Long-Term Debt

9 Months Ended

Sep. 30, 2019

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



	September 30,			December 31,
	2019			2018
Unsecured notes	$	425,000		$	425,000
Credit Agreement	236,021			—
Unamortized discounts and issuance costs	(4,037		)	(3,052		)
	$	656,984		$	421,948
Current portion, long-term debt	$	12,104		$	—
Long-term debt	$	644,880		$	421,948

In June 2016, the Company issued $425.0 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 notes outstanding in July 2016 and are being used for general corporate purposes, including working capital and capital expenditure needs, business acquisitions and repurchases of the Company’s common stock.

As discussed in Note 13, "Credit Agreement," on March 29, 2019, the Company made an initial borrowing of $100.0 million in term loans in U.S. dollars, and the equivalent of $150.0 million in term loans in Swedish kronor. Both term loans amortize at 5.0 percent per annum with the current portion included in current liabilities.