NOTE 10 – LONG-TERM DEBT

The components of the Company's long-term debt consisted of the following (in thousands):

	June 30, 2018						December 31, 2017
	Carrying Value*			Fair Value			Carrying Value*			Fair Value

ABL Revolver	$	-		$	-		$	-		$	-
Term Loan B		248,125			249,519			249,375			251,869
Promissory note due January 2021		2,284			2,284			2,722			2,722
Total long-term debt		250,409			251,803			252,097			254,591
Less: current portion		(3,394	)		(3,408	)		(3,381	)		(3,406	)
Long-term debt less current maturities	$	247,015		$	248,395		$	248,716		$	251,185

*Carrying value amounts do not include unamortized debt issuance costs of $9.1M and $10.1 for June 30, 2018 and December 31, 2017, respectively.

The fair value measurements used by the Company are considered Level 2 inputs, as defined in the fair value hierarchy. The fair value estimates were based on quoted prices for identical or similar securities.

August 2017 Credit Agreements

On August 29, 2017, the Company entered into two credit agreements (the "August 2017 Credit Agreements") that provided for an $85.0 million asset-backed revolving line of credit (the "ABL Revolver") and a $250.0 million senior secured term loan B (the "Term Loan B"). Under the ABL Revolver, the Company may request $10.0 million incremental revolving loan commitments in an additional aggregate amount not to exceed $50.0 million, subject to pro forma compliance with certain net secured leverage ratio tests.

The applicable rate for the ABL Revolver is LIBOR plus a margin ranging from 1.25% to 1.75% per annum. The applicable rate for the Term Loan B was LIBOR plus 5.50% subject to a LIBOR floor of 1.00%. The maturity date of the ABL Revolver is August 29, 2022 and the maturity date of the Term Loan B is August 29, 2023.

On June 25, 2018, the Company entered into Amendment No. 1 (the "Repricing Amendment") to the Senior Secured Term Loan B Agreement. The Repricing Amendment, among other things, reduced the applicable rate for the term loans to LIBOR plus 4.75% (subject to a LIBOR floor of 1.00%) from LIBOR plus 5.50%. The Repricing Amendment also includes a "soft call" prepayment penalty of 1.0% for a period of six months commencing with the date of the Repricing Amendment for certain prepayments, refinancing, and amendments.

The Company accounted for the Repricing Amendment as a modification of debt. Approximately, $60,000 of prior deferred debt issuance cost were accelerated and recorded as additional interest expense in the condensed consolidated statements of operations and comprehensive operations, attributable to prior syndicate lenders who reduced or eliminated their positions during the amendment process. The Company also incurred $0.9 million of third party fees in connection with the Repricing Amendment, which was also recorded as additional interest expense in the condensed consolidated statements of operations and comprehensive operations.

As of June 30, 2018, the Company had no amount outstanding under the ABL Revolver and had $80.0 million of borrowing capacity, including the impact of letters of credit.

Interest on Borrowings

The interest rates on our borrowings outstanding at June 30, 2018 and December 31, 2017, including the amortization of debt issuance costs, were as follows:

	June 30, 2018			December 31, 2017
ABL Revolver		3.8	%		2.9	%
Term Loan B		6.8	%		7.1	%
Promissory Note		2.9	%		2.9	%
Weighted average interest rate		6.8	%		7.0	%

The Company was in compliance with all financial covenants under the August 2017 Credit Agreement as of June 30, 2018.