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Long-term Debt

9 Months Ended

Sep. 30, 2018

Long-term Debt and Capital Lease Obligations [Abstract]

Long-term Debt

Long-term Debt

(in thousands)		September 30, 2018				December 31, 2017
Senior notes - 4.10% due 2022 (net of related deferred financing costs)		$	347,530			$	347,091
Senior notes - 3.78% due 2029		250,000				250,000
Revolving credit facility		215,619				0
Capital lease obligations		5,328				5,809
		$	818,477			$	602,900

The outstanding 4.10% senior notes have an aggregate principal amount of $350 million and are registered under the Securities Act of 1933, as amended (Securities Act). The outstanding 3.78% senior notes are unsecured and were issued in a 2017 private placement with The Prudential Insurance Company of America and certain other purchasers. We were in compliance with all covenants under both issuances of the senior notes as of September 30, 2018 and December 31, 2017.

The revolving credit facility has a term of five years and matures on September 22, 2022. The obligations under the revolving agreement are unsecured and are fully and unconditionally guaranteed by NewMarket. The average interest rate for borrowings under our revolving credit facility was 3.0% during the first nine months of 2018 and 2.5% during the full year of 2017. We were in compliance with all covenants under the revolving credit facility as of September 30, 2018 and December 31, 2017.

The following table provides information related to the unused portion of our revolving credit facility:

(in thousands)		September 30, 2018				December 31, 2017
Maximum borrowing capacity under the revolving credit facility		$	850,000			$	850,000
Outstanding borrowings under the revolving credit facility		215,619				0
Outstanding letters of credit		2,710				2,830
Unused portion of revolving credit facility		$	631,671			$	847,170

The capital lease obligations are related to the Singapore manufacturing facility.

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- Definition

The entire disclosure for debt and capital lease obligations can be reported. 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. Also includes descriptions and amounts of capital leasing arrangements that consist of direct financing, sales type and leveraged leases. Disclosure may include the effect on the balance sheet and the income statement resulting from a change in lease classification for leases that at inception would have been classified differently had guidance been in effect at the inception of the original lease.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-URI http://asc.fasb.org/topic&trid=2208923

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

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- References

No definition available.

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