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Long-term debt | 12 Months Ended
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Dec. 31, 2019
Debt Disclosure [Abstract] |
Long-term debt | Long-term debt Our long-term debt is summarized below (in thousands):
| Dec. 31,
| 2019 |  | 2018
Unsecured floating rate term loan due quarterly through June 2020 (1) | $ | 20,000 |  |  | $ | 60,000 |
Unsecured floating rate term loan due quarterly through September 2020 (1) | 105,000 |  |  | 165,000 |
Unsecured notes bearing fixed rate interest at 5.125% paid October 2019 | — |  |  | 320,000 |
Unsecured notes bearing fixed rate interest at 5.125% due July 2020 (1) | 310,000 |  |  | 600,000 |
Unsecured notes bearing fixed rate interest at 4.875% due September 2021 | 350,000 |  |  | 350,000 |
Unsecured notes bearing fixed rate interest at 6.375% due October 2023 | 650,000 |  |  | 650,000 |
Borrowings under revolving credit facility expiring August 2024 | 903,000 |  |  | 50,000 |
Unsecured notes bearing fixed rate interest at 5.50% due September 2024 | 325,000 |  |  | 325,000 |
Unsecured notes bearing fixed rate interest at 7.75% due June 2027 | 200,000 |  |  | 200,000 |
Unsecured notes bearing fixed rate interest at 7.25% due September 2027 | 240,000 |  |  | 240,000 |
Unsecured notes bearing fixed rate interest at 5.00% due September 2029 | 1,100,000 |  |  | — |
Total principal long-term debt | 4,203,000 |  |  | 2,960,000 |
Debt issuance costs | (26,873 | ) |  | (15,458 | )
Other (fair market value adjustments and discounts) | 3,118 |  |  | (76 | )
Total long-term debt | $ | 4,179,245 |  |  | $ | 2,944,466 |
(1) We have either refinanced certain of this debt by issuing new long-term notes, or have the intent and ability to refinance the principal payments due within the next 12 months on a long-term basis through our revolving credit facility. As such, all debt presented in the table above is classified as long-term on our December 31, 2019 Consolidated Balance Sheet.
On August 15, 2019, we entered into an amendment of our Amended and Restated Competitive Advance and Revolving Credit Agreement. Under the amended terms, the $1.51 billion of revolving credit commitments and letter of credit commitments have been extended until August 15, 2024. The amendment also increased our permitted total leverage ratio as follows:
Period | Leverage Ratio
July 1, 2019 to September 30, 2020 | 5.50 to 1.00
October 1, 2020 to March 31, 2021 | 5.25 to 1.00
April 1, 2021 to September 30, 2021 | 5.00 to 1.00
October 1, 2021 to September 30, 2022 | 4.75 to 1.00
October 1, 2022 and thereafter | 4.50 to 1.00
The amendment also increases the amount of unrestricted cash that we are allowed to offset debt by in our leverage ratio calculation to $500.0 million. Under the revolving credit facility, we may borrow at an applicable margin above the Eurodollar base rate (LIBOR loan) or the higher of the Prime Rate, the Federal Funds Effective Rate plus 0.50%, or the one month LIBOR rate plus 1.00% (ABR loan). In the event that the LIBOR is no longer available in the future, we will work with our lenders to determine a replacement rate to be used under the revolving credit facility. While a replacement rate is being determined, borrowing under the revolving credit facility will solely be via ABR loans. On September 13, 2019, we completed a private placement offering of $1.1 billion aggregate principal amount of unsecured notes bearing an interest rate of 5.00% which are due in September 2029. The net proceeds were used to finance the acquisition of the Nexstar Stations and to pay down borrowings under the revolving credit facility. On October 15, 2019 we repaid the remaining $320.0 million of our unsecured notes bearing fixed rate interest at 5.125% which had become due. Additionally, on October 18, 2019 we repaid $290.0 million of our $600.0 million unsecured notes bearing fixed interest at 5.125% which are due in July 2020. Both repayments were made by utilizing our revolving credit facility. As of December 31, 2019, we had unused borrowing capacity of $594.8 million under our revolving credit facility. As of December 31, 2019, we were in compliance with all covenants contained in our debt agreements and credit facility. On January 9, 2020, we completed a second private placement offering of $1.0 billion aggregate principal amount of senior notes bearing an interest rate of 4.625% which are due in March 2028. The notes are guaranteed on a senior basis by certain of our subsidiaries. The net proceeds were used to help facilitate the repayment of the remaining $310.0 million principal amount of our 5.125% Senior Notes due 2020, the $650.0 million principal amount and redemption premium on our 6.375% Senior Notes due 2023 and borrowings under our revolving credit facility. Our debt maturities may be repaid with cash flow from operating activities, accessing capital markets or a combination of both. The following schedule of annual maturities of the principal amount of total debt assumes we use available capacity under our revolving credit facility to refinance unsecured floating rate term loans payments and unsecured notes due in 2020 and 2021 to the extent of the then undrawn capacity. Based on this refinancing assumption, all maturities repaid utilizing the revolver in 2020 and 2021 are reflected as maturities for 2024, the year the revolving credit facility expires (in thousands).
Repayment schedule of principal long-term debt as of Dec. 31, 2019 |
2020 (1) | $ | — |
2021 (1) | 190,200 |
2022 | — |
2023 | 650,000 |
2024 (2) | 1,822,800 |
Thereafter | 1,540,000 |
Total | $ | 4,203,000 |
(1) Debt payments due in 2020 and 2021 are assumed to be repaid with funds from the revolving credit facility, up to our maximum borrowing capacity. The revolving credit facility expires in 2024. Excluding our ability to repay funds with the revolving credit facility, contractual debt maturities are $435 million for 2020, $350 million in 2021, $650 million in 2023 and $1.2 billion in 2024. (2) Assumes current revolving credit facility borrowings come due in 2024 and credit facility is not extended.

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