Long-Term Debt

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



	2014			2013
Senior debt:
Revolving credit facility	$	235,000		$	22,015
Term loans	195,000			170,625
Total debt	430,000			192,640
Less: Current maturities	(10,000		)	(10,938		)
Total long-term debt, net of current maturities	$	420,000		$	181,702

Maturities for each of the next five years based on long-term debt as of December 31, 2014 are as follows (in thousands):



		Amount
Year Ending
2015		10,000
2016		10,000
2017		10,000
2018		10,000
2019		390,000
Thereafter		—
Total		430,000

On August 9, 2013, the Company entered into a fourth amended and restated credit agreement with U.S. Bank National Association (“U.S. Bank”) and other lenders, which increased the revolving credit facility from $125.0 million to $200.0 million and the term loan from $170.0 million to $175.0 million. On July 9, 2014, the Company entered into a fifth amended and restated credit agreement (the "credit agreement") with U.S. Bank and other lenders, which increased the revolving credit facility to $350.0 million and the term loan to $200.0 million. The credit facility matures on July 9, 2019. Principal on the term loan is due in quarterly installments of $2.5 million. The Company categorizes the borrowings under the credit agreement 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 agreement 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 agreement 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 current debt agreement prohibits the Company from paying dividends without the consent of the lenders. Borrowings under the credit agreement 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 3.0%, or (b) the Base Rate (as defined in the credit agreement), plus an applicable margin in the range of 1.0% to 2.0%. The revolving credit facility also provides for the issuance of up to $30.0 million in letters of credit. As of December 31, 2014, the Company had outstanding letters of credit totaling $18.7 million. As of December 31, 2014, total availability under the revolving credit facility was $96.3 million and the average interest rate on the credit agreement was 2.9%.