Note 8. Long-Term Debt

The following long-term debt obligations were outstanding as of the dates indicated:

In thousands	March 31, 2018 (unaudited)			December 31, 2017
Senior Secured Credit Facility	$	73,000		$	142,080
8.75% Senior Notes due 2019		—			151,848
11.25% Senior Notes due 2023		250,000			—
Mortgage debt		9,053			7,891
Other		285			759
Total long-term debt		332,338			302,578
Unamortized discount		(5,344	)		(949	)
Unamortized debt issuance costs		(1,235	)		(474	)
Total long-term debt net of debt issuance costs	$	325,759		$	301,155

Senior Secured Credit Facility

In July 2015, LRAI entered into a $500 million Senior Secured Credit Facility with Citibank, N.A., as administrative agent, and other lenders party thereto (as amended, supplemented or modified from time to time, the “Credit Facility”), which has a maturity date of July 29, 2020. As of March 31, 2018, $73.0 million was borrowed under the Credit Facility, and the weighted average interest rate on borrowings under the Credit Facility was 4.84%. The Credit Facility may be used for loans and, subject to a $2.5 million sub-limit, letters of credit, and provides for a commitment fee of 0.375% to 0.5% based on the unused portion of the borrowing base under the Credit Facility.

The Company was in compliance with the terms of the Credit Facility as of March 31, 2018.

On January 4, 2018, the Company entered into the Limited Waiver, Borrowing Base Redetermination Agreement, and Amendment No. 7 to the Credit Agreement, which included the following provisions:

•

maintained the borrowing base of $160 million until the next redetermination date, which is scheduled for May 2018;

•

waived the borrowing base redetermination that would otherwise have occurred in connection with the incurrence of the 11.25% Senior Notes (see below), and

•

amended certain other provisions of the Credit Facility.

Issuance of 11.25% Senior Notes

In January 2018, the Company issued $250.0 million of 11.250% senior notes due 2023 (the “11.25% Senior Notes”) to U.S.-based institutional investors. The net proceeds of $244.4 million were used to fully retire the 8.75% Senior Notes (as defined below), which included principal, interest and a prepayment premium of approximately $162.0 million. The remaining net proceeds were used to reduce borrowings under the Credit Facility.

The 11.25% Senior Notes mature on January 1, 2023, and bear interest at the rate of 11.25% per year, payable on January 1 and July 1 of each year, beginning July 1, 2018. At any time prior to January 1, 2021, the Company may, on any one or more occasions, redeem up to 35% of the aggregate principal amount of the 11.25% Senior Notes with an amount of cash not greater than the net cash proceeds of certain equity offerings at a redemption price equal to 111.25% of the principal amounts redeemed, plus accrued and unpaid interest, provided that at least 65% of the aggregate principal amount of 11.25% Senior Notes originally issued remains outstanding immediately after such redemption and the redemption occurs within 180 days of the closing date of such equity offering.

At any time prior to January 1, 2021, the Company may, on any one or more occasions, redeem all or a part of the 11.25% Senior Notes at a redemption price equal to 100% of the principal amount redeemed, plus a “make-whole” premium as of, and accrued and unpaid interest.

On and after January 1, 2021, the Company may redeem the 11.25% Senior Notes, in whole or in part, plus accrued and unpaid interest, at the following redemption prices: 108.438% after January 1, 2021; 105.625% after January 1, 2022; and 100% after July 1, 2022.

The indenture contains certain restrictions on the Company’s ability to incur additional debt, pay dividends on the Company’s common stock, make investments, create liens on the Company’s assets, engage in transactions with affiliates, transfer or sell assets, consolidate or merger, or sell substantially all of the Company’s assets.

Retirement of 8.75% Senior Notes

Using proceeds from the issuance of the 11.25% Senior Notes, as discussed above, the Company fully retired the 8.750% Senior Unsecured Notes due April 15, 2019 (“the 8.75% Senior Notes”). Pursuant to the terms of the indenture, the 8.75% Senior Notes were redeemed at 104.375% of the outstanding principal amount, or approximately $158.5 million, which excludes accrued interest. In connection with this transaction, the Company recognized a $8.6 million loss on extinguishment during the three months ended March 31, 2018.