Long-Term Debt

12 Months Ended

Dec. 31, 2019

Note 8. Long-Term Debt

Long-term debt as of December 31, 2019 and December 31, 2018 was as follows:



	December 31, 2019					December 31, 2018
(in thousands, except percentages)	Debt			Interest Rate		Debt			Interest Rate
Revolving Credit Facility, due March 9, 2023	$	595,000		3.11	%	$	60,000		3.67	%
2018 Term Loan Credit Facility, due July 31, 2021	500,000			2.85	%	500,000			3.42	%
2019 Term Loan Credit Facility, due August 23, 2022	400,000			2.74	%	—			—	%
Finance Lease Obligation ⁽¹⁾	2,005			—	%	3,231			—	%
Total	1,497,005					563,231
Term Loan Credit Facilities Unamortized Debt Issuance Costs	(1,326		)			(979		)
Total Debt	1,495,679					562,252
Finance Lease Obligation Due Within One Year ⁽¹⁾	—					(3,231		)
Long-Term Debt	$	1,495,679				$	559,021


⁽¹⁾	See Note 14. Leases.

Revolving Credit Facility We maintain a revolving credit facility to fund working capital and to finance acquisitions and expansion capital expenditures. As of December 31, 2018, the borrowing capacity on our revolving credit facility was $800 million. On December 13, 2019, we exercised the accordion feature on our revolving credit facility and increased the capacity to $1.15 billion. We utilized borrowings under the revolving credit facility to fund a portion of the cash consideration paid to Noble in the Drop-Down and Simplification Transaction.

Borrowings under the revolving credit facility bear interest at a rate equal to an applicable margin plus, at our option, either (a) in the case of base rate borrowings, a rate equal to the highest of (1) the prime rate, (2) the greater of the federal funds rate or the overnight bank funding rate, plus 0.5% and (3) the LIBOR for an interest period of one month plus 1.0%; or (b) in the case of LIBOR borrowings, the offered rate per annum for deposits of dollars for the applicable interest period.

The unused portion of the revolving credit facility is subject to a commitment fee. As of December 31, 2019 and December 31, 2018, the commitment fee rate was 0.275% and 0.2%, respectively. Unamortized debt issuance costs totaled $3.0 million and $2.7 million as of December 31, 2019 and December 31, 2018, respectively, and are recorded within other noncurrent assets in our consolidated balance sheets.

The revolving credit facility requires us to comply with certain financial covenants as of the end of each fiscal quarter. We were in compliance with such covenants as of December 31, 2019. Certain lenders that are a party to the credit agreement have in the past performed, and may in the future from time to time perform, investment banking, financial advisory, lending or commercial banking services for us for which they have received, and may in the future receive, customary compensation and reimbursement of expenses.

Term Loan Credit Facilities On August 23, 2019, we entered into a three-year senior unsecured term loan credit facility that permits aggregate borrowings of up to $400 million (the “2019 Term Loan”). Borrowings under the 2019 Term Loan bear interest at a rate equal to, at our option, either (1) a base rate plus an applicable margin between 0.00% and 0.375% per annum or (2) a Eurodollar rate plus an applicable margin between 0.875% and 1.375% per annum.

On July 31, 2018, we entered into a three year senior unsecured term loan credit facility that permits aggregate borrowings of up to $500 million (the “2018 Term Loan”). Borrowings under the 2018 Term Loan bear interest at a rate equal to, at our option, either (1) a base rate plus an applicable margin between 0.00% and 0.50% per annum or (2) a Eurodollar rate plus an applicable margin between 1.00% and 1.50% per annum.

The term loan credit facilities contain customary representations and warranties, affirmative and negative covenants, and events of default that are substantially the same as those contained in our revolving credit facility, including the requirement to comply with certain financial covenants as of the end of each fiscal quarter. We were in compliance with such covenants as of December 31, 2019. Upon the occurrence and during the continuation of an event of default under the term loan credit facilities, the lenders may declare all amounts outstanding under the term loan credit facilities to be immediately due and payable and exercise other remedies as provided by applicable law.