On June 20, 2018, we replaced our existing credit agreement with the Fourth Amended and Restated Credit Agreement (“2018 Credit Agreement”). Terms of the 2018 Credit Agreement consist of a five year, $450 million revolving credit facility and a $150 million expansion feature, which may consist of term loans or additional revolving commitments. The 2018 Credit Agreement has a floating interest rate that is generally LIBOR plus a tiered additional rate which varies based on our current leverage ratio. For December 31, 2020 and 2019, respectively, the interest rate is LIBOR plus 100 basis points. The 2018 Credit Agreement includes transition provisions in the instance LIBOR is no longer published or used as an industry-accepted rate.

Debt issuance costs associated with the prior credit agreement were not written off as the lenders and their relative percentage participation in the facility did not change. With respect to the 2018 Credit Agreement, deferred financing costs were $1.0 million.

The debt outstanding at December 31, 2020 and 2019 consists of the following (in thousands):


		December 31,
		2020		2019
Revolver	$	-	$	90,000
Term loan		-		-
Total		-		90,000
Current portion of term loan		-		-
Long-term debt	$	-	$	90,000

Capitalized interest was not material for any of the periods shown. Summarized below are the total amounts of interest paid during the years ended December 31 (in thousands):


2020	$	2,028
2019		4,125
2018		4,178

The 2018 Credit Agreement contains the following quarterly financial covenants effective as of December 31, 2020:


		Chemed
Description	Requirement	December 31, 2020


Leverage Ratio (Consolidated Indebtedness/Consolidated Adj. EBITDA)	< 3.50 to 1.00	0.08 to 1.00

Fixed Charge Coverage Ratio (Consolidated Free Cash Flow/Consolidated
Fixed Charges)	> 1.50 to 1.00	5.04 to 1.00

We are in compliance with all debt covenants as of December 31, 2020. We have issued $37.9 million in standby letters of credit as of December 31, 2020 for insurance purposes. Issued letters of credit reduce our available credit under the 2018 Credit Agreement. As of December 31, 2020, we have approximately $412.1 million of unused lines of credit available and eligible to be drawn down under our revolving credit facility.