Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2020

Long-Term Debt

Reconciliation of principal balance of outstanding debt

The following table reconciles the principal balances of our outstanding debt to our condensed consolidated balance sheets, in thousands:

	As of
	June 30,		December 31,
	2020		2019
Senior Notes - 5.625% due May 2026	$	400,000	$	400,000
Term loan		296,250		305,625
Equipment notes		29,492		33,525
Unamortized debt issuance costs		(8,254)		(6,923)
Total debt, net of unamortized debt issuance costs		717,488		732,227
Less: current portion of long-term debt		23,168		34,272
Total long-term debt	$	694,320	$	697,955

Schedule of remaining principal payments of debt

The following table sets forth our remaining principal payments for our outstanding debt balances as of June 30, 2020, in thousands:

	Payments Due by Period
	2020		2021		2022		2023		2024		Thereafter		Total
Senior Notes	$	—	$	—	$	—	$	—	$	—	$	400,000	$	400,000
Term loan		7,500		15,000		20,625		22,500		28,125		202,500		296,250
Equipment notes		4,048		8,326		8,651		6,337		2,130		—		29,492
Total	$	11,548	$	23,326	$	29,276	$	28,837	$	30,255	$	602,500	$	725,742

Summary of key terms of Amended Credit Agreement

The following table outlines the key terms of our Amended Credit Agreement (dollars in thousands):

Senior secured term loan facility	$	300,000
Additional term loan and/or revolver capacity available under incremental facility (a)	$	300,000
Revolving Facility	$	450,000
Sublimit for issuance of letters of credit under Revolving Facility (b)	$	100,000
Sublimit for swingline loans under Revolving Facility (b)	$	35,000
Interest rate as of June 30, 2020		1.75	%
Scheduled maturity date		3/20/2025

(a) Additional borrowing capacity is available under the incremental facility, subject to certain terms and conditions (including existing or new lenders providing commitments in respect of such additional borrowing capacity).

(b) Use of the sublimits for the issuance of letters of credit and swingline loans reduces the availability under the Revolving Facility.

Schedule of availability under the Revolving Facility

The following table summarizes our availability under the Revolving Facility, in thousands:

	As of
	June 30,		December 31,
	2020		2019
Revolving Facility	$	450,000	$	250,000
Less: standby letters of credit		(60,382)		(61,382)
Availability under Revolving Facility	$	389,618	$	188,618

Schedule of the key financial covenants

	As of June 30, 2020
Maximum Net Leverage Ratio	3.50:1.00
Minimum Interest Coverage Ratio	3.00:1.00
Compliance as of period end	In Compliance