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Long-term Debt | 9 Months Ended
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Sep. 30, 2019
Debt Disclosure [Abstract] |
Long-term Debt | Long-term Debt Long-term debt, net of current maturities, was as follows:
(in millions) | September 30, 2019 |  | December 31, 2018
Senior Secured Credit Facilities: |  |  |
Revolving Credit Facility due 2023 | $ | 200.0 |  |  | $ | 112.0 |
Term Loan A Facility due 2023 | 681.1 |  |  | 707.7 |
Term Loan B-1 Facility due 2025 | 1,120.3 |  |  | 1,128.7 |
5.625% Notes due 2027 | 400.0 |  |  | 400.0 |
Other long-term obligations | 89.2 |  |  | 104.6 |
Capital leases (1) | — |  |  | 0.4 |
| 2,490.6 |  |  | 2,453.4 |
Less: Current maturities of long-term debt | (62.9 | ) |  | (62.1 | )
Less: Debt discount | (2.5 | ) |  | (2.8 | )
Less: Debt issuance costs | (33.2 | ) |  | (38.4 | )
| $ | 2,392.0 |  |  | $ | 2,350.1 |
(1) | Reclassified to finance lease liabilities upon the adoption of ASC 842.
Senior Secured Credit Facilities On January 19, 2017, the Company entered into an agreement to amend and restate its previous credit agreement, dated October 30, 2013, as amended, (the “Credit Agreement”), which provided for: (i) a five-year $700 million revolving credit facility (the “Revolving Credit Facility”), (ii) a five-year $300 million term loan A facility (the “Term Loan A Facility”), and (iii) a seven-year $500 million term loan B facility (the “Term Loan B Facility”). As of September 30, 2019, the Company had conditional obligations under letters of credit issued pursuant to the Senior Secured Credit Facilities with face amounts aggregating $30.0 million. On October 15, 2018, in connection with the Pinnacle Acquisition, the Company entered into an incremental joinder agreement (the “Incremental Joinder”), which amended the Credit Agreement (the “Amended Credit Agreement”). The Incremental Joinder provided for an additional $430.2 million of incremental loans having the same terms as the existing Term Loan A Facility, with the exception of extending the maturity date, and an additional $1,128.8 million of loans as a new tranche having new terms (the “Term Loan B-1 Facility” and collectively with the Revolving Credit Facility and the Term Loan A Facility, the “Senior Secured Credit Facilities”). With the exception of extending the maturity date, the Incremental Joinder did not impact the Revolving Credit Facility. The payment and performance of obligations under the Senior Secured Credit Facilities are guaranteed by a lien on and security interest in substantially all of the assets (other than excluded property such as gaming licenses) of the Company and its subsidiaries. 5.625% Senior Unsecured Notes On January 19, 2017, the Company completed an offering of $400 million aggregate principal amount of 5.625% senior unsecured notes that mature on January 15, 2027 (the “5.625% Notes”) at a price of par. Interest on the 5.625% Notes is payable on January 15 th and July 15 th of each year. Loss on Early Extinguishment of Debt In connection with voluntary principal repayments on the Term Loan B Facility, the Company recorded losses on early extinguishment of debt of $0.3 million and $3.8 million during the three and nine months ended September 30, 2018. Interest expense, net Interest expense, net, was as follows:
| For the three months ended September 30, |  | For the nine months ended September 30,
(in millions) | 2019 |  | 2018 |  | 2019 |  | 2018
Interest expense | $ | (134.2 | ) |  | $ | (114.8 | ) |  | $ | (401.8 | ) |  | $ | (346.4 | )
Interest income | 0.6 |  |  | 0.2 |  |  | 1.2 |  |  | 0.7 |
Capitalized interest | 0.1 |  |  | — |  |  | 0.1 |  |  | — |
| $ | (133.5 | ) |  | $ | (114.6 | ) |  | $ | (400.5 | ) |  | $ | (345.7 | )
Covenants Our Senior Secured Credit Facilities and 5.625% Notes require us, among other obligations, to maintain specified financial ratios and to satisfy certain financial tests. In addition, the Company’s Senior Secured Credit Facilities and 5.625% Notes restrict, among other things, our ability to incur additional indebtedness, incur guarantee obligations, amend debt instruments, pay dividends, create liens on assets, make investments, engage in mergers or consolidations, and otherwise restrict corporate activities. As of September 30, 2019, the Company was in compliance with all required financial covenants. Other Long-Term Obligations Ohio Relocation Fees As of September 30, 2019 and December 31, 2018, other long-term obligations included $76.4 million and $91.3 million, respectively, related to the relocation fees for Dayton and Mahoning Valley, which opened in August 2014 and September 2014, respectively. The relocation fee for each facility is payable as follows: $7.5 million upon the opening of the facility and eighteen semi-annual payments of $4.8 million beginning one year after the commencement of operations. This obligation is accreted to interest expense at an effective yield of 5.0%. The amount included in interest expense related to this obligation was $1.0 million and $3.2 million for the three and nine months ended September 30, 2019, respectively, as compared to $1.2 million and $3.7 million for the three and nine months ended September 30, 2018, respectively.

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- Definition The entire disclosure for long-term debt. + 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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