LONG-TERM DEBT

Long-term debt consisted of the following:



(in thousands)	December 31, 2017		December 31, 2016
Credit facility, due August 30, 2019	$	255,000	$	—
7.40% Medium-term Notes, Series A, due July 24, 2017	—		2,000
7.36% Medium-term Notes, Series A, due July 24, 2017	—		15,000
7.23% Medium-term Notes, Series A, due July 28, 2017	—		2,000
7.32% Medium-term Notes, Series A, due July 28, 2022	20,000		20,000
7.60% Medium-term Notes, Series A, due July 26, 2027	—		5,000
7.35% Medium-term Notes, Series A, due July 28, 2027	10,000		10,000
7.125% Medium-term Notes, Series B, due February 15, 2028	100,000		100,000
4.625% Notes, due September 1, 2021	400,000		400,000
Total	785,000		554,000
Less amounts due within one year	—		24,000
Less unamortized debt discount	360		387
Less unamortized debt issuance costs	1,779		2,170
Total	$	782,861	$	527,443

The aggregate maturities of Energen’s long-term debt as of December 31, 2017 are as follows:



Years ending December 31, (in thousands)
2018	2019	2020	2021	2022	Thereafter
$—	$255,000	$—	$400,000	$20,000	$110,000

On January 23, 2017, Energen redeemed the $2 million of 7.40% Medium-term Notes, Series A, due July 24, 2017 and $5 million of 7.60% Medium-term Notes, Series A, due July 26, 2027. The Company also had $17.0 million of scheduled reductions in long-term debt in July 2017.

The debt agreements of Energen contain financial and nonfinancial covenants including routine matters such as timely payment of principal and interest, maintenance of corporate existence and restrictions on liens. None of the debt agreements have events of default based on credit ratings.

Under Energen’s Indenture dated September 1, 1996 with The Bank of New York as Trustee, a cross default provision provides that any debt default of more than $10 million by Energen or Energen Resources will constitute an event of default by Energen. The Indenture does not include a restriction on the payment of dividends.

Our 4.625% Notes due September 1, 2021 include change in control provisions that would be triggered in a variety of change in control events including, but not limited to, the election to our Board of a majority of directors who are not Continuing Directors. As defined in the notes, a Continuing Director is a director who (1) was a member of the Board on the date of the initial issuance of the notes; or (ii) was nominated for election or elected to the Board with the approval of a majority of the Continuing Directors who were members of the Board at the time of such nomination or election.

Credit Facility: On September 2, 2014, Energen entered into a five-year syndicated secured credit facility with domestic and foreign lenders. On October 25, 2016, the borrowing base and aggregate commitments were reaffirmed at $1.05 billion each with no changes in association with the semi-annual redetermination required under the agreement. On April 21, 2017, the borrowing base was increased to $1.4 billion. The aggregate commitments under the credit facility did not change and remained at $1.05 billion. On November 9, 2017, the borrowing base was increased to $1.7 billion. The aggregate commitments under the credit facility did not change and remained at $1.05 billion. Energen’s obligations under the syndicated credit facility are unconditionally guaranteed by Energen Resources. The credit facility is collateralized by certain assets of Energen and Energen Resources, including a pledge of equity interests in subsidiaries of Energen other than Energen Resources, by mortgages on substantially all of Energen Resources’ oil and natural gas properties and by the pledge of Energen’s and Energen Resources’ deposit accounts, securities accounts and commodity accounts (other than de minimus accounts and excluded accounts). The current credit facility qualifies for classification as long-term debt on the consolidated balance sheets. The financial covenants of the credit facility require Energen to maintain a ratio of total debt to consolidated income before interest expense, income taxes, depreciation, depletion, amortization, exploration expense and other non-cash income and expenses (EBITDAX) less than or equal to 4.0 to 1.0; and to maintain a ratio of consolidated current assets (adjusted to include amounts available for borrowings and exclude non-cash derivative instruments) to consolidated current liabilities (adjusted to exclude maturities under the credit facility and non-cash derivative instruments) greater than or equal to 1.0 to 1.0. We are also bound by covenants which limit our ability to incur additional indebtedness, make certain distributions or alter our corporate structure. Energen may not pay dividends if an event of default exists, if the payment would result in an event of default, or if availability is less than 10 percent of the loan limit under the credit facility. Our credit facility also limits our ability to enter into commodity hedges based on projected production volumes. In addition, the terms of our credit facility limit the amount we can borrow to a borrowing base amount which is determined by our lenders in their sole discretion based on their valuation of our proved reserves and their internal criteria including commodity price outlook. The borrowing base amount is subject to redetermination semi-annually and for event-driven unscheduled redeterminations. Our next scheduled redetermination is April 1, 2018.

Under Energen’s credit facility, a cross default provision provides that any debt default of more than $75 million by Energen or Energen Resources will constitute an event of default by Energen.

Upon an uncured event of default under the credit facility, all amounts owing under the credit facility, if any, depending on the nature of the event of default will automatically, or may upon notice by the administrative agent or the requisite lenders thereunder, become immediately due and payable and the lenders may terminate their commitments under the defaulted facility. Energen was in compliance with the terms of its credit facility as of December 31, 2017.

The following is a summary of information relating to Energen’s credit facility:



(in thousands)	December 31, 2017		December 31, 2016
Credit facility outstanding	$	255,000	$	—
Available for borrowings	795,000		1,050,000
Total borrowing commitments	$	1,050,000	$	1,050,000



Years ended December 31, (in thousands)	2017			2016			2015
Maximum amount outstanding at any month-end	$	285,500		$	214,500		685,000
Average daily amount outstanding	$	131,822		$	33,642		358,929
Weighted average interest rates based on:
Average daily amount outstanding	2.54		%	1.72		%	1.60	%
Amount outstanding at year-end	2.77		%	—		%	1.64	%

Energen’s total interest expense was $38.4 million, $36.9 million and $43.1 million for the years ended December 31, 2017, 2016 and 2015, respectively. Energen’s total interest expense for the years ended December 31, 2017, 2016 and 2015 included amortization of debt issuance costs related to long-term debt, including our credit facility, of $3.3 million, $3.3 million and $3.3 million, respectively. There was no capitalized interest expense for the year ended December 31, 2017 and capitalized interest for the year ended December 31, 2015 was not significant. Capitalized interest expense was $0.1 million for the year ended December 31, 2016. At December 31, 2017, Energen paid commitment fees on the unused portion of available credit facility at a current annual rate of 30 basis points per annum. Energen paid commitment fees of $2.8 million, $3.4 million and $4.1 million for the years ended December 31, 2017, 2016 and 2015, respectively.