7.Long-term Debt

Long-term debt consists of the following:

	June 30, 2018			September 30, 2017
First Lien term loans, net of original issue discount of $1,376 and $1,777 at June 30, 2018 and September 30, 2017, respectively (excluding the effect of the hedges)	$	1,371,549		$	1,382,098
Second Lien term loan, net of original issue discount of $597 and $706 at June 30, 2018 and September 30, 2017, respectively (excluding the effect of the hedges)		109,403			109,294
Revolving credit facility		55,000			—
Receivables financing agreement		150,000			133,750
Financing costs, net		(28,210	)		(35,660	)
Total debt, net		1,657,742			1,589,482
Less: Current portion of long-term debt		14,600			14,600
Long-term debt, net	$	1,643,142		$	1,574,882

See Note 1 “Business and Basis of Presentation” for further details regarding the completion of the Company’s IPO in July 2018. The Company used the net proceeds from the IPO to repay all $110,000 of the Company’s second lien term loans, all $55,000 outstanding under the Company’s Revolving Credit Facility and approximately $336,100 of the Company’s first lien term loans and accrued and unpaid interest thereon. The repayment resulted in an extinguishment of debt in the amount of approximately $501,100, which will be recognized in the fourth quarter of 2018.

First Lien credit facility term loans due 2020

In connection with the Acquisition, the Company and a group of financial institutions entered into a credit agreement (the “First Lien Credit Agreement”) dated December 18, 2013. The First Lien Credit Agreement consists of seven-year $1,460,000 term loans (“First Lien Term Loans”) and a five-year $210,000 revolving credit facility (the “Revolving Credit Facility”). An original discount of $3,675 was incurred when the notes were issued and is being amortized using the effective interest method over the life of the debt resulting in an effective yield of 4.0%. All amounts outstanding under the First Lien Credit Agreement are collateralized by substantially all of the assets of the Company. The First Lien Term Loans contractual debt repayments totaled $10,950 through the nine months ended June 30, 2018.

In December 2017, the Company amended the First Lien Credit Agreement. The amendment reduced the capacity of the Revolving Credit Facility to $200,357. The amendment also extended the term on $192,857 of the capacity to September 18, 2020. The term on the remaining $7,500 of the capacity remains December 18, 2018.

In May 2018, the Company borrowed $55,000 against the revolving credit facility and used the proceeds to acquire a business.

In June 2018, the Company amended the First Lien Credit Agreement. The amendment increased the capacity of the Revolving Credit Facility by $35,000 to $235,357.

Second Lien credit facility term loan due 2021

In connection with the Acquisition, the Company and a group of financial institutions entered into a credit agreement (the “Second Lien Credit Agreement”) dated December 18, 2013. The Second Lien Credit Agreement consists of an eight-year $235,000 term loan (“Second Lien Term Loan”). An original discount of $1,175 was incurred when the notes were issued and is being amortized using the effective interest method over the life of the debt resulting in an effective yield of 7.5%. All amounts outstanding under the Second Lien Credit Agreement are collateralized by substantially all of the assets of the Company.

Receivables financing agreement

On April 28, 2017, the Company, through a wholly-owned subsidiary, entered into a receivables financing agreement (the “Receivables Financing Agreement”). The Receivables Financing Agreement provides a borrowing capacity of $175,000 through April 27, 2020. During May 2017, the Company borrowed $150,000 against the capacity and used the proceeds to partially pay down its First Lien Term Loans and Second Lien Term Loan. All amounts outstanding under the Receivables Financing Agreement are collateralized by substantially all of the accounts receivables and unbilled revenue of the Company. During the nine months ended June 30, 2018, the Company voluntarily repaid $53,750 and borrowed $70,000 against the capacity.

The following are the scheduled maturities of long-term debt, which do not include any estimated excess cash flow payments during the year ended:

	June 30,
2019	$	58,650
2020		14,600
2021		164,600
2022		1,450,075
2023		—
Total long-term debt		1,687,925
Less: Current maturities		14,600
Less: Original issue discount		1,973
Less: Financing costs		28,210
Total long-term debt, net	$	1,643,142

The Company has estimated the fair value of its long-term debt to be approximately $1,690,159 and $1,633,802 as of June 30, 2018 and September 30, 2017, respectively. Fair value is based on market bid prices around period-end (Level 2 inputs).