Long-Term Debt

Long-term debt consists of the following (in thousands):



	September 30, 2016			December 31, 2015
Unsecured notes	$	425,000		$	250,000
Term loan	—			108,750
Credit Agreement	97,500			—
Unamortized discounts and issuance costs	(5,894		)	(306		)
	$	516,606		$	358,444
Current portion, long-term debt	$	15,000		$	264,694
Long-term debt	$	501,606		$	93,750

In August 2011, the Company issued $250 million aggregate principal amount of its 3.75 percent senior unsecured notes due September 1, 2016 (the “2011 Notes”). The 2011 Notes were repaid on July 5, 2016. The Company recorded a $1.3 million loss on the extinguishment of the 2011 Notes in Interest expense during the three months ended September 30, 2016.

In June 2016, the Company issued $425 million aggregate principal amount of its 3.125 percent senior unsecured notes due June 15, 2021 (the “2016 Notes”). The net proceeds from the issuance of the 2016 Notes were approximately $421.0 million, after deducting underwriting discounts and offering expenses, which are being amortized over a period of five years. Interest on the 2016 Notes is payable semiannually in arrears on December 15 and June 15. The proceeds from the 2016 Notes were used to repay the principal amount of the 2011 Notes outstanding in July 2016 and are being used for other general corporate purposes, including working capital and capital expenditure needs, business acquisitions and repurchases of the Company’s common stock.

The Credit Agreement discussed in Note 11, "Credit Agreement," of the Notes to the Consolidated Financial Statements above, consisted of a $150 million term loan facility and a revolving credit facility. On May 31, 2016, the Company repaid its term loan and drew down $105.0 million under the revolving credit facility. Interest on amounts outstanding under the revolving credit facility accrues at the one-month LIBOR rate plus the applicable scheduled spread for the amount outstanding and is paid monthly in arrears. See Note 5, "Derivative Financial Instruments - Interest Rate Swap Contracts," of the Notes to the Consolidated Financial Statements for additional information on the effective interest rate on the revolving credit facility at September 30, 2016.