Long-Term Debt

At December 31, 2016 and 2015, long-term debt consisted of the following (in thousands):



	2016			2015
$150 million revolving credit facility, due June 2020	$	—		$	50,000
$825 million Term B loan facility, due June 2022	656,000			724,000
	656,000			774,000
Unamortized deferred loan costs	(15,645		)	(18,492		)
	$	640,355		$	755,508

On June 5, 2015, the Company entered into a $975.0 million credit facility. The funds were used to repay the old credit facility and to fund the cash portion of the purchase of Creative Circle (see “Note 4. Acquisitions”). The facility consists of (i) an $825.0 million seven-year term B loan facility and (ii) a $150.0 million five-year revolving loan facility.

The credit facility was amended on August 5, 2016, resulting in a 25 basis points reduction in the interest rate for the term B loan facility. Related to the August 5, 2016 amendment, the Company incurred $0.9 million of third-party fees which are included in interest expense in the consolidated statements of operations and comprehensive income for the year ended December 31, 2016.

Borrowings under the term B loan bear interest at LIBOR (floor of 75 basis points), plus 2.75 percent and borrowings under the revolving credit facility bear interest at LIBOR (or the bank’s base rate) plus 0.75 to 2.5 percent depending on leverage levels. A commitment fee of 0.25 to 0.40 percent is payable on the undrawn portion of the revolving credit facility. At December 31, 2016, the interest rate on the term B loan was 3.5 percent, and there were no borrowings under the revolving credit facility.

Under terms of the credit facility, the Company is required to make minimum quarterly payments of $2.1 million and mandatory prepayments, subject to specified exceptions, from excess cash flow and with the proceeds of asset sales, debt issuances and specified other events. Because of the principal payments made through December 31, 2016, no additional minimum quarterly payments are required.

The Company's obligations under the credit facility are guaranteed by substantially all of its direct and indirect domestic subsidiaries and are secured by a lien on substantially all of the Company's tangible and intangible property and by a pledge of all of the equity interests in its direct and indirect domestic subsidiaries.

The credit facility includes various restrictive covenants including the maximum ratio of consolidated funded debt to consolidated EBITDA (4.00 to 1.00 as of December 31, 2016 decreasing to 3.25 to 1.00 on March 31, 2018). The credit facility also contains certain customary limitations including, among other terms and conditions, the Company's ability to incur additional indebtedness, engage in mergers and acquisitions and declare dividends. At December 31, 2016, the Company had a ratio of consolidated funded debt to consolidated EBITDA of 2.32 to 1.00.

At December 31, 2016 the Company was in compliance with all of its debt covenants and had $146.0 million of borrowing available under the revolving credit facility, after excluding the unused stand-by letters of credit of $4.0 million at December 31, 2016.