Interest Expense

3 Months Ended

Mar. 31, 2018

Interest and Debt Expense [Abstract]

Interest Expense

Interest Expense

The following tables present the components of interest expense: 

	For the Three Months Ended March 31,
	2018		2017
	(Dollars in thousands)
Interest incurred on debt	$	12,919	$	5,870
Senior Note redemption premium	4,782		—
Accretion of fair value adjustment on Senior Notes	19,414		1,599
Accretion of original issue discount on 2018 Term Loan	88		—
Amortization of debt issuance costs	662		77
Total interest expense	$	37,865	$	7,546

Interest Rates

The 2018 Credit Agreement had an effective interest rate of 5.08% as of March 31, 2018. The Old Revolving Facility and Old Term Loan Facility had an effective interest rate of 4.57% as of December 31, 2017 and the Senior Notes had a fixed interest rate of 6.375%, both of which were repaid on February 12, 2018 as part of our refinancing (see Note 6 "Debt and Liquidity").

As a result of our February 12, 2018 refinancing, we paid a prepayment premium for the redemption of our Senior Notes totaling $4.8 million. The accretion of the August 15, 2015 fair value adjustment to our Senior Notes totaling $19.4 million included accelerated accretion of $18.7 million for the three months ended March 31, 2018 resulting from the prepayment.