Long-term Debt

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



	March 31, 2015			December 31, 2014
$1.625 billion Term Loan Facility, due March 1, 2020, interest at a margin above LIBOR or base rate (4.25% at March 31, 2015 and December 31, 2014), net of unamortized discount of $40.0 million and $42.1 million, respectively	$	1,440,777		$	1,503,831
$350 million Revolving Credit Facility, due March 1, 2018, interest at a margin above LIBOR or base rate (3.68% at March 31, 2015)	20,000			—
$500 million 7.50% Senior Notes, due March 1, 2021, net of unamortized discount of $5.2 million and $5.3 million, respectively	494,850			494,682
Restructured Land Loan, due June 16, 2016, interest at a margin above LIBOR or base rate (3.68% and 3.67% at March 31, 2015 and December 31, 2014, respectively), net of unamortized discount of $5.6 million and $6.7 million, respectively	108,138			106,783
Other long-term debt, weighted-average interest of 3.96% and 3.98% at March 31, 2015 and December 31, 2014, respectively, maturity dates ranging from 2016 to 2027	40,347			41,303
Total long-term debt	2,104,112			2,146,599
Current portion of long-term debt	(39,865		)	(80,892		)
Total long-term debt, net	$	2,064,247		$	2,065,707

The current portion of long-term debt at December 31, 2014 included a mandatory excess cash flow payment on the $1.625 billion term loan facility (the "Term Loan Facility") of $61.0 million which was paid during the first quarter of 2015.

Term Loan Amendment

In March 2014, the Company completed a repricing of the Term Loan Facility which reduced the interest rate on the facility by 75 basis points. Prior to the repricing, the interest rate under the Term Loan Facility was at the Company’s option, either LIBOR plus 4.00%, or base rate plus 3.00%, subject to a minimum LIBOR rate of 1.00%. As amended, the interest rate under the Term Loan Facility is at the Company's option, either LIBOR plus 3.25%, or base rate plus 2.25%, subject to a minimum LIBOR rate of 1.00%. The amendment had no impact on the Company’s $350 million revolving credit facility (the "Revolving Credit Facility" and together with the Term Loan Facility, the "Credit Facility").

The Company evaluated the repricing transaction on a lender by lender basis and accounted for the portion of the transaction that did not meet the criteria for debt extinguishment as a debt modification. As a result of the repricing transaction, the Company recognized a $4.1 million loss on extinguishment of debt during the first quarter of 2014, which included $2.4 million in third-party fees and the write-off of $1.7 million in unamortized debt discount and debt issuance costs related to the repriced debt.

The credit agreement governing the Term Loan Facility and the Revolving Credit Facility contains a number of customary covenants, including requirements that the Company maintain a maximum total leverage ratio ranging from 6.75 to 1.00 at March 31, 2015 to 5.00 to 1.00 in 2017 and a minimum interest coverage ratio ranging from 2.50 to 1.00 in 2015 to 3.00 to 1.00 in 2017, provided that a default of the financial ratio covenants shall only become an event of default under the Term Loan Facility if the lenders providing the Revolving Credit Facility take certain affirmative actions after the occurrence of a default of such financial ratio covenants. At March 31, 2015, the Company’s total leverage ratio was 4.73 to 1.00 and its interest coverage ratio was 3.64 to 1.00, both as defined in the credit agreement, and the Company believes it was in compliance with all applicable covenants.

Revolver Availability

At March 31, 2015, the Company's borrowing availability under the $350 million Revolving Credit Facility, subject to continued compliance with the terms of the Credit Facility, was $296.8 million, which is net of outstanding borrowings of $20.0 million and outstanding letters of credit and similar obligations totaling $33.2 million.