Long-Term Debt

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



	December 31,
	2018			2017
Unsecured notes	$	425,000		$	425,000
Unamortized discounts and issuance costs of unsecured notes	(3,052		)	(4,316		)
	$	421,948		$	420,684

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

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.

On April 5, 2013, the Company borrowed $150 million under the term loan facility incorporated in the Credit Agreement. As discussed in Note 10, "Credit Agreement," of the Notes to the Consolidated Financial Statements above, 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 accrued at the one-month LIBOR rate plus the applicable margin for the amount outstanding and is paid monthly in arrears. During the year ended December 31, 2017, the Company repaid all amounts outstanding under the revolving credit facility.