6. Long-Term Debt

Long-term debt consisted of the following (dollars in thousands):


	Interest Rate
	at March 31,		Final	March 31,		December 31,
	2016		Maturity	2016		2015
Term loan	5.00	%	June 6, 2019	$	292,388	$	293,138
Debt issue costs and original issue discount					(6,613)		(7,092)
					285,775		286,046
Current					3,000		3,000
Noncurrent				$	282,775	$	283,046

The term loan outstanding at March 31, 2016 provides for interest at the Alternate Base Rate, a rate which is indexed to the prime rate with certain adjustments as defined, plus a margin of 3.00% or a Eurocurrency rate on deposits of one, two, three or six months but no less than 1.00% per annum plus a margin of 4.00%. The Company has selected the Eurocurrency rate as of March 31, 2016 resulting in an interest rate currently at 5.00%.

The term loan provides for interest payments no less than quarterly. In addition, quarterly principal payments of $0.8 million are required. The balance of the loan is due at maturity on June 6, 2019. The Company must prepay, generally within three months after year end, 50% or 25% of excess cash flow, as defined. The percent of excess cash flow required is dependent on the Company’s leverage ratio. There was no excess cash flow payment due for the year ended December 31, 2015. The Company must also make prepayments on loans in the case of certain events such as large asset sales.

In May 2016, the Company amended the term loan allowing for a revised leverage ratio financial covenant. The amendment modifies the maximum allowed leverage ratio, as defined, for the four consecutive fiscal quarters ended from June 30, 2016 to September 30, 2017 to 3.00:1:00, from December 31, 2017 to September 30, 2018 to 2.75:1:00 and from December 31, 2018 and each subsequent quarter to 2.50:1.00. In conjunction therewith, the Company agreed to an increase in the interest rate margin of 0.25% and modification to the prepayment requirement of up to 75% of excess cash flow. The interest rate margin is subject to a further increase of 0.25% for a decline in the debt rating, as defined.

The Company also has a revolving credit facility which matures on December 6, 2018. The facility has an available balance of $30.0 million with no amounts drawn as of or for the periods ended March 31, 2016 and 2015. A commitment fee is payable quarterly to the lender under the facility. Interest on amounts outstanding is based on, at the Company’s option, the bank prime rate plus a margin of 3.0% to 6.0% or the Eurocurrency rate for one, two, three or six month periods plus a margin of 4.0% to 5.5%. The margin is dependent on the Company’s leverage, as defined in the agreement, at the time of the borrowing.

Maturities

The annual requirements for principal payments on long-term debt as of March 31, 2016 are as follows (dollars in thousands):


Year ended December 31,
2016 (remaining months)	$	2,250
2017		3,000
2018		3,000
2019		284,138
	$	292,388

Capitalized Interest

Interest capitalized by the Company amounted to $0.3 million and $0.3 million for the three months ended March 31, 2016 and 2015, respectively.