Debt

6 Months Ended

Jun. 30, 2020

Long-term debt as of June 30, 2020 and December 31, 2019 consists of the following:


(in thousands)	June 30, 2020		December 31, 2019
Senior secured notes, due 2024	$	350,000	$	350,000
Revolving credit agreement	—		—

	350,000		350,000
Unamortized debt issuance costs related to senior secured notes	(3,550)		(3,968)
	346,450		346,032
Less: Current portion of long-term debt	—		—
	$	346,450	$	346,032

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 the 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, 2020, the estimated market value of the Senior Notes was approximately $4.4 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, the Company entered into a senior secured credit agreement with Wells Fargo Capital Finance, as administrative agent, and certain other lenders (the “Original Credit Agreement”), which includes a revolving credit facility (the “Revolver”). The Original Credit Agreement, as amended (the “Credit Agreement), has an aggregate commitment of $425.0 million. The Credit Agreement matures at the earlier of (i) May 31, 2024 and (ii) if the Senior Notes are refinanced or repaid, the date that is 91 days prior to the new maturity date of the replacement notes or other indebtedness that replaced or refinanced the Senior Notes. The Company had no outstanding borrowings under the Revolver with net availability of $362.3 million as of

June 30, 2020. The Company had $61.6 million in letters of credit outstanding under the Credit Agreement as of June 30, 2020. The Company repaid $144.0 million in borrowings under the Revolver during the three months ended June 30, 2020.