Long-Term Debt

Our long-term debt consists of the following:



		March 31, 2017							December 31, 2016
(in thousands)		Gross		Debt Issuance Costs			Net		Gross		Debt Issuance Costs			Net
Bank debt:
	Term loan facility borrowings due April 2020, weighted-average interest rate of 2.53% and 2.31% as of March 31, 2017 and December 31, 2016, respectively	$	1,280,938	$	(11,370	)	$	1,269,568	$	1,298,125	$	(12,419	)	$	1,285,706
	Revolving line of credit borrowings due April 2020, weighted-average interest rate of 2.53% and 2.31% as of March 31, 2017 and December 31, 2016, respectively	302,000		(4,371		)	297,629		302,000		(4,761		)	297,239
Notes:
	7.55% senior debentures due April 2028	14,645		(51		)	14,594		14,645		(52		)	14,593
Other debt:
	Various debt instruments with maturities through 2019	4,781		—			4,781		4,509		—			4,509
Total long-term debt		1,602,364		(15,792		)	1,586,572		1,619,279		(17,232		)	1,602,047
Less current portion of long-term debt		122,634		—			122,634		105,158		—			105,158
Long-term debt, net of current portion		$	1,479,730	$	(15,792	)	$	1,463,938	$	1,514,121	$	(17,232	)	$	1,496,889

As of March 31, 2017 and December 31, 2016, we have recorded $0.7 million and $0.8 million of accrued interest expense, respectively, on our debt-related instruments.

Credit Agreement

In July 2016, we amended and restated our senior secured credit facility, dated as of April 21, 2015 (the "Credit Agreement") with Bank of America, N.A., as administrative agent, and other financial institutions. The Credit Agreement provides for a $1.3 billion term loan facility (the "Term Facility") and a $550.0 million revolving credit facility (the "Revolving Facility"). The Term Facility matures and the Revolving Facility expires in April 2020. The Revolving Facility includes a $100.0 million multicurrency revolving sub-facility and a $50.0 million letter of credit sub-facility. The Credit Agreement also provides for the ability to request that the lenders increase the Term Facility by up to $225.0 million in the aggregate; however, the lenders are not obligated to do so. As of March 31, 2017, we had borrowing capacity under the Revolving Facility of $248.0 million and we were in compliance with all of our covenants under the Credit Agreement.

7.55% Senior Debentures

In April 1998, we issued $100.0 million in aggregate principal amount of 7.55% senior debentures due 2028. The indentures governing these debentures, as amended, contain limited restrictions on the Company.

Interest Rate Swaps

We have entered into amortizing interest rate swaps ("Swaps") in order to convert a portion of our interest rate exposure on the Term Facility floating rate borrowings from variable to fixed. In August 2016, we entered into Swaps which became effective in September 2016 and terminate in April 2020. The Swaps entered in August 2016 are for an initial notional balance of $500.0 million, with a fixed interest rate of 1.03%, and amortize quarterly by $25.0 million through December 2018, with a notional step up of $100.0 million in March 2019, continued quarterly amortization of $25.0 million through April 2020, and a remaining notional amount of $275.0 million. In May 2014, we entered into Swaps which became effective in December 2014 and terminate in March 2019. The Swaps entered in May 2014 are for an initial notional balance of $500.0 million, with a fixed interest rate of 1.57%, and amortize quarterly by $12.5 million through December 31, 2017 and $25.0 million through December 31, 2018.

We have designated the Swaps as cash flow hedges. The estimated fair value of these cash flow hedges is recorded in other assets and/or other liabilities in the accompanying condensed consolidated balance sheets. The estimated fair value of these cash flow hedges resulted in an asset of $6.5 million and a liability of $0.9 million as of March 31, 2017. We recorded an asset of $5.4 million and a liability of $2.3 million as of December 31, 2016.

Unrealized gains of $1.5 million (net of $0.9 million in deferred taxes) and unrealized losses of $2.6 million (net of $1.7 million in deferred taxes) for the three months ended March 31, 2017 and 2016, respectively, were recognized in other comprehensive income related to the Swaps.