Credit Arrangements and Debt Obligations | CREDIT ARRANGEMENTS AND DEBT OBLIGATIONS The Company’s $1.3 billion senior secured credit facilities consist of $1.1 billion in a secured term loan facility and a $225 million revolving credit facility. The term loans mature on November 7, 2023 and require quarterly principal payments of $2.7 million , with the remaining principal balance due on November 7, 2023 . Outstanding term loan borrowings were as follows at June 30, 2017 and December 31, 2016 (in thousands): June 30, December 31, Term loans $ 1,072,313 $ 1,075,000 Deferred financing costs and original issue discount (10,674 ) (10,241 ) Total debt 1,061,639 1,064,759 Less current maturities 10,750 10,750 Long-term debt $ 1,050,889 $ 1,054,009 The revolving credit facility matures on July 31, 2022 . Borrowings outstanding on the revolving credit facility were $67.0 million at June 30, 2017 and $76.0 million at December 31, 2016 . All borrowings under the credit agreement are subject to variable interest. Borrowings under the term loan facility bear interest at a rate per annum of 1.25% over the base rate, or 2.25% over the Eurocurrency rate (each as defined in the credit agreement), which is the one , two , three or six month LIBOR rate or, with applicable lender approval, the twelve month or less than one month LIBOR rate. With respect to the term loan facility, the base rate is subject to an interest rate floor of 1.75% and the Eurocurrency rate is subject to an interest rate floor of 0.75% . Borrowings under the revolving credit facility bear interest at a rate per annum ranging from 0.75% to 1.25% over the base rate, or 1.75% to 2.25% over the Eurocurrency rate. Prior to an amendment to the credit agreement on May 8, 2017 , borrowings under the term loan facility bore interest at a rate per annum ranging from 1.5% to 1.75% over the base rate, or 2.5% to 2.75% over the Eurocurrency rate. With respect to the term loan facility, the base rate was subject to an interest rate floor of 1.75% and the Eurocurrency rate was subject to an interest rate floor of 0.75% . Borrowings under the revolving credit facility bore interest at a rate per annum ranging from 1.25% to 1.75% over the base rate, or 2.25% to 2.75% over the Eurocurrency rate. The effective interest rate for the term loans was 3.5% at June 30, 2017 and December 31, 2016 , and the weighted average interest rate was 3.5% and 4.0% for the six months ended June 30, 2017 and 2016 , respectively. The effective interest rate for the revolving credit facility was 3.5% and 5.5% at June 30, 2017 and December 31, 2016 , respectively. The weighted average interest rate for the revolving credit facility was 4.3% and 4.8% for the six months ended June 30, 2017 and 2016 , respectively. Certain financing fees and original issue discount costs are capitalized and are being amortized over the terms of the related debt instruments and amortization expense is included in interest expense. Amortization expense of deferred financing costs were $0.3 million and $0.6 million for the three months ended June 30, 2017 and 2016 , respectively, and were $0.7 million and $1.2 million for the six months ended June 30, 2017 and 2016 , respectively. Amortization expense of original issuance discount costs were $0.1 million and $0.4 million for the three months ended June 30, 2017 and 2016 , respectively, and were $0.2 million and $0.7 million for the six months ended June 30, 2017 and 2016 , respectively. On January 26, 2016 , the Company amended its then existing credit agreement to increase the revolving credit facility from $100.0 million to $225.0 million , to extend the maturity date on the revolving credit facility from January 30, 2018 to July 31, 2019 , and to modify the interest rate applicable to borrowings. On November 7, 2016 , the Company modified its then existing senior credit facilities and refinanced all of its outstanding term loans into a new seven year term loan facility, which resulted in the issuance of $1.1 billion in new term loans, a portion of which were used to repay $922.5 million in outstanding term loans under the previous term loan facility, and $150.0 million of which was used to fund the acquisition of a business. The terms, interest rate and availability of the revolving credit facility were not modified in the November 2016 debt refinancing. On May 8, 2017 , the Company amended its existing senior credit facilities to, among other changes, reduce the applicable interest rates of the term loan facility and the revolving credit facility. The Company also extended the maturity date on the revolving credit facility from July 31, 2019 to July 31, 2022 . The amended term loan facility continues to have a maturity date of November 7, 2023 . The future principal payments under the term loans at June 30, 2017 are as follows (in thousands): Remainder of 2017 $ 5,375 2018 10,750 2019 10,750 2020 10,750 2021 10,750 Thereafter 1,023,938 $ 1,072,313 |