DEBT

Debt consists of the following:



	March 31,			December 31,
	2018			2017
	(in thousands)
Senior secured credit facility:
Senior secured term loan A facility	$	270,000		$	273,750
Senior secured term loan B facility	1,813,000			1,817,625
Senior secured revolving credit facility	—			—
$1,050 million 5.625% senior notes, due 2024	1,050,000			1,050,000
$500 million 4.50% senior notes, due 2026	500,000			500,000
$350 million 4.50% senior notes, due 2028	350,000			350,000
	3,983,000			3,991,375
Less: Unamortized discount and debt issuance costs	(57,797		)	(56,747		)
	$	3,925,203		$	3,934,628

Operating Partnership credit agreement. At March 31, 2018, the Operating Partnership senior credit facility consisted of a $270.0 million term loan A facility, a $1.8 billion term loan B facility, and a $600 million revolving credit facility. The revolving credit facility and term loan A facility bear interest determined by reference to a total net leverage ratio pricing grid which results in an interest rate of LIBOR plus 2.25% to 2.75%. The revolving credit facility and the term loan A facility will mature in April 2021. The term loan B facility bore interest at LIBOR plus 2.25% with a LIBOR floor of 0% and on March 23, 2018, the Operating Partnership repriced its term loan B interest rate to LIBOR plus 2.00%. The repricing also included an extension of the maturity of the term loan B facility by 2 years to March 23, 2025 and was repriced at a price of 99.75%. In addition, the Operating Partnership will receive a further reduction in pricing to LIBOR plus 1.75% upon a corporate rating upgrade by either S&P or Moody's. The effectiveness of the extension is subject to certain conditions, which are expected to occur in May 2018.

The Operating Partnership permanently repaid $4 million of the term loan A facility and $5 million of the term loan B facility in the three months ended March 31, 2018, in accordance with the scheduled amortization. At March 31, 2018, the interest rate on the term loan A facility was 4.38% and the interest rate on the term loan B facility was 3.88%. No amounts have been drawn on the revolving credit facility.

See Note 6 for further discussion of the Company's interest rate swap agreements related to the term loan B facility.

The revolving credit facility and term loan A facility also require the Operating Partnership to maintain compliance with a maximum secured net debt to adjusted total asset ratio, a maximum total net debt to adjusted asset ratio and a minimum interest coverage ratio, all of which may restrict the Operating Partnership’s ability to incur additional debt to fund its obligations in the near term. As of March 31, 2018, the Operating Partnership was required to have a senior secured net debt to adjusted total assets ratio of not more than 0.40 to1.00, a total net debt to adjusted total assets ratio of not more than 0.65 to 1.00, and an interest coverage ratio of not less than 2.00 to 1.00. The Operating Partnership was in compliance with its financial covenants at March 31, 2018.

Fair value of long-term debt. The estimated fair value of the Company’s long-term debt was $4.0 billion and $4.1 billion at March 31, 2018 and December 31, 2017, respectively. Fair value was estimated using quoted prices for identical or similar liabilities in markets that are not active (level 2 inputs).

Deferred financing costs. The Company recognized non-cash interest expense related to the amortization of deferred financing costs of $3.0 million and $2.8 million and during the three months ended March 31, 2018 and March 31, 2017, respectively.