Long-Term Debt

The components of long-term debt are as follows:



(In thousands)	May 26, 2018			August 26, 2017
ABL	$	—		$	—
Term Loan	260,000			284,000
Gross long-term debt, excluding issuance costs	260,000			284,000
Less: debt issuance cost, net	(8,202		)	(9,424		)
Long-term debt, net of issuance costs	251,798			274,576
Less: current maturities	—			(2,850		)
Long-term debt, less current maturities	$	251,798		$	271,726

On November 8, 2016, we entered into a $125.0 million ABL and a $300.0 million Term Loan with JPMorgan Chase Bank, N.A. ("Credit Agreement"). On December 8, 2017, we amended our Credit Agreement, which decreased the interest rate spread by 1.0% on the Term Loan and 0.25% on the ABL. Prior to this amendment, $19.7 million was drawn on the ABL and used to make a voluntary prepayment on our Term Loan.

Under the ABL, we have a five-year credit facility on a revolving basis, subject to availability under a borrowing base consisting of eligible accounts receivable and eligible inventory. The ABL is available for issuance of letters of credit to a specified limit of $10.0 million. We pay a commitment fee in the range of 0.25% - 0.375% on the amount of facility available, but unused. We can elect to base the interest rate on various base rates plus specific spreads depending on the amount of borrowings outstanding. We currently pay interest on ABL borrowings at a floating rate based upon LIBOR plus 1.25%.

Under the Term Loan, we can elect to base the interest rate on various base rates plus specific spreads. The interest rate as of May 26, 2018 was based on LIBOR plus 3.5%. The Term Loan agreement currently requires quarterly payments in the amount of $3.75 million with all amounts then outstanding due on November 8, 2023. We have made voluntary prepayments that have extended the opportunity to defer quarterly payments, at our option, until December 31, 2019. There are mandatory prepayments for proceeds of new debt, sale of significant assets or subsidiaries, and excess cash flow as those terms are defined in the Term Loan. Incremental term loans of up to $125.0 million are available if certain financial ratios and other conditions are met.

The Credit Agreement contains certain financial covenants. As of May 26, 2018, we are in compliance with all financial covenants of the Credit Agreement.

The ABL and Term Loan are guaranteed by Winnebago Industries, Inc. and all material direct and indirect domestic subsidiaries, and are secured by a security interest in substantially all of our assets, except minor excluded assets.

Unamortized debt issuance costs of $0.6 million related to the voluntary prepayment on the Term Loan was expensed in the nine months ended May 26, 2018.

Aggregate contractual maturities of debt in future fiscal years are as follows as of May 26, 2018:



(In thousands)	Amount
2018	$	—
2019	—
2020	10,250
2021	15,000
2022	15,000
Thereafter	219,750
Total debt	$	260,000