Long-Term Debt

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



In thousands	September 30, 2019			December 31, 2018
Senior Secured Credit Facility	$	245,000		$	183,000
11.25% Senior Notes due 2023	250,000			250,000
Mortgage debt	8,959			9,151
Other	266			275
Total long-term debt	504,225			442,426
Unamortized discount	(3,656		)	(4,500		)
Unamortized debt issuance costs	(797		)	(1,044		)
Total long-term debt, net of debt issuance costs	$	499,772		$	436,882

Senior Secured Credit Facility

In July 2015, the Company, through its subsidiary Lonestar Resources America, Inc. ("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 November 15, 2023. As of September 30, 2019, $245.0 million was borrowed under the Credit Facility, and the weighted average interest rate on borrowings under the Credit Facility for the quarter was 5.32%. Borrowing availability was $44.6 million as of September 30, 2019, which reflects $0.4 million of letters of credit outstanding.

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. As of September 30, 2019, the borrowing base and lender commitments for the Credit Facility was $290 million. The borrowing base under the Credit Facility is determined semi-annually as of May 1 and November 1. As of November 11, 2019, the November 1 determination was ongoing and the prospective borrowing base amount had not been concluded upon with the lenders.

In June 2019, the Company entered into the Borrowing Base Redetermination and Tenth Amendment to Credit Agreement (the "Tenth Amendment"), which (i) increased the borrowing base from $275 million to $290 million and (ii) amended certain other provisions of the Credit Facility, as set forth more specifically in the Tenth Amendment.

The Company was in compliance with the terms of the Credit Facility as of September 30, 2019.

Issuance of 11.25% Senior Notes

In January 2018, the Company issued $250 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 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 of each year. 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”) in January 2018. 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 excluded accrued interest. In connection with this transaction, the Company recognized a $8.6 million loss on extinguishment during the first quarter of 2018.

Debt Issuance Costs

The Company capitalizes certain direct costs associated with the issuance of long-term debt and amortizes such costs over the lives of the respective debt. At September 30, 2019 and December 31, 2018, the Company had approximately $1.0 million and $1.7 million, respectively, of debt issuance costs associated with issuance of the Credit Facility remaining that are being amortized over the lives of the respective debt which are recorded as Other Non-Current Assets in the accompanying unaudited condensed consolidated balance sheets.