10. DEBT

Total outstanding debt consisted of the following:


	December 31,
	2018		2017
Short-term debt, borrowings on line of credit	$	176,300	$	188,250
Long-term debt:
Term loan A	$	142,500	$	150,000
Term loan B		322,000		400,000
Total		464,500		550,000
Unamortized debt issuance costs		(14,631)		(17,402)
Total long-term debt		449,869		532,598
Less: current portion		11,500		11,500
Long-term debt, less current portion	$	438,369	$	521,098

On December 20, 2017, in conjunction with the LDI acquisition, the Company entered into a credit agreement with by JPMorgan Chase Bank, N.A., and Capital One, National Association (“Capital One”), that provides for a $250,000 revolving line of credit and a $150,000 Term Loan A and a $400,000 Term Loan B (“credit facility”). The credit agreement also provides for issuances of letters of credit of up to $10 million and swingline loans up to $20 million. The revolving line of credit and Term Loan A mature on December 20, 2022 and Term Loan B matures on December 20, 2024. The proceeds from the credit facility were used to finance the LDI acquisition, pay related transaction fees and expenses, and repay the Company’s former credit facility (as defined below), as well as provide sufficient liquidity for the Company's future needs. The Company incurred debt issuance costs of $21,507 associated with the credit facility, of which all but $744 were capitalized. These debt issuance costs, along with $2,079 in previously incurred unamortized debt issuance costs, are amortized over the contractual term of the credit facility into interest expense using the effective interest method. The Company also expensed $636 in previously incurred unamortized debt issuance costs to interest expense upon entering into the credit facility in 2017.

Interest on the revolving line of credit and Term Loan A is accrued at a rate equal to the monthly LIBOR plus an applicable margin or a base rate that is the highest of the U.S. prime rate, federal funds rate (plus ½ of 1 percent) and LIBOR (plus 1 percent), at the Company’s option. The applicable margin is adjusted quarterly based on the Company’s leverage ratio. At December 31, 2018, the applicable margin was 2.25 percent for LIBOR loans and 1.25 percent for base rate loans. Interest on the Term Loan B is accrued similarly to Term Loan A, except the applicable margin is fixed at 4.50 percent for LIBOR loans and 3.50 percent for base rate loans. The Company’s Term Loan A and Term Loan B interest rates were 4.78 percent and 7.03 percent, respectively, at December 31, 2018 and 4.04 percent and 6.04 percent, respectively, at December 31, 2017. The interest rate on the revolving line of credit was 5.19 percent and 4.04 percent at December 31, 2018 and 2017, respectively. The Company is charged a monthly unused commitment fee ranging from 0.3 percent to 0.4 percent on the average unused daily balance on its $250,000 line of credit.

The Company had weighted average borrowings on its line of credit of $164,301 and $28,238 and maximum borrowings on its line of credit of $231,200 and $188,250 during the years ended December 31, 2018 and 2017, respectively. The Company had $73,700 and $61,750 available to borrow on its line of credit at December 31, 2018 and 2017, respectively. Line of credit-related unamortized debt issuance costs of $4,246 and $5,316 as of December 31, 2018 and 2017, respectively, are classified within “Other noncurrent assets” in the consolidated balance sheets.

The Term Loan A and Term Loan B requires quarterly principal payments of $1,875 and $1,000, plus accrued interest, respectively. During 2018, the Company made a voluntary prepayment of $74,000 on the Term Loan B.

The credit facility is collateralized by substantially all of the Company’s assets. The credit facility contains covenants requiring, among other things, to provide financial and other information reporting, and provide notice upon certain events. These covenants also place restrictions on the Company’s ability to incur additional indebtedness, pay dividends or make other distributions, redeem or repurchase capital stock, make investments and loans, and enter into certain transactions, including selling assets, engaging in mergers or acquisitions, or engaging in transactions with affiliates. The Company was in compliance with all such covenants as of December 31, 2018.

On April 1, 2015, in conjunction with the BioRx acquisition, the Company entered into a Second Amended and Restated Credit Agreement with Capital One, as agent and as a lender, the other lenders party thereto, and the other credit parties thereto, which provided for an increase in the Company’s line of credit from $120,000 to $175,000, a fully drawn term loan for $120,000 and a delayed draw term loan (“DDTL”) for an additional $25,000 (“former credit facility”). The Company fully drew upon the $25,000 DDTL during 2017. The former credit facility was subsequently paid in full and extinguished using the proceeds of the credit facility.

At December 31, 2018, the Company’s scheduled principal payments on its Term Loan A and Term Loan B for the next five years is as follows:


2019	$	11,500
2020		11,500
2021		11,500
2022		124,000
2023		4,000