Debt

Long-term debt as of June 30, 2017 and December 31, 2016 consists of the following:



(in thousands)	June 30, 2017			December 31, 2016
Senior secured notes, due 2024	$	350,000		$	350,000
Revolving credit agreement	66,722			—
Other	383			2,963
	417,105			352,963
Unamortized debt issuance costs related to senior secured notes	(6,057		)	(6,474		)
	411,048			346,489
Less: Current portion of long-term debt	96			1,662
	$	410,952		$	344,827

Senior Secured Notes

On September 15, 2016, the Company issued $350.0 million of senior secured notes due 2024 (the “Senior Notes”) under an unregistered private placement not subject to the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). The Senior Notes were issued by BMC East, LLC, a 100% owned subsidiary of the Company, and are guaranteed by the Company and the other subsidiaries that guarantee our Credit Agreement (as defined below). Each of the subsidiary guarantors is 100% owned, directly or indirectly, by the Company, and all guarantees are full and unconditional and joint and several. The interest rate is fixed at 5.5% and is payable semiannually on April 1 and October 1.

As of June 30, 2017, the estimated market value of the Senior Notes was $16.6 million higher than the carrying amount. The fair value is based on institutional trading activity and was classified as a Level 2 measurement in accordance with ASC 820.

Revolving Credit Agreement

On December 1, 2015, we entered into a senior secured credit agreement with Wells Fargo Capital Finance, as administrative agent, and certain other lenders (the “Credit Agreement”), which includes a revolving line of credit (the “Revolver”). The Credit Agreement, as amended, has an aggregate commitment of $375.0 million. We had outstanding borrowings under the Revolver of $66.7 million with net availability of $241.3 million as of June 30, 2017. The weighted average interest rate on outstanding LIBOR Rate borrowings of $50.0 million was 2.44% and the interest rate on Base Rate borrowings of $16.7 million was 4.50% as of June 30, 2017. We had $67.0 million in letters of credit outstanding under the Credit Agreement as of June 30, 2017.

The carrying value of the Revolver at June 30, 2017 approximates fair value as the rates are comparable to those at which we could currently borrow under similar terms, are variable and incorporate a measure of our credit risk. As such, the fair value of the Revolver was classified as a Level 2 measurement in accordance with ASC 820.

Other

Other long-term debt as of June 30, 2017 consists of a $0.4 million term note secured by real property with a maturity of February 2021. The interest rate is 7.0% and is paid monthly. The estimated market value of other long-term debt approximates the carrying amount.