Note 4. Long-Term Debt

Long-term debt consisted of the following:



(In thousands)	September 30, 2016		December 31, 2015
Senior notes	$	95,000	$	120,000
Revolving credit facility	98,129		12,317
Capitalized leases and other obligations	—		1,488
Total long-term debt and capital lease obligations	193,129		133,805
Less: Current maturities	—		(26,488		)
Total maturities due after one year	$	193,129	$	107,317

We have one unsecured senior note agreement with an amount outstanding of $95.0 million at September 30, 2016. At December 31, 2015, we had two unsecured senior note agreements with an aggregate amount outstanding of $120.0 million. The remaining unsecured senior note agreement calls for two scheduled principal payments of $50.0 million and $45.0 million on January 3, 2018 and January 3, 2021, respectively. Interest rates on the January 3, 2018 and January 3, 2021 scheduled principal payments are 4.00% and 4.79%, respectively. The effective average interest rates on our outstanding senior note agreements were 4.37% and 4.68% at September 30, 2016 and December 31, 2015, respectively.

On December 15, 2015, we entered into an amended and restated credit agreement with Wells Fargo Bank, National Association ("Wells Fargo") serving as administrative agent for the lenders (the "2015 Credit Agreement"). The 2015 Credit Agreement originally provided for a five-year, $250.0 million senior unsecured revolving line of credit and a $100.0 million accordion feature, which if exercised and approved, would expand the total borrowing capacity to an aggregate of $350.0 million.

On September 9, 2016, we exercised a portion of the accordion feature and entered into an amendment to the 2015 Credit Agreement to increase the aggregate commitments from existing lenders by $50.0 million to an aggregate of $300.0 million. Of the $300.0 million line of credit commitments under the 2015 Credit Agreement, as amended, up to $100.0 million may be used for letters of credit and $30.0 million may be used for borrowings under the Wells Fargo Sweep Plus Loan Program (the "Sweep Program"). We utilize the Sweep Program to manage our daily cash needs, as it automatically initiates borrowings to cover overnight cash requirements primarily for working capital needs.

At our option, borrowings under the 2015 Credit Agreement bear interest at either: (i) LIBOR plus an applicable margin (based on our ratio of debt-to-total capitalization) that ranges from 1.0% to 1.50%; or (ii) a Base Rate plus an applicable margin (based on our ratio of debt-to-total capitalization) that ranges from 0.0% to 0.5%. Loans under the Sweep Program bear interest at the LIBOR plus applicable margin rate. Letter of credit fees equal to the applicable margin for LIBOR loans are charged quarterly in arrears on the daily average aggregate stated amount of all letters of credit outstanding during the quarter. Commitment fees ranging from 0.125% to 0.2% (based upon the ratio of debt-to-total capitalization) are charged quarterly in arrears on the aggregate unutilized portion of the 2015 Credit Agreement. Wells Fargo, as administrative agent, also receives an annual fee for providing administrative services.

For the three and nine months ended September 30, 2016 under the 2015 Credit Agreement, the applicable margin on LIBOR loans was 1.0% and commitment fees were 0.125%. For the three and nine months ended September 30, 2015 under the previous credit agreement, the applicable margin on LIBOR loans was 1.0% and commitment fees were 0.175%. There were $74.9 million and $67.7 million of outstanding letters of credit at September 30, 2016 and December 31, 2015, respectively. Letter of credit fees remained at 1.0% during the three and nine months ended September 30, 2016 and 2015.