Long-term Debt (Tables)

3 Months Ended

Mar. 31, 2016

Long-term debt as of March 31, 2016 and December 31, 2015 was as follows (in thousands):



	March 31, 2016			December 31, 2015
2014 Term Loan Facility, net of unamortized discount and debt issuance costs of $6,381 and $4,459.	$	90,104		$	95,154
Revolver borrowings	—			—
Capital lease obligations	226			469
Other obligations	287			—
Total debt	90,617			95,623
Less: current portion	(625		)	(3,125		)
Long-term debt, net	$	89,992		$	92,498

Schedule of Interest Rate Margins

The interest rate margins will be adjusted each quarter based on the Company’s fixed charge coverage ratio as of the end of the previous quarter as follows:



Fixed Charge Coverage Ratio	U.S. Base Rate, Canadian Base Rate and Canadian Prime Rate Loans	LIBOR Loans, BA Rate Loans and Letter of Credit Fees
>1.25 to 1	1.25%	2.25%
<1.25 to 1 and >1.15 to 1	1.50%	2.50%
<1.15 to 1	1.75%	2.75%

Fair Value of Debt Instruments

The estimated fair value of the Company’s debt instruments as of March 31, 2016 and December 31, 2015 was as follows (in thousands):



	March 31, 2016		December 31, 2015
2014 Term Loan Facility	$	95,068	$	98,044
Revolver borrowings	—		—
Capital lease obligations	226		469
Other obligations	287		—
Total fair value of debt instruments	$	95,581	$	98,513