Debt

Long‑term debt consists of the following:



	September 30, 2019			September 30, 2018
First Lien Term Loan, due December 20, 2024	$	928,753		$	938,230
Revolving Credit Facility	—			—
Equipment Financing, due June 30, 2024 to July 5, 2029	45,960			11,588
Notes Payable, due July 31, 2023	807			2,106
Mortgage, due June 30, 2028	1,635			1,835
Total debt	977,155			953,759
Less unamortized discount and lender fees	(12,138		)	(14,129		)
Total net debt	965,017			939,630
Less current portion	(13,418		)	(11,555		)
Total long‑term debt	$	951,599		$	928,075

Term Facilities and Revolving Credit Facility

On January 15, 2014, EWT Holdings III Corp. (“EWT III”), an indirect wholly-owned subsidiary of the Company, entered into a First Lien Credit Agreement and Second Lien Credit Agreement (the “Credit Agreements” or, after the prepayment and termination of the Second Lien Credit Agreement, the “First Lien Credit Agreement” or “Credit Agreement”) among EWT III, EWT Holdings II Corp., the lenders party thereto and Credit Suisse AG as administrative agent and collateral agent. The First Lien Credit Agreement provided for a seven-year term loan facility, and the Second Lien Credit Agreement provided for an eight-year term loan facility. The term loan facilities originally consisted of the “First Lien Term Loan” and “Second Lien Term Loan” in aggregate principal amounts of $505,000 and $75,000, respectively. The First Lien Credit Agreement also made available to the Company a $75,000 revolving credit facility (the “Revolver”), which provided for a letter of credit sub-facility up to $35,000.

During the year ended September 30, 2018, certain subsidiaries of the Company entered into two amendments to the Credit Agreement which provided for, among other things, the refinancing of the Existing Term Loans with the proceeds of refinancing term loans, extension of the maturity date to December 20, 2024, the reduction in the interest rate spreads on the Term Loan borrowing to 3.00% and an additional $150,000 borrowed in incremental term loans. In addition, the revolving credit commitment and letters of credit sublimit were increased to $125,000 and $45,000, respectively. The other terms of the Existing Credit Agreement, including rates, remain generally the same. As a result of the incremental borrowings, quarterly principal payments increased to $2,369. At September 30, 2019, the interest rate on borrowings was 5.11%, comprised of 2.11% LIBOR plus the 3.00% spread.

Total deferred fees related to the First Lien Term Loan were $12,138 and $14,129, net of amortization, as of September 30, 2019 and 2018, respectively. These fees were included as a contra liability to debt on the Consolidated Balance Sheets.

At September 30, 2019 and 2018, the Company had no outstanding revolver borrowings and as a result, borrowing availability under the Revolver was $125,000 at September 30, 2019 and 2018, respectively, reduced for outstanding letters of credit. The Company’s outstanding letters of credit under this agreement aggregated approximately $12,956 and $11,777 at September 30, 2019 and 2018, respectively. Unused amounts, defined as total revolver capacity less outstanding letters of credit and revolver borrowings, were $112,044 and $113,223 at September 30, 2019 and 2018, respectively. At September 30, 2019 and 2018, the Company had additional letters of credit of $204 and $64 issued under a separate arrangement, respectively.

The First Lien Credit Agreement contains limitations on incremental borrowings, is subject to leverage ratios and allows for optional prepayments. Under certain circumstances, the Company may be required to remit excess cash flows as defined based upon exceeding certain leverage ratios. The Company did not exceed such ratios during the year ended September 30, 2019, does not anticipate exceeding such ratios during the year ending September 30, 2020, and therefore does not anticipate any additional repayments during the year ending September 30, 2020.

Equipment Financing

As of September 30, 2019 and 2018, the Company had equipment financings in an aggregate outstanding amount of $45,960 and $11,588, with interest rates ranging from 5.02% to 8.07%, and due dates ranging from June 30, 2024 to July 5, 2029.

Notes Payable

As of September 30, 2019 and 2018, the Company had notes payable in an aggregate outstanding amount of $807 and $2,106, with an interest rate of 6.53%, and a due date of July 31, 2023. These notes are related to certain equipment related contracts and are secured by the underlying equipment and assignment of the related contracts.

Mortgage

On June 29, 2018, the Company's subsidiary MAGNETO special anodes B.V. entered into a 10-year mortgage agreement for €1,600 ($1,744) to finance a facility in the Netherlands, subject to monthly principal payments of €7 ($7) at a blended interest rate of 2.4% with maturity in June 2028. The Company had $1,635 and $1,835 principal outstanding under this facility at September 30, 2019 and 2018, respectively.

Repayment Schedule

Aggregate maturities of all long‑term debt, including current portion of long‑term debt and excluding capital lease obligations as of September 30, 2019, are presented below:



Year Ended September 30,
2020	$	13,418
2021	13,589
2022	13,794
2023	13,952
2024	13,864
Thereafter	908,538
Total	$	977,155