Note 6 ̶ Debt

The Company’s outstanding debt as of September 30, 2017 and December 31, 2016 consisted of the following (in thousands):

	September 30, 2017			December 31, 2016
Revolving credit facility⁽¹⁾	$	9,500		$	-
Term loan⁽¹⁾		156,332			162,627
Capital lease obligations		2,469			2,766
Total debt⁽²⁾		168,301			165,393
Less: debt issuance costs		(471	)		(566	)
Total debt, net of issuance costs		167,830			164,827
Less: current portion		(18,140	)		(8,650	)
Long-term portion of debt	$	149,690		$	156,177

⁽¹⁾ See Note 9, “Debt,” to the consolidated financial statements included in the Annual Report for details regarding the Senior Secured Credit Agreement (as defined below under the heading “Description of indebtedness”).

⁽²⁾ The gross carrying amounts of the Company’s long-term debt, before reduction of the debt issuance costs, and capital lease obligations approximate their fair values, based on Level 2 inputs (quoted prices for similar assets and liabilities in active markets or inputs that are observable), as the stated rates approximate market rates for loans with similar terms. The Company did not transfer any liabilities measured at fair value on a recurring basis to or from Level 2 for any of the periods presented.

August 2017 Credit Agreement Amendment

On August 25, 2017, the Company entered into a First Amendment to Credit Agreement (the “Amendment”), amending that certain Senior Secured Credit Agreement, dated as of December 23, 2016 (the “Credit Agreement”).

Pursuant to the Amendment, borrowings under both the term loan facility (the “Term Loan Facility”) and the revolving credit facility (“Revolving Credit Facility”) under the Credit Agreement bear interest, at the Company’s option, at either (i) a rate per annum equal to an adjusted LIBOR rate determined by reference to the cost of funds for U.S. dollar deposits for the applicable interest period (subject to a minimum floor of 0%) plus an applicable margin ranging from 1.50% to 2.75% (amended from 2.00% to 3.50% as previously set forth in the Credit Agreement) based on the Company’s consolidated total net leverage ratio or (ii) a floating base rate plus an applicable margin ranging from 0.50% to 1.75% (amended from 1.00% to 2.50% as previously set forth in the Credit Agreement) based on the Company’s consolidated total net leverage ratio. The interest rate for both the Revolving Credit Facility and the Term Loan was approximately 4.00% as of September 30, 2017.

The Amendment amended the Credit Agreement to increase the amount of the Revolving Credit Facility from $35.0 million to $50.0 million. The amount of the $165.0 million Term Loan Facility remains unchanged. The Amendment also amended the Credit Agreement to extend the maturity date for both the Revolving Credit Facility and the Term Loan Facility to August 25, 2022. The unused balance of the Revolving Credit Facility as of September 30, 2017 was $40.0 million.

The Company paid approximately $0.5 million in fees related to the Amendment.