Debt

Debt consists of the following ($ in thousands):



	As of June 30,			As of December 31,
	2018			2017
Debt Obligations
Term Loan⁽¹⁾	$	1,001,598		$	906,398
Revolving Credit Facility	—			—
Total Debt Obligations	1,001,598			906,398
Unamortized discount
Discount on Term Loan	(2,942		)	(2,600		)
Total unamortized discount	(2,942		)	(2,600		)
Unamortized debt issuance costs:
Term Loan	(4,915		)	(5,583		)
Total unamortized debt issuance costs	(4,915		)	(5,583		)
Total Debt	$	993,741		$	898,215

________

⁽¹⁾

Borrowings under the Term Loan bear interest at floating rates equal to London Interbank Offered Rate (“LIBOR”) plus 2.75% (where the applicable LIBOR rate has a 1.0% floor). The interest rate was 4.84% and 4.62% as of June 30, 2018 and December 31, 2017, respectively. Effective March 29, 2018, we entered into two interest rate swaps to fix interest at 2.85% on $800.0 million of our Term Loan (See Note 15).

June 2018 amendment

On June 7, 2018, we entered into the Second Amendment to Amended & Restated Credit Agreement (the “Amendment”), which amended the Amended & Restated Credit Agreement, dated as of April 27, 2017 (the “Existing Credit Agreement”). The Amendment amended the Existing Credit Agreement to, among other things (i) effect an incremental term loan facility of $100.0 million (the “Incremental Term Loan” and, together with the existing terms loans that were in effect prior to the Amendment, the “Term Loan”) that was incurred pursuant to the exercise of our option to request incremental loans under the Existing Credit Agreement and (ii) decrease the interest rate applicable to the Term Loan by 0.50% to, at our option, either a base rate plus a margin of 1.75% or LIBOR plus a margin of 2.75%. The other terms to the Existing Credit Agreement, including those disclosed in our Annual Report on Form 10-K filed with the SEC on March 1, 2018, were not effected by the Amendment.

Financial maintenance covenants

Our Existing Credit Agreement requires us to meet a springing leverage ratio financial maintenance covenant, but only if the aggregate amount outstanding on our Revolving Credit Facility exceeds 35% of the aggregate revolving credit commitments as defined in our Existing Credit Agreement. We were in compliance with all applicable covenants as of June 30, 2018.