Long-Term Debt

Long-term debt consisted of the following at December 31 (in thousands):



	2013			2012
Senior debt:
Revolving credit facility	$	22,015		$	—
Term loans	170,625			161,500
Total debt	192,640			161,500
Less: Current maturities	(10,938		)	(17,000		)
Total long-term debt, net of current maturities	$	181,702		$	144,500

Maturities for each of the next five years based on long-term debt as of December 31, 2013 are as follows (in thousands):



		Amount
Year Ending
2014		10,938
2015		13,125
2016		15,312
2017		17,500
2018		135,765
Thereafter		—
Total		192,640

On August 3, 2012, the Company entered into a third amended and restated credit agreement with U.S. Bank National Association (“U.S. Bank”) and other lenders, which increased the revolving credit facility from $100.0 million to $125.0 million and the term loan from $140.0 million to $170.0 million. On August 9, 2013, the Company entered into a fourth amended and restated credit agreement (the "credit facility") with U.S. Bank and other lenders, which increased the revolving credit facility to $200.0 million and the term loan to $175.0 million. The credit facility matures on August 9, 2018. Principal on the term loan is due in quarterly installments of $2.2 million per quarter through June 30, 2014. As of September 30, 2014, quarterly principal payments on the term loan increase to $3.3 million through June 30, 2016 and increase to $4.4 million beginning September 30, 2016 through June 30, 2018. Any remaining outstanding balance under the credit facility is due August 9, 2018. The Company categorizes the borrowings under the credit facility as Level 2 in the fair value hierarchy as defined in Note 5. The carrying value of the Company's long-term debt approximates fair value as the debt agreement bears interest based on prevailing variable market rates currently available. The credit facility is collateralized by all assets of the Company and contains certain financial covenants, including a minimum fixed charge coverage ratio and a maximum cash flow leverage ratio. Additionally, the credit facility contains negative covenants limiting, among other things, additional indebtedness, capital expenditures, transactions with affiliates, additional liens, sales of assets, dividends, investments, advances, prepayments of debt, mergers and acquisitions, and other matters customarily restricted in such agreements. The Company believes as of and during the year ended December 31, 2013, the Company was in compliance with all financial covenants contained in the credit facility. Borrowings under the credit facility bear interest at either (a) the Eurocurrency Rate (as defined in the credit agreement), plus an applicable margin in the range of 2.0% to 3.3%, or (b) the Base Rate (as defined in the credit agreement), plus an applicable margin in the range of 1.0% to 2.3%. The revolving credit facility also provides for the issuance of up to $30.0 million in letters of credit. As of December 31, 2013, the Company had outstanding letters of credit totaling $13.9 million. As of December 31, 2013, the total availability under the revolving credit facility was $164.1 million and the average interest rate on the credit facility was 2.9%.