| Long-term Debt | 1.25 to 1 1.25% 2.25% ≤1.25 to 1 and >1.15 to 1 1.50% 2.50% ≤1.15 to 1 1.75% 2.75% The borrowers will also pay an unused line fee on each of the U.S. and Canadian Facilities equal to 50 basis points when usage under the applicable facility during the preceding calendar month is less than 50 percent of the commitments or 37.5 basis points when usage under the applicable facility equals or exceeds 50 percent of the commitments for such period. With respect to the letters of credit, the borrowers will pay a letter of credit fee equal to the applicable LIBOR margin, shown in the table above, on all letters of credit and a 0.125 percent fronting fee to the issuing bank, in each case, payable monthly in arrears. Obligations under the 2013 ABL Credit Facility are secured by a first priority security interest in the borrowers’ and guarantors’ accounts receivable, deposit accounts and similar assets (the “ABL Priority Collateral”) and a second priority security interest in the 2014 Term Loan Priority Collateral. Debt Covenants and Events of Default A default under the 2014 Term Loan Facility and the 2013 ABL Credit Facility may be triggered by events such as a failure to comply with financial covenants or other covenants under the 2014 Term Loan Facility and the 2013 ABL Credit Facility, a failure to make payments when due under the 2014 Term Loan Facility and the 2013 ABL Credit Facility, a failure to make payments when due in respect of, or a failure to perform obligations relating to, debt obligations in excess of $15.0 million , a change of control of the Company and certain insolvency proceedings. A default under the 2013 ABL Credit Facility would permit the lenders to terminate their commitment to make cash advances or issue letters of credit, require the immediate repayment of any outstanding cash advances with interest and require the cash collateralization of outstanding letter of credit obligations. A default under the 2014 Term Loan Facility would permit the lenders to require immediate repayment of all principal, interest, fees and other amounts payable thereunder. On March 31, 2015, (the "First Amendment Closing Date"), the Company amended the 2014 Term Credit Agreement pursuant to a First Amendment (the "First Amendment"). The First Amendment, among other things, suspended the calculation of the Maximum Total Leverage Ratio and Minimum Interest Coverage Ratio for the period from December 31, 2014 through March 31, 2016 (the "First Amendment Covenant Suspension Period") and provided that any failure by the Company to comply with the Maximum Total Leverage Ratio or Minimum Interest Coverage Ratio during the First Amendment Covenant Suspension Period shall not be deemed to result in a default or event of default. In consideration of the suspension of the calculation of the Maximum Total Leverage Ratio and Minimum Interest Coverage Ratio for the First Amendment Covenant Suspension Period, the Company issued 10.1 million shares, which was equivalent to 19.9 percent of the outstanding shares of common stock immediately prior to the First Amendment Closing Date, to KKR Lending Partners II L.P. and other entities indirectly advised by KKR Credit Advisers (US) LLC. In connection with this transaction, the Company recorded debt covenant suspension charges of approximately $33.5 million which represented the fair value of the 10.1 million outstanding shares of common stock issued, multiplied by the closing stock price on the First Amendment Closing Date. In addition, the Company recorded debt extinguishment charges of approximately $0.8 million related to the write-off of debt issuance costs associated with the Company's 2014 Term Credit Agreement. On September 28, 2015, the Company further amended the 2014 Term Credit Agreement, pursuant to a Second Amendment (the "Second Amendment"). The Second Amendment permits discrete asset sales by the Company and its subsidiaries, including the sale of the Company's Professional Services segment, which was finalized on November 30, 2015. For additional information, see Note 1 - Summary of Significant Accounting Policies. In addition, the Second Amendment permits the Company to retain up to $43.0 million of the net proceeds of the sale of the Professional Services segment, as well as the sale of Bemis, for working capital purposes. The Company is also required to pay a repayment fee on the maturity date of the 2014 Term Loan Facility equal to 5.0 percent of the aggregate principal amount outstanding on the maturity date. The repayment fee was contingent upon the sale of the Company's Professional Services segment on or before December 31, 2015 and considered to be a contingent interest feature that met the definition of a derivative. However, the repayment fee was considered clearly and closely related to the 2014 Term Loan Facility and did not require bifurcation as it relates to the credit risk of the Company. As a result, the Company recorded an increase in debt and related discount of $0.1 million for the repayment fee on November 30, 2015 (the date of the sale of the Professional Services segment), which will be amortized using the effective interest method from that date through the maturity date. On March 1, 2016, the Company further amended the 2014 Term Credit Agreement, pursuant to a Third Amendment (the "Third Amendment"). The Third Amendment, among other things, extends the First Amendment Covenant Suspension Period for an additional quarterly calculation period ending June 30, 2016 (the "Third Amendment Covenant Suspension Period") so that any failure by the Company to comply with the Maximum Total Leverage Ratio and the Minimum Interest Coverage Ratio during the Third Amendment Covenant Suspension Period will not be deemed to result in a default or event of default under the 2014 Term Credit Agreement. In addition, under the Third Amendment, the Maximum Total Leverage Ratio decreases to 4.50 to 1.00 as of September 30, 2016 and December 31, 2016, 3.25 to 1.00 as of March 31, 2017 and 3.00 to 1.00 as of June 30, 2017 and thereafter. The Minimum Interest Coverage Ratio increases to 1.75 to 1.00 as of September 30, 2016 and December 31, 2016, 2.50 to 1.00 as of March 31, 2017 and 2.75 to 1.00 as of June 30, 2017 and thereafter. The Third Amendment further provides that, solely for the four quarter fiscal period ending September 30, 2016, Consolidated EBITDA shall be equal to the sum of Consolidated EBITDA for the fiscal quarters ending June 30, 2016 and September 30, 2016, multiplied by two . In consideration for the Third Amendment, the Company paid an amendment fee of approximately $2.3 million in the first quarter of 2016. The Company's primary sources of capital are its cash on hand, anticipated cash flow from operations, proceeds from asset sales and borrowings under the 2013 ABL Credit Facility. Based on current forecasts, through a combination of these sources, the Company expects to have sufficient liquidity and capital resources to meet its obligations for at least the next twelve months. However, the Company can make no assurance regarding its ability to achieve its forecasts. As of December 31, 2015 , the Company did not have any outstanding revolver borrowings and its unused availability was $47.0 million on a borrowing base of $62.5 million and outstanding letters of credit of $50.7 million , of which $35.2 million was cash collateralized. Pursuant to the Fourth Amendment, if the Company’s unused availability under the 2013 ABL Credit Facility is less than the greater of (i) 15 percent of the revolving commitments or $15.0 million for five consecutive days, or (ii) 12.5 percent of the revolving commitments or $12.5 million at any time, or upon the occurrence of certain events of default under the 2013 ABL Credit Facility, the Company is subject to increased reporting requirements, the administrative agent shall have exclusive control over any deposit account, the Company will not have any right of access to, or withdrawal from, any deposit account, or any right to direct the disposition of funds in any deposit account, and amounts in any deposit account will be applied to reduce the outstanding amounts under the 2013 ABL Credit Facility. In addition, if the Company's unused availability under the 2013 ABL Credit Facility is less than the amounts described above, the Company would be required to comply with a Minimum Fixed Charge Coverage Ratio of 1.15 to 1.00. Based on its current forecasts, the Company does not expect its unused availability under the 2013 ABL Credit Facility to be less than the amounts described above and therefore does not expect the Minimum Fixed Charge Coverage Ratio to be applicable over the next twelve months. If the Minimum Fixed Charge Coverage Ratio were to become applicable, the Company would not expect to be in compliance over the next twelve months and would therefore be in default under its credit agreements. The 2014 Term Credit Agreement and the 2013 ABL Credit Facility also includes customary representations and warranties and affirmative and negative covenants, including: • the preparation of financial statements in accordance with GAAP; • the identification of any events or circumstances, either individually or in the aggregate, that has had or could reasonably be expected to have a material adverse effect on the business, results of operations, properties or condition of the Company; • limitations on liens and indebtedness; • limitations on dividends and other payments in respect of capital stock; • limitations on capital expenditures; and • limitations on modifications of the documentation of the 2013 ABL Credit Facility. Fair Value of Debt The estimated fair value of the Company’s debt instruments as of December 31, 2015 and December 31, 2014 was as follows (in thousands): December 31, 2015 December 31, 2014 2014 Term Loan Facility $ 98,044 $ 270,000 Revolver borrowings — — Capital lease obligations 469 1,384 Total fair value of debt instruments $ 98,513 $ 271,384 The 2014 Term Loan Facility, revolver borrowings under the 2013 ABL Credit Facility and capital lease obligations are classified within Level 2 of the fair value hierarchy. The fair value of the 2014 Term Loan Facility has been estimated using discounted cash flow analyses based on the Company’s incremental borrowing rate for similar borrowing arrangements. A significant increase or decrease in the inputs could result in a directionally opposite change in the fair value of the 2014 Term Loan Facility. Capital Leases The Company has entered into multiple capital lease agreements to acquire various construction and transportation equipment which have a weighted average of interest paid of 8.54 percent . Assets held under capital leases at December 31, 2015 and 2014 are summarized below (in thousands): December 31, 2015 2014 Transportation equipment $ 4,194 $ 4,194 Total assets held under capital lease 4,194 4,194 Less: accumulated depreciation (1,388 ) (1,079 ) Net assets under capital lease $ 2,806 $ 3,115 The following are the minimum lease payments for assets financed under capital lease arrangements as of December 31, 2015 and for each of the next five years and thereafter (in thousands): Fiscal year: 2016 $ 480 2017 — 2018 — 2019 — 2020 — Thereafter — Total minimum lease payments under capital lease obligations 480 Less: future interest expense (11 ) Net minimum lease payments under capital leases obligations 469 Less: current portion of net minimum lease payments (469 ) Long-term net minimum lease payments $ — Maturities The principal amounts due under the Company’s remaining debt obligations as of December 31, 2015 is as follows (in thousands): Fiscal year: 2016 $ 2,700 2017 2,700 2018 2,700 2019 87,252 $ 95,352" id="sjs-B4">Long-term debt as of December 31, 2015 and 2014 was as follows (in thousands): December 31, 2015 December 31, 2014 2014 Term Loan Facility, net of unamortized discount of $0 and $8,306 $ 95,352 $ 270,000 Revolver borrowings — — Capital lease obligations 469 1,384 Total debt 95,821 271,384 Less: current portion (3,169 ) (3,617 ) Long-term debt, net $ 92,652 $ 267,767 2014 Term Loan Facility On December 15, 2014, the Company entered into a credit agreement (the “2014 Term Credit Agreement”) among the Company, certain of its subsidiaries, as guarantors, the lenders from time to time party thereto, JPMorgan Chase Bank, N.A., as administrative agent, and KKR Credit Advisors (US) LLC, as sole lead arranger and sole bookrunner. Cortland Capital Market Services LLC serves as administrative agent under the 2014 Term Credit Agreement. The 2014 Term Credit Agreement provides for a five -year $270.0 million term loan facility (the “2014 Term Loan Facility”), which the Company drew in full on the effective date of the 2014 Term Credit Agreement. The Company is the borrower under the 2014 Term Credit Agreement, with all of its obligations guaranteed by its material U.S. subsidiaries, other than excluded subsidiaries. Obligations under the 2014 Term Loan Facility are secured by a first priority security interest in, among other things, the borrower’s and the guarantors’ equipment, subsidiary capital stock and intellectual property (the “2014 Term Loan Priority Collateral”) and a second priority security interest in, among other things, the borrower’s and the guarantors’ inventory, accounts receivable, deposit accounts and similar assets. The term loans are repayable in equal quarterly installments in an aggregate amount equal to 0.25 percent of the original amount of the 2014 Term Loan Facility. The balances of the term loans are repayable on December 15, 2019 . The Company is permitted to make optional prepayments at any time, subject to a variable prepayment fee if the prepayment is made prior to December 15, 2018 and in certain conditions, subject to approval of the lenders. Mandatory prepayments of term loans are required from (i) 100 percent of the proceeds of the sale of assets constituting the 2014 Term Loan Priority Collateral, subject to reinvestment provisions and certain exceptions and thresholds, (ii) 100 percent of the net cash proceeds from issuances of debt by the Company and its subsidiaries, other than permitted indebtedness and (iii) 75 percent (with step-downs to 50 percent and 0 percent based on a leverage ratio) of annual “excess cash flow,” provided that any voluntary prepayments of term loans will be credited against excess cash flow obligations. The first $125.0 million of mandatory prepayments of term loans using proceeds from the sale of assets are subject to a prepayment fee of 2 percent. Mandatory prepayments of excess cash flow are payable within five business days after annual financial statements are delivered to the administrative agent beginning with the fiscal year ended December 31, 2015. The term loans bear interest at the “Adjusted Base Rate” plus an applicable margin of 8.75 percent , or the “Eurodollar Rate” plus an applicable margin of 9.75 percent . The interest rate in effect at December 31, 2015 and 2014 was 11 percent , comprised of an applicable margin of 9.75 percent for Eurodollar rate loans plus a LIBOR floor of 1.25 percent . During the year ended December 31, 2015, the Company made early payments of $171.9 million against its 2014 Term Loan Facility. As a result of these early payments, the Company recorded debt extinguishment charges of $4.0 million, which consisted of prepayment fees of 2 percent and the write-off of debt issuance costs. 2013 ABL Credit Facility On August 7, 2013 the Company entered into five -year $150.0 million asset based senior revolving credit facility maturing on August 7, 2018 with Bank of America, N.A. serving as sole administrative agent for the lenders thereunder, collateral agent, issuing bank and swingline lender (as amended, the “2013 ABL Credit Facility”). The initial aggregate amount of commitments for the 2013 ABL Credit Facility was comprised of $125.0 million for the U.S. facility (the “U.S. Facility”) and $25.0 million for the Canadian facility (the “Canadian Facility”). The 2013 ABL Credit Facility includes a sublimit of $100.0 million for letters of credit and an accordion feature permitting the borrowers, under certain conditions, to increase the aggregate amount by an incremental $75.0 million , with additional commitments from existing lenders or new commitments from lenders reasonably acceptable to the administrative agent. The borrowers under the U.S. Facility consist of all of the Company’s U.S. operating subsidiaries with assets included in the borrowing base, and the U.S. Facility is guaranteed by Willbros Group, Inc. and its material U.S. subsidiaries, other than excluded subsidiaries. The borrower under the Canadian Facility is Willbros Construction Services (Canada) LP, and the Canadian Facility is guaranteed by Willbros Group, Inc. and all of its material U.S. and Canadian subsidiaries, other than excluded subsidiaries. On September 28, 2015, the Company amended the 2013 ABL Credit Facility pursuant to a Fourth Amendment (the "Fourth Amendment"). The Fourth Amendment permits certain additional dispositions of assets by the Company and its subsidiaries, reduces the total amount of commitments under the 2013 ABL Credit Facility from $150.0 million to $100.0 million , including $80.0 million for the U.S. Facility and $20.0 million for the Canadian Facility, and provides for an amended sublimit of $80.0 million for letters of credit. As a result of the reduction of commitments under the 2013 ABL Credit Facility, the Company wrote off approximately $0.9 million in debt issuance costs during the year ended December 31, 2015. In addition, the Fourth Amendment modified the Company's borrowing base calculation such that advances under the U.S. and Canadian Facilities are limited to a borrowing base consisting of the sum of the following, less applicable reserves: • 85 percent of the value of "eligible accounts"; • the lesser of (i) 75 percent of the value of "eligible unbilled accounts" and (ii) $33.0 million minus the amount of eligible unbilled accounts then included in the borrowing base; and • "eligible pledged cash". The Fourth Amendment also requires the Company, as part of its borrowing base calculation, to include a minimum of $25.0 million of the net proceeds of the sale of Bemis, LLC ("Bemis") and the balance of the Professional Services segment as eligible pledged cash. At December 31, 2015, the Company has included $35.2 million as eligible pledged cash (collateralized for a portion of its letters of credit) in its borrowing base calculation and classified as "Restricted cash" on the Consolidated Balance Sheet. The aggregate amount of the borrowing base that is attributable to eligible accounts and eligible unbilled accounts constituting certain progress or milestone billings, retainage and other performance-based benchmarks may not exceed $23.0 million . Advances in U.S. dollars bear interest at a rate equal to LIBOR or the U.S. or Canadian base rate plus an additional margin. Advances in Canadian dollars bear interest at the Bankers Acceptance ("BA") Equivalent Rate or the Canadian prime rate plus an additional margin. The interest rate margins will be adjusted each quarter based on the Company’s fixed charge coverage ratio as of the end of the previous quarter as follows: Fixed Charge Coverage Ratio U.S. Base Rate, Canadian Base Rate and Canadian Prime Rate Loans LIBOR Loans, BA Rate Loans and Letter of Credit Fees >1.25 to 1 1.25% 2.25% ≤1.25 to 1 and >1.15 to 1 1.50% 2.50% ≤1.15 to 1 1.75% 2.75% The borrowers will also pay an unused line fee on each of the U.S. and Canadian Facilities equal to 50 basis points when usage under the applicable facility during the preceding calendar month is less than 50 percent of the commitments or 37.5 basis points when usage under the applicable facility equals or exceeds 50 percent of the commitments for such period. With respect to the letters of credit, the borrowers will pay a letter of credit fee equal to the applicable LIBOR margin, shown in the table above, on all letters of credit and a 0.125 percent fronting fee to the issuing bank, in each case, payable monthly in arrears. Obligations under the 2013 ABL Credit Facility are secured by a first priority security interest in the borrowers’ and guarantors’ accounts receivable, deposit accounts and similar assets (the “ABL Priority Collateral”) and a second priority security interest in the 2014 Term Loan Priority Collateral. Debt Covenants and Events of Default A default under the 2014 Term Loan Facility and the 2013 ABL Credit Facility may be triggered by events such as a failure to comply with financial covenants or other covenants under the 2014 Term Loan Facility and the 2013 ABL Credit Facility, a failure to make payments when due under the 2014 Term Loan Facility and the 2013 ABL Credit Facility, a failure to make payments when due in respect of, or a failure to perform obligations relating to, debt obligations in excess of $15.0 million , a change of control of the Company and certain insolvency proceedings. A default under the 2013 ABL Credit Facility would permit the lenders to terminate their commitment to make cash advances or issue letters of credit, require the immediate repayment of any outstanding cash advances with interest and require the cash collateralization of outstanding letter of credit obligations. A default under the 2014 Term Loan Facility would permit the lenders to require immediate repayment of all principal, interest, fees and other amounts payable thereunder. On March 31, 2015, (the "First Amendment Closing Date"), the Company amended the 2014 Term Credit Agreement pursuant to a First Amendment (the "First Amendment"). The First Amendment, among other things, suspended the calculation of the Maximum Total Leverage Ratio and Minimum Interest Coverage Ratio for the period from December 31, 2014 through March 31, 2016 (the "First Amendment Covenant Suspension Period") and provided that any failure by the Company to comply with the Maximum Total Leverage Ratio or Minimum Interest Coverage Ratio during the First Amendment Covenant Suspension Period shall not be deemed to result in a default or event of default. In consideration of the suspension of the calculation of the Maximum Total Leverage Ratio and Minimum Interest Coverage Ratio for the First Amendment Covenant Suspension Period, the Company issued 10.1 million shares, which was equivalent to 19.9 percent of the outstanding shares of common stock immediately prior to the First Amendment Closing Date, to KKR Lending Partners II L.P. and other entities indirectly advised by KKR Credit Advisers (US) LLC. In connection with this transaction, the Company recorded debt covenant suspension charges of approximately $33.5 million which represented the fair value of the 10.1 million outstanding shares of common stock issued, multiplied by the closing stock price on the First Amendment Closing Date. In addition, the Company recorded debt extinguishment charges of approximately $0.8 million related to the write-off of debt issuance costs associated with the Company's 2014 Term Credit Agreement. On September 28, 2015, the Company further amended the 2014 Term Credit Agreement, pursuant to a Second Amendment (the "Second Amendment"). The Second Amendment permits discrete asset sales by the Company and its subsidiaries, including the sale of the Company's Professional Services segment, which was finalized on November 30, 2015. For additional information, see Note 1 - Summary of Significant Accounting Policies. In addition, the Second Amendment permits the Company to retain up to $43.0 million of the net proceeds of the sale of the Professional Services segment, as well as the sale of Bemis, for working capital purposes. The Company is also required to pay a repayment fee on the maturity date of the 2014 Term Loan Facility equal to 5.0 percent of the aggregate principal amount outstanding on the maturity date. The repayment fee was contingent upon the sale of the Company's Professional Services segment on or before December 31, 2015 and considered to be a contingent interest feature that met the definition of a derivative. However, the repayment fee was considered clearly and closely related to the 2014 Term Loan Facility and did not require bifurcation as it relates to the credit risk of the Company. As a result, the Company recorded an increase in debt and related discount of $0.1 million for the repayment fee on November 30, 2015 (the date of the sale of the Professional Services segment), which will be amortized using the effective interest method from that date through the maturity date. On March 1, 2016, the Company further amended the 2014 Term Credit Agreement, pursuant to a Third Amendment (the "Third Amendment"). The Third Amendment, among other things, extends the First Amendment Covenant Suspension Period for an additional quarterly calculation period ending June 30, 2016 (the "Third Amendment Covenant Suspension Period") so that any failure by the Company to comply with the Maximum Total Leverage Ratio and the Minimum Interest Coverage Ratio during the Third Amendment Covenant Suspension Period will not be deemed to result in a default or event of default under the 2014 Term Credit Agreement. In addition, under the Third Amendment, the Maximum Total Leverage Ratio decreases to 4.50 to 1.00 as of September 30, 2016 and December 31, 2016, 3.25 to 1.00 as of March 31, 2017 and 3.00 to 1.00 as of June 30, 2017 and thereafter. The Minimum Interest Coverage Ratio increases to 1.75 to 1.00 as of September 30, 2016 and December 31, 2016, 2.50 to 1.00 as of March 31, 2017 and 2.75 to 1.00 as of June 30, 2017 and thereafter. The Third Amendment further provides that, solely for the four quarter fiscal period ending September 30, 2016, Consolidated EBITDA shall be equal to the sum of Consolidated EBITDA for the fiscal quarters ending June 30, 2016 and September 30, 2016, multiplied by two . In consideration for the Third Amendment, the Company paid an amendment fee of approximately $2.3 million in the first quarter of 2016. The Company's primary sources of capital are its cash on hand, anticipated cash flow from operations, proceeds from asset sales and borrowings under the 2013 ABL Credit Facility. Based on current forecasts, through a combination of these sources, the Company expects to have sufficient liquidity and capital resources to meet its obligations for at least the next twelve months. However, the Company can make no assurance regarding its ability to achieve its forecasts. As of December 31, 2015 , the Company did not have any outstanding revolver borrowings and its unused availability was $47.0 million on a borrowing base of $62.5 million and outstanding letters of credit of $50.7 million , of which $35.2 million was cash collateralized. Pursuant to the Fourth Amendment, if the Company’s unused availability under the 2013 ABL Credit Facility is less than the greater of (i) 15 percent of the revolving commitments or $15.0 million for five consecutive days, or (ii) 12.5 percent of the revolving commitments or $12.5 million at any time, or upon the occurrence of certain events of default under the 2013 ABL Credit Facility, the Company is subject to increased reporting requirements, the administrative agent shall have exclusive control over any deposit account, the Company will not have any right of access to, or withdrawal from, any deposit account, or any right to direct the disposition of funds in any deposit account, and amounts in any deposit account will be applied to reduce the outstanding amounts under the 2013 ABL Credit Facility. In addition, if the Company's unused availability under the 2013 ABL Credit Facility is less than the amounts described above, the Company would be required to comply with a Minimum Fixed Charge Coverage Ratio of 1.15 to 1.00. Based on its current forecasts, the Company does not expect its unused availability under the 2013 ABL Credit Facility to be less than the amounts described above and therefore does not expect the Minimum Fixed Charge Coverage Ratio to be applicable over the next twelve months. If the Minimum Fixed Charge Coverage Ratio were to become applicable, the Company would not expect to be in compliance over the next twelve months and would therefore be in default under its credit agreements. The 2014 Term Credit Agreement and the 2013 ABL Credit Facility also includes customary representations and warranties and affirmative and negative covenants, including: • the preparation of financial statements in accordance with GAAP; • the identification of any events or circumstances, either individually or in the aggregate, that has had or could reasonably be expected to have a material adverse effect on the business, results of operations, properties or condition of the Company; • limitations on liens and indebtedness; • limitations on dividends and other payments in respect of capital stock; • limitations on capital expenditures; and • limitations on modifications of the documentation of the 2013 ABL Credit Facility. Fair Value of Debt The estimated fair value of the Company’s debt instruments as of December 31, 2015 and December 31, 2014 was as follows (in thousands): December 31, 2015 December 31, 2014 2014 Term Loan Facility $ 98,044 $ 270,000 Revolver borrowings — — Capital lease obligations 469 1,384 Total fair value of debt instruments $ 98,513 $ 271,384 The 2014 Term Loan Facility, revolver borrowings under the 2013 ABL Credit Facility and capital lease obligations are classified within Level 2 of the fair value hierarchy. The fair value of the 2014 Term Loan Facility has been estimated using discounted cash flow analyses based on the Company’s incremental borrowing rate for similar borrowing arrangements. A significant increase or decrease in the inputs could result in a directionally opposite change in the fair value of the 2014 Term Loan Facility. Capital Leases The Company has entered into multiple capital lease agreements to acquire various construction and transportation equipment which have a weighted average of interest paid of 8.54 percent . Assets held under capital leases at December 31, 2015 and 2014 are summarized below (in thousands): December 31, 2015 2014 Transportation equipment $ 4,194 $ 4,194 Total assets held under capital lease 4,194 4,194 Less: accumulated depreciation (1,388 ) (1,079 ) Net assets under capital lease $ 2,806 $ 3,115 The following are the minimum lease payments for assets financed under capital lease arrangements as of December 31, 2015 and for each of the next five years and thereafter (in thousands): Fiscal year: 2016 $ 480 2017 — 2018 — 2019 — 2020 — Thereafter — Total minimum lease payments under capital lease obligations 480 Less: future interest expense (11 ) Net minimum lease payments under capital leases obligations 469 Less: current portion of net minimum lease payments (469 ) Long-term net minimum lease payments $ — Maturities The principal amounts due under the Company’s remaining debt obligations as of December 31, 2015 is as follows (in thousands): Fiscal year: 2016 $ 2,700 2017 2,700 2018 2,700 2019 87,252 $ 95,352 |
