Debt and Credit Agreements

The Company’s debt and credit agreements consisted of the following:



(In thousands)	September 30, 2016			December 31, 2015
7.33% weighted-average senior notes	$	—		$	20,000
6.51% weighted-average senior notes	361,000			425,000
9.78% senior notes	67,000			67,000
5.58% weighted-average senior notes	175,000			175,000
3.65% weighted-average senior notes	925,000			925,000
Revolving credit facility	—			413,000
	1,528,000			2,025,000
Unamortized debt issuance costs	(7,810		)	(8,861		)
Total debt, net⁽¹⁾	$	1,520,190		$	2,016,139

(1) Includes $20.0 million of current portion of long-term debt at December 31, 2015.

The borrowing base under the terms of the Company's revolving credit facility is redetermined annually in April. In addition, either the Company or the banks may request an interim redetermination twice a year or in connection with certain acquisitions or divestitures of oil and gas properties. Effective April 19, 2016, the Company’s borrowing base was reduced from $3.4 billion to $3.2 billion. The maximum credit amount under the revolving credit facility remained unchanged at $1.8 billion; however, the available commitments were reduced to $1.6 billion at the time of the redetermination.

In May 2016, the Company repurchased $64.0 million principal amount of its 6.51% weighted-average senior notes for approximately $68.3 million. A $4.7 million extinguishment loss was recognized in the second quarter of 2016 associated with the premium paid and the write-off of a portion of the associated deferred financing costs due to early repayment. As a result of the repurchase of these senior notes, the available commitments under the revolving credit facility increased to $1.7 billion and remained at that level as of September 30, 2016.

At September 30, 2016, the Company was in compliance with all restrictive financial covenants for both its revolving credit facility and senior notes. As of September 30, 2016, based on the Company's asset coverage and leverage ratios, there were no interest rate adjustments required for the Company's senior notes.

At September 30, 2016, the Company had no borrowings outstanding under its revolving credit facility and had unused commitments of $1.7 billion. There were no borrowings under the revolving credit facility during the second and third quarters of 2016. The Company’s weighted-average effective interest rate for the revolving credit facility for the three months ended September 30, 2015 was approximately 2.1% and for the nine months ended September 30, 2016 and 2015 was approximately 2.3% and 2.2%, respectively.