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LONG-TERM DEBT | 9 Months Ended
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Sep. 30, 2018
Debt Disclosure [Abstract] |
LONG-TERM DEBT | LONG-TERM DEBT The components of the Company's long-term debt consisted of the following ( in thousands):
| September 30, 2018 |  | December 31, 2017
| Carrying Value* |  | Fair Value |  | Carrying Value* |  | Fair Value
ABL Revolver | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Term Loan B | 247,500 |  |  | 249,356 |  |  | 249,375 |  |  | 251,869 |
Promissory note due January 2021 | 2,063 |  |  | 2,063 |  |  | 2,722 |  |  | 2,722 |
Total long-term debt | 249,563 |  |  | 251,419 |  |  | 252,097 |  |  | 254,591 |
Less: current portion | (3,394 | ) |  | (3,419 | ) |  | (3,381 | ) |  | (3,406 | )
Long-term debt less current maturities | $ | 246,169 |  |  | $ | 248,000 |  |  | $ | 248,716 |  |  | $ | 251,185 |
*Carrying value amounts do not include unamortized debt issuance costs of $8.7 M and $10.1 for September 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 costs 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 September 30, 2018, the Company had no amount outstanding under the ABL Revolver and had $79.9 million of borrowing capacity, including the impact of letters of credit. Interest on Borrowings The interest rates on our borrowings outstanding at September 30, 2018 and December 31, 2017, including the amortization of debt issuance costs, were as follows:
| September 30, 2018 |  | December 31, 2017
ABL Revolver | 4.0 | % |  | 2.9 | %
Term Loan B | 7.0 | % |  | 7.1 | %
Promissory Note | 2.9 | % |  | 2.9 | %
Weighted average interest rate | 7.0 | % |  | 7.0 | %
The Company was in compliance with all financial covenants under the August 2017 Credit Agreements as of September 30, 2018.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + 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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