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Long-term Debt (Notes)
3 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
Long-term Debt
Long-Term Debt
The Company has a syndicated credit agreement with JPMorgan as successor agent and lead arranger (the “JPMorgan Credit Agreement”), which has a maturity date of September 23, 2024. At December 31, 2019, the JPMorgan Credit Agreement provided for an aggregate borrowing capacity of $225.0 million under a revolving credit commitment (the “Revolving Credit Commitment”), of which no more than $65.0 million of the aggregate borrowing capacity is available for working capital purposes and the entirety of which is available to fund acquisitions.
On March 12, 2020, the Company entered into the Incremental Facility Amendment No. 1 to the JP Morgan Credit Agreement to increase the aggregate borrowing capacity to $300.0 million and drew $20.0 million on the Revolving Credit Commitment to utilize for working capital purposes. The Company capitalized debt issuance costs related to the amendment of $230,000 during the three months ended March 31, 2020.
At March 31, 2020 and December 31, 2019, the variable rate in effect for the JPMorgan Credit Agreement was the London Interbank Offered Rate due to a repricing option. The applicable interest rate on the Revolving Credit Commitment was 3.00% and 3.81% at March 31, 2020 and December 31, 2019, respectively.
The JPMorgan Credit Agreement requires the Company to meet certain financial covenants and comply with customary affirmative and negative covenants as listed in the underlying agreement. The Company was in compliance with these covenants at March 31, 2020.