FINANCING ARRANGEMENTS

The following table is a summary of the Company’s financing arrangements (in thousands):



	March 31, 2018			December 31, 2017
Senior secured Term Loan Agreement ("Term Loan Agreement")	$	4,000		$	4,000
Current portion of long-term obligations, at carrying value	$	4,000		$	4,000

Senior secured Term Loan Agreement due June 30, 2024	$	393,000		$	394,000
Senior unsecured notes, at 5.25%, due August 1, 2020 ("2020 Notes")	400,000			400,000
Senior unsecured notes, at 5.125%, due June 1, 2021 ("2021 Notes")	845,000			845,000
Long-term obligations, at par	$	1,638,000		$	1,639,000
Unamortized debt issuance costs and premium, net	(12,741		)	(13,463		)
Long-term obligations, at carrying value	$	1,625,259		$	1,625,537

Total current and long-term obligations, at carrying value	$	1,629,259		$	1,629,537

On April 17, 2018, the Company, and substantially all of the Company's domestic subsidiaries as guarantors, entered into the first amendment (“First Amendment”) of the Term Loan Agreement. The First Amendment (i) reduces the applicable interest rate margin for the Company’s initial term loans outstanding (the "Term Loans") under the Term Loan Agreement by 25 basis points for both Eurocurrency borrowings and base rate borrowings, and (ii) resets the six month soft call period for a repricing of the Term Loans. After giving effect to the repricing, the applicable interest rate margin for the Term Loans are 1.75% for Eurocurrency borrowings and 0.75% for base rate borrowings.

At March 31, 2018 and December 31, 2017, the fair value of the Term Loans was $398.2 million and $400.5 million, respectively, based on quoted market prices or other available market data. At March 31, 2018 and December 31, 2017, the fair value of the Company's 2020 Notes was $401.6 million and $404.6 million, respectively, based on quoted market prices for the instrument. At March 31, 2018 and December 31, 2017, the fair value of the Company's 2021 Notes was $855.3 million and $855.7 million, respectively, based on quoted market prices for the instrument. The fair values of the Term Loans, 2020 Notes and 2021 Notes are considered Level 2 measures according to the fair value hierarchy.

The Company also maintains a $400.0 million revolving credit facility under which the Company had no outstanding loan balances as of March 31, 2018 and December 31, 2017. At March 31, 2018, approximately $237.0 million was available to borrow and outstanding letters of credit were $132.9 million. At December 31, 2017, $217.8 million was available to borrow and outstanding letters of credit were $134.1 million.