7.	LONG-TERM DEBT

Long-term debt at

December 31,

consists of the following:

	201 9			201 8
	(in thousands)
Line of credit with a bank—due July 1, 2022, and collateralized by accounts receivable (1)		17,047			10,192
Equipment financing (2)		224,777			211,031
Total long-term debt		241,824			221,223
Less current maturities		(67,637	)		(63,908	)

Long-term debt—net of current maturities	$	174,187		$	157,315

(

)

Line of credit agreement with a bank provides for maximum borrowings of

$60.0

million and contains certain restrictive covenants that must be maintained by the Company on a consolidated basis. Borrowings on the line of credit are at an interest rate of LIBOR as of the

first

day of the month plus

1.25%

(

2.96%

December

31,

2019

) and are secured by our trade accounts receivable. An “unused fee” of

0.25%

is charged if average daily borrowings are less than

$18.0

million in a given month. Monthly payments of interest are required under this agreement. Also, under the terms of the agreement the Company must maintain a debt to EBITDA (earnings before interest, taxes, depreciation, and amortization) ratio of less than

4.00:1.

The Company was in compliance with all provisions under this agreement throughout

2019.

December 31, 2019,

outstanding advances on the line were approximately

$17.4

million, including letters of credit totaling

$0.4

million, with availability to borrow

$42.6

million. At

December 31, 2018,

outstanding advances on the line were approximately

$10.9

million, including letters of credit totaling

$0.7

million.

(

)

Equipment financings consist of installment obligations for revenue equipment purchases, payable in various monthly installments with various maturity dates through

September 2026,

at a weighted average interest rate of

3.65%

as of

December 31, 2019

and collateralized by revenue equipment.

The Company has provided letters of credit to

third

parties totaling approximately

$430,000

and

$700,000

December 31, 2019

and

December 31, 2018,

respectively. The letters are held by these

third

parties to assist such parties in collection of any amounts due by the Company should the Company default in its commitments to the parties.

Scheduled annual maturities on long-term debt outstanding at

December 31, 2019,

are:

2020	$	67,637
2021		41,629
2022		55,460
2023		47,211
2024		26,157
2025		2,955
2026		775

Total	$	241,824