Financing

Long-term debt consisted of the following:



	As of
(in millions)	September 30, 2017			December 31, 2016
Term Loan B Facility	$	316.8		$	319.2
Deferred financing fees and discount on debt	(6.1		)	(6.9		)
Obligations under capital lease	2.7			3.7
Total debt	313.4			316.0
Less: Current portion of debt	(4.6		)	(4.5		)
Noncurrent portion of debt	$	308.8		$	311.5

Term Loan B Facility

At September 30, 2017, we had $316.8 million outstanding under our long-term credit facility that matures on July 18, 2023 (“Term Loan B Facility”), which accrued interest at a rate of 4.50%.

ABL Facility

Our asset-based revolving loan facility that expires on July 19, 2021 (“ABL Facility”) provides for borrowings of up to the lesser of $200.0 million or the borrowing base. As of September 30, 2017, we had no borrowings outstanding under the ABL Facility and available borrowings under the facility were $197.9 million after giving effect to the $2.1 million of letters of credit outstanding.

The Credit Agreements

The ABL Credit Agreement and the Term Loan B Credit Agreement (together, the “Credit Agreements”) contain various covenants consistent with debt agreements of this kind, such as restrictions on the amounts of dividends we can pay. As of September 30, 2017, we were in compliance with all of the covenants relating to the Credit Agreements.

Refinancing

On July 18, 2017, we amended the credit agreements governing our Term Loan B Facility (“Amended Term Loan B Credit Agreement”) and our ABL Facility (“Amended ABL Credit Agreement”). The amendments resulted in the below changes.


•	A 100 basis point reduction in our interest rate on our Term Loan B Facility. Amounts outstanding under this facility now bear interest at a rate per annum equal to, at our option, either (1) 2.25% plus an Alternate Base Rate (as defined in the Amended Term Loan B Credit Agreement) or (2) 3.25% plus the Adjusted LIBO Rate (as defined in the Amended Term Loan B Credit Agreement);


•	The removal of the net leverage financial maintenance covenant in the Term Loan B Credit Agreement;


•	A Term Loan B Facility prepayment penalty of 1.0% for six months after the refinancing date; and


•	An increased capacity to make certain restricted payments.

The refinancing resulted in expense of $0.9 million related to fees and the write-off of unamortized debt issuance costs.

Discussion of Historical Debt Facilities

For part of 2016, our debt included Senior Secured Notes. During the nine months ended September 30, 2016, we bought back and redeemed an aggregate of $345.3 million principal amount of our Senior Secured Notes, for an aggregate purchase price of $362.3 million, plus accrued interest.

As a result of these purchases and the redemption, we recognized a loss on the extinguishment of debt in the three months ended September 30, 2016 of $20.1 million, which included a premium of $14.5 million and the write-off of $5.6 million of unamortized debt issuance costs for both the Senior Secured Notes and the former ABL Facility. We recognized a loss on the extinguishment of debt for the nine months ended September 30, 2016 of $23.4 million, which includes a premium of $17.0 million and the write-off of $6.4 million of unamortized debt issuance costs for both the Senior Secured Notes and the former ABL Facility.