5. Debt

Debt as of March 31, 2016 and December 31, 2015 consisted of the following (in thousands):



	March 31, 2016			December 31, 2015
Senior debt:
Revolving credit facility	$	129,500		$	143,149
Term loan	292,500			296,250
Total debt	422,000			439,399
Less: Debt issuance costs	(5,890		)	(6,569		)
Total debt, net of debt issuance costs	416,110			432,830
Less: Current maturities	(416,110		)	(432,830		)
Total debt, net of current maturities	$	—		$	—

On September 24, 2015, the Company entered into a sixth amended and restated credit agreement (the “credit agreement”) with U.S. Bank National Association and other lenders, which increased the revolving credit facility from $350.0 million to $400.0 million and the term loan from $200.0 million to $300.0 million. The credit facility matures on July 9, 2019. Principal on the term loan is due in quarterly installments of $3.8 million.

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. The required maximum cash flow leverage ratio is 3.75 to 1.0 as of March 31, 2016 and decreases to 3.50 to 1.0 as of June 30, 2016. However, after considering the effects of the restatement, the Company was not in compliance with its financial covenants contained in the credit agreement as of March 31, 2016 and accordingly, the Company's senior debt has been classified as current on the condensed consolidated balance sheets.

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 credit agreement also prohibits the Company from paying dividends without the consent of the lenders.

The Company categorizes the borrowings under the credit agreement as Level 2 in the fair value hierarchy described in Note 4. The carrying value of the Company's debt approximates fair value as the debt agreement bears interest based on prevailing variable market rates currently available. 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 3.25%, or (b) the Base Rate (as defined in the credit agreement), plus an applicable margin in the range of 1.0% to 2.25%. The revolving credit facility also provides for the issuance of up to $40.0 million in letters of credit. As of March 31, 2016, the Company had outstanding letters of credit totaling $21.3 million. As of March 31, 2016, total availability under the revolving credit facility was $249.2 million and the average interest rate on the credit agreement was 3.9%.