(12)Long-Term Debt and Lines of Credit

The Company has entered into a first lien senior secured credit facility and a second lien senior secured credit facility pursuant to a credit agreement dated December 22, 2016, and amended on October 24, 2017, April 3, 2018, and June 14, 2018 (the “Senior Secured Credit Facilities”). On May 25, 2018, the Company repaid all outstanding amounts under the second lien credit facility using a portion of the proceeds from the IPO. As of September 30, 2019, the Senior Secured Credit Facilities include revolver commitments of $200.0 million and a term loan of $665.0 million that are scheduled to mature in June 2023 and December 2023, respectively.

As of September 30, 2019 and December 31, 2018, the Company’s long-term debt consists of the following:


	September 30,		December 31,
	2019		2018
	(In thousands)
First lien term loan	$	649,794	$	654,775
First lien revolver		68,496		42,266
Less debt issuance costs		(10,619)		(12,985)
Total long-term debt		707,671		684,056
Less current portion of long-term debt		(5,618)		(7,191)
Total long-term debt, net of current portion	$	702,053	$	676,865

Principal payment requirements on the above obligations in each of the years remaining subsequent to September 30, 2019 are as follows:


	Amounts
	(In thousands)
Years ending December 31:
2019 (remainder of the year)	$	2,630
2020		6,593
2021		6,593
2022		6,593
2023		695,881
2024 and thereafter		—
	$	718,290

In addition, the Senior Secured Credit Facilities contain certain customary representations and warranties, affirmative covenants and events of default. If an event of default occurs, the lenders under the Senior Secured Credit Facilities will be entitled to take various actions, including the acceleration of amounts due thereunder and exercise of the remedies on the collateral. As of September 30, 2019, the Company was in compliance with all its financial covenants.

The Company maintains intraday and overnight facilities to fund its settlement obligations. These facilities are short-term in nature, have variable interest rates, are subject to annual review and are denominated in local currency but may, in some cases, facilitate borrowings in multiple currencies.

At September 30, 2019 and December 31, 2018, the Company had $17.6 million and $41.8 million outstanding under these lines of credit, respectively, with additional capacity of $175.6 million and $57.9 million, respectively, to fund its settlement obligations. The weighted-average interest rate on these borrowings was 3.02% and 4.52% at September 30, 2019 and December 31, 2018, respectively.

Refer to Note 11, "Long-Term Debt and Lines of Credit" to the audited consolidated financial statements in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2018, for discussion regarding the Company’s long-term debt and lines of credit.