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Credit Arrangements | 3 Months Ended
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Mar. 31, 2020
Credit Arrangements |
Credit Arrangements | Note 8—Credit Arrangements ​ Long-term debt and credit facilities consists of the following (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, | ​ | December 31, | ​
​ |  | 2020 |  | 2019 |
Term loan | ​ | $ | 200,750 | ​ | $ | 203,500 | ​
Revolving credit facility | ​ | ​ | — | ​ | ​ | — | ​
Commercial equipment notes | ​ | ​ | 93,309 | ​ | ​ | 105,114 | ​
Mortgage notes | ​ |  | 49,854 | ​ |  | 43,474 | ​
Total debt | ​ | ​ | 343,913 | ​ | ​ | 352,088 | ​
Unamortized debt issuance costs | ​ | ​ | (734) | ​ | ​ | (787) | ​
Total debt, net | ​ | $ | 343,179 | ​ | $ | 351,301 | ​
Less: current portion | ​ |  | (52,430) | ​ |  | (55,659) | ​
Long-term debt, net of current portion | ​ | $ | 290,749 | ​ | $ | 295,642 | ​
​ The weighted average interest rate on total debt outstanding at March 31, 2020 and December 31, 2019 was 3.9% and 4.0%, respectively. ​ Credit Agreement ​ Our amended and restated credit agreement (“Credit Agreement”) consists of a $220.0 million term loan and a $200.0 million revolving credit facility (“Revolving Credit Facility”), whereby the lenders agreed to make loans on a revolving basis from time to time and to issue letters of credit for up to the $200.0 million committed amount. The Credit Agreement also includes the ability to increase the borrowing capacity thereunder by $75.0 million, subject to obtaining additional or increased lender commitments. The maturity date of the Credit Agreement is July 9, 2023. At March 31, 2020, there were no outstanding borrowings under the Revolving Credit Facility, commercial letters of credit outstanding were $39.5 million, and available borrowing capacity was $160.5 million. ​ The Credit Agreement contains various restrictive and financial covenants including, among others, a senior debt/EBITDA ratio and debt service coverage requirements. In addition, the Credit Agreement includes restrictions on investments, change of control provisions and provisions in the event we dispose of more than 20% of our total assets. We were in compliance with the covenants for the Credit Agreement at March 31, 2020. ​ Canadian Credit Facilities ​ We have a demand credit facility for $4.0 million in Canadian dollars with a Canadian bank for purposes of issuing commercial letters of credit in Canada. At March 31, 2020, commercial letters of credit outstanding were $0.6 million in Canadian dollars, and the available borrowing capacity was $3.4 million in Canadian dollars. The credit facility contains a working capital restrictive covenant for OnQuest Canada, ULC, our wholly owned subsidiary. At March 31, 2020, OnQuest Canada, ULC was in compliance with the covenant. ​ We have a credit facility for $10.0 million in Canadian dollars with CIBC Bank for working capital purposes in the normal course of business (“Working Capital Credit Facility”). At March 31, 2020, there were no outstanding borrowings under the Working Capital Credit Facility, and available borrowing capacity was $10.0 million in Canadian dollars. The Working Capital Credit Facility contains a cross default restrictive covenant where a default under our Credit Agreement will represent a default in the Working Capital Credit Facility.

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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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