DEBT

6 Months Ended

Jun. 30, 2020

Long-term debt consisted of the following as of the dates indicated:


	June 30, 2020		December 31, 2019
	(In thousands)
Operating Company revolving credit facility	$	523,000	$	424,000
Total long-term debt	$	523,000	$	424,000

The Operating Company’s Revolving Credit Facility

On May 28, 2019, the Partnership, as parent, and the Operating Company, as borrower, entered into a credit agreement (as amended, the “Credit Agreement”) with Wells Fargo Bank, National Association (“Wells Fargo”), as administrative agent, and a syndicate of banks, including Wells Fargo, as lenders party thereto. The Credit Agreement provides for a revolving credit facility in the maximum amount of $600.0 million, which is expandable to $1.0 billion upon the Partnership’s election, subject to obtaining additional lender commitments and satisfaction of customary conditions. Loan principal may be optionally repaid from time to time without premium or penalty (other than customary LIBOR breakage), and is required to be paid at the maturity date of May 28, 2024. As of June 30, 2020, the Operating Company had $523.0 million of outstanding borrowings and $77.0 million available for future borrowings under the Credit Agreement. During the three and six months ended June 30, 2020, the weighted average interest rate on borrowings under the Credit Agreement was 2.43% and 2.64%, respectively.

As of June 30, 2020, each of the Partnership and the Operating Company was in compliance with all financial maintenance covenants under the Credit Agreement.

Notes Offering

On July 14, 2020, the Partnership completed an offering (the “Notes Offering”) of $500.0 million in aggregate principal amount of its 5.625% Senior Notes due 2025 (the “Notes”). The Partnership received net proceeds of approximately $489.5 million from the Notes Offering. The Partnership loaned the gross proceeds to the Operating Company, which used such proceeds to pay down borrowings under the Credit Agreement. See Note 16—Subsequent Events for further discussion of the Notes Offering.