.

Amounts capitalized and included as a reduction against debt on our condensed consolidated balance sheets included $17.5 million of debt issuance costs related to the Term Loan and the remaining Senior Notes issued in 2015, all of which were undertaken to finance the Transactions. The debt issuance costs related to the Amended Revolving Credit Facility are included within other non-current assets on our condensed consolidated balance sheets. We amortized $1.9 million and $1.0 million of debt issuance costs for the three months ended June 30, 2016 and June 30, 2015, respectively, within interest expense, net in our condensed consolidated statements of operations. We amortized $3.6 million and $1.8 million of debt issuance costs for the six months ended June 30, 2016 and June 30, 2015, respectively, within interest expense, net in our condensed consolidated statements of operations.

Debt Covenants

The Amended Revolving Credit Facility, the Term Loan, all of our Senior Notes and the 2020 TVN Notes all include certain affirmative and negative covenants, including limitations on the incurrence of additional indebtedness and maintenance of a maximum leverage ratio.