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Debt | 6 Months Ended
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Jun. 30, 2018
Debt | 8. Debt Overview Our debt obligations consisted of the following as of the periods presented:
|  | June 30, |  |  | December 31, |
|  | 2018 |  |  | 2017 |
Term Debt, interest rate of 5.4% and 5.1% as of June 30, 2018 and December 31, 2017, respectively |  | $ | 680.0 |  |  | $ | 657.3 |
Senior Notes, interest rate of 11.0% as of December 31, 2017 |  |  | — |  |  |  | 475.0 |
Revolving Credit Facility ($300.0 and $130.0 available capacity less amounts reserved for letters of credit, which were $2.7 and $2.9 as of June 30, 2018 and December 31, 2017, respectively) |  |  | — |  |  |  | — |
Total debt |  |  | 680.0 |  |  |  | 1,132.3 |
Less unamortized discount on Term Debt |  |  | 1.8 |  |  |  | 0.9 |
Less unamortized debt issuance costs on Senior Notes and Term Debt |  |  | 6.7 |  |  |  | 11.6 |
Less current portion of long-term debt |  |  | 5.1 |  |  |  | — |
Long-term debt, less current portion |  | $ | 666.4 |  |  | $ | 1,119.8 |
Senior Secured Credit Facility Ceridian entered into a credit agreement dated as of November 14, 2014, pursuant to the terms of which Ceridian became borrower of (i) a $702.0 term loan debt facility (the “2014 Term Debt”) and (ii) a $130.0 revolving credit facility (the “2014 Revolving Credit Facility”) (the 2014 Term Debt and the 2014 Revolving Credit Facility are together referred to as the “2014 Senior Secured Credit Facility”). The 2014 Senior Secured Credit Facility was secured by all assets of Ceridian and was senior to Ceridian’s other debt. The 2014 Term Debt had a maturity date of September 2020, and the 2014 Revolving Credit Facility had a maturity date of September 2019. During the three months ended March 31, 2018, Ceridian made a final mandatory pre-payment of $0.3 towards the principal balance of the Term Debt from the proceeds received from the 2016 sale of our United Kingdom and Ireland business. On April 30, 2018, Ceridian completed the refinancing of the remaining debt under the 2014 Senior Secured Credit Facility by entering into a new credit agreement. Pursuant to the terms of the new credit agreement, Ceridian became borrower of (i) a $680.0 term loan debt facility (the “2018 Term Debt”) and (ii) a $300.0 revolving credit facility (the “2018 Revolving Credit Facility”) (the 2018 Term Debt and the 2018 Revolving Credit Facility are together referred to as the “2018 Senior Secured Credit Facility”). The 2018 Senior Secured Credit Facility is secured by all assets of Ceridian. The 2018 Term Debt has a maturity date of April 30, 2025, and the 2018 Revolving Credit Facility has a maturity date of April 30, 2023. The 2018 Term Debt is currently subject to an interest rate of LIBOR plus 3.25%. In the event our corporate rating from Moody’s Investors Service, Inc. is B2 or better, the interest rate is reduced to LIBOR plus 3.00%, so long as the rating is maintained. In connection with the refinancing of the 2014 Senior Secured Credit Facility, we capitalized $3.6 of financing costs and recognized a loss on debt extinguishment of $7.1 within interest expense, net on our condensed consolidated statement of operations during the three months ended June 30, 2018. Senior Notes Using the net proceeds received from the IPO and concurrent private placement, we satisfied and discharged the indenture governing our Senior Notes on April 30, 2018, and the Senior Notes were redeemed on May 30, 2018. In connection with the redemption of the Senior Notes, we recognized a loss on debt extinguishment of $18.6 within interest expense, net on our condensed consolidated statement of operations during the three months ended June 30, 2018. Future Payments and Maturities of Debt The future principal payments and maturities of our debt are as follows:
Years Ending December 31, |  | Amount |
2018 |  | $ | 1.7 |
2019 |  |  | 6.8 |
2020 |  |  | 6.8 |
2021 |  |  | 6.8 |
2022 |  |  | 6.8 |
Thereafter |  |  | 651.1 |
|  | $ | 680.0 |
Fair Value of Debt Our debt does not trade in active markets. Based on the borrowing rates currently available to us for bank loans with similar terms and average maturities and the limited trades of our debt, the fair value of our debt was estimated to be $678.3 and $1,154.1 as of June 30, 2018 and December 31, 2017, respectively.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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