Debt

Long‑term debt consists of the following:



	December 31, 2019			September 30, 2019
First Lien Term Loan, due December 20, 2024	$	926,384		$	928,753
Revolving Credit Facility	—			—
Equipment Financing, due June 30, 2024 to July 5, 2029	48,096			45,960
Notes Payable, due July 31, 2023	759			807
Mortgage, due June 30, 2028	1,661			1,635
Total debt	976,900			977,155
Less unamortized discount and lender fees	(11,623		)	(12,138		)
Total net debt	965,277			965,017
Less current portion	(113,707		)	(13,418		)
Total long‑term debt	$	851,570		$	951,599

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 fiscal years 2017 and 2018, certain subsidiaries of the Company entered into amendments to the Credit Agreement which provided for, among other things, the refinancing of the term loans, extension of the maturity date to December 20, 2024, the reduction in the interest rate spreads to 3.00% and an additional $150,000 borrowed in incremental term loans. In addition, the revolving credit commitment and letters of credit sublimit was increased to $125,000 and $45,000, respectively. The Company makes quarterly principal payments of $2,369. At December 31, 2019, the interest rate on borrowings was 4.70%, comprised of 1.70% LIBOR plus the 3.00% spread.

Total deferred fees related to the First Lien Term Loan were $11,623 and $12,138, net of amortization, as of December 31, and September 30, 2019, respectively. These fees were included as a contra liability to debt on the Consolidated Balance Sheets.

The following summarizes the Company’s outstanding borrowings under the Revolver and outstanding letters of credit as of December 31, and September 30, 2019, respectively.



	December 31, 2019		September 30, 2019
Borrowing availability under the Revolver	$	125,000	$	125,000
Outstanding borrowings under the Revolver	—		—
Outstanding letters of credit under the Revolver	13,088		12,956
Unused amounts under the Revolver	$	111,912	$	112,044

Additional letters of credit under a separate arrangement	$	194	$	204

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 three months ended December 31, 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 December 31, and September 30, 2019, the Company had equipment financings in an aggregate outstanding amount of $48,096 and $45,960, 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 December 31, and September 30, 2019, the Company had notes payable in an aggregate outstanding amount of $759 and $807, with an interest rates 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 ($1,796) 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 $1,661 and $1,635 principal outstanding under this facility at December 31, and September 30, 2019, respectively.

Repayment Schedule

Aggregate maturities of all long‑term debt, including current portion of long‑term debt and excluding finance lease obligations as of December 31, 2019, are presented below:



Fiscal Year
Remainder of 2020	$	110,264
2021	13,839
2022	14,057
2023	14,228
2024	14,114
Thereafter	810,398
Total	$	976,900