5. Debt

Debt as of June 30, 2016 and December 31, 2015 consisted of the following (in thousands):



	June 30, 2016			December 31, 2015
Senior debt:
Revolving credit facility	$	123,500		$	143,149
Term loan	288,750			296,250
Total debt	412,250			439,399
Less: Debt issuance costs	(5,872		)	(6,569		)
Total debt, net of debt issuance costs	406,378			432,830
Less: Current maturities	(406,378		)	(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. On June 17, 2016, the Company entered into a Consent, Waiver, and First Amendment (the “Amendment”) to the credit agreement. Pursuant to the Amendment, the Company, among other things, reduced the revolving line of credit under the senior credit facility from a maximum aggregate amount of $400.0 million to $300.0 million.

The credit agreement is collateralized by all assets of the Company and contains certain financial covenants, including a maximum cash flow leverage ratio and a minimum fixed charge coverage ratio. Pursuant to the Amendment, the maximum cash flow leverage ratio and minimum fixed charge coverage ratio were modified for certain future periods. As modified by the Amendment, the maximum cash flow leverage ratio was 4.50 to 1.0 for the four quarters ended June 30, 2016 and decreases to 4.00 to 1.0 for the four quarters ending September 30, 2016, 3.75 to 1.0 for the four quarters ending December 31, 2016, 3.50 to 1.0 for the four quarters ending March 31, 2017, 3.25 to 1.0 for the four quarters ending June 30, 2017, and finally to 3.00 to 1.0 for all periods thereafter. As modified by the Amendment, the minimum fixed charge coverage ratio was 1.15 to 1.0 for the four quarters ended June 30, 2016, continues to be 1.15 to 1.0 for the four quarters ending September 30, 2016 and December 31, 2016, and finally increases to 1.25 to 1.0 for all periods thereafter. After considering the effects of the restatement, the Company was not in compliance with its financial covenants contained in the credit agreement (as modified by the Amendment) as of June 30, 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 3.50%, or (b) the Base Rate (as defined in the credit agreement), plus an applicable margin in the range of 1.0% to 2.50%. The revolving credit facility also provides for the issuance of up to $40.0 million in letters of credit. As of June 30, 2016, the Company had outstanding letters of credit totaling $22.8 million. As of June 30, 2016, total availability under the revolving credit facility was $153.7 million and the average interest rate on the credit agreement was 4.0%.