7. Long-Term Debt

Long-term debt consisted of the following (in thousands):



	June 30, 2016			December 31, 2015
Revolving credit facility due November 2020	$	152,500		$	166,500

Partnership’s revolving credit facility due May 2018	578,500			580,500

Partnership’s term loan facility due May 2018	150,000			150,000
Less: Deferred financing costs, net of amortization	(477		)	(602		)
	149,523			149,398

Partnership’s 6% senior notes due April 2021	350,000			350,000
Less: Debt discount, net of amortization	(3,543		)	(3,862		)
Less: Deferred financing costs, net of amortization	(4,882		)	(5,396		)
	341,575			340,742

Partnership’s 6% senior notes due October 2022	350,000			350,000
Less: Debt discount, net of amortization	(4,379		)	(4,673		)
Less: Deferred financing costs, net of amortization	(5,177		)	(5,585		)
	340,444			339,742

Long-term debt	$	1,562,542		$	1,576,882

Archrock Revolving Credit Facility

In October 2015, in connection with the Spin-off, we entered into a five-year, $350.0 million revolving credit facility (the “Credit Facility”). Our ability to borrow under the Credit Facility was subject to the satisfaction of certain conditions precedent, including (i) the payoff and termination of our former credit facility and (ii) the consummation of the Spin-off on or before January 4, 2016 (the date on which those conditions are satisfied is referred to as the “Archrock Initial Availability Date”). On November 3, 2015, we terminated our former credit facility, repaid $326.5 million in borrowings and accrued and unpaid interest outstanding on the repayment date and completed the Spin-off. Accordingly, the Archrock Initial Availability Date was November 3, 2015, and the Credit Facility will mature in November 2020. As of June 30, 2016, we had $152.5 million in outstanding borrowings and $10.0 million in outstanding letters of credit under the Credit Facility. At June 30, 2016, taking into account guarantees through letters of credit, we had undrawn and available capacity of $187.5 million under the Credit Facility.

The Partnership Revolving Credit Facility and Term Loan

In February 2015, the Partnership amended its senior secured credit agreement (the “Partnership Credit Agreement”), which among other things, increased the borrowing capacity under its revolving credit facility by $250.0 million to $900.0 million. In May 2016, the Partnership further amended its Partnership Credit Agreement to, among other things, decrease the borrowing capacity under its revolving credit facility by $75.0 million to $825.0 million. Prior to this amendment, the Partnership was able to increase the aggregate commitments under the Partnership Credit Agreement by up to an additional $50 million subject to certain conditions, including the approval of the lenders. As a result of this amendment and subject to certain conditions, including the approval of the lenders, the Partnership is able to increase the aggregate commitments under the Partnership Credit Agreement by up to an additional $125 million. During the six months ended June 30, 2016 and 2015, the Partnership incurred transaction costs of $1.7 million and $1.3 million, respectively, related to these amendments of the Partnership Credit Agreement. These costs were included in intangible and other assets, net, and are being amortized to interest expense over the term of the facility. The Partnership Credit Agreement, which matures in May 2018, also includes a $150.0 million term loan facility. As of June 30, 2016, the Partnership had undrawn and available capacity of $246.5 million under its revolving credit facility.