(8) Long-Term Debt
Long-term debt consists of the following: | | | | | | | | | (in thousands) | September 30, 2019 | | December 31, 2018 | 9.25% Senior Secured Notes, due 2023 (1) | $ | 645,000 |
| | $ | 645,000 |
| 6.50% Notes, due 2021 | 2,240 |
| | 2,240 |
| Unamortized discount and debt issuance costs | (15,720 | ) | | (18,251 | ) | Total long-term debt | $ | 631,520 |
| | $ | 628,989 |
|
| | (1) | The estimated fair value of long-term debt outstanding was approximately $672.4 million and $670.8 million as of September 30, 2019 and December 31, 2018, respectively. |
Credit Facility | | | | | | | | | | | | | | | | | | | (in thousands) | Total Capacity | | Amount Borrowed as of September 30, 2019 | | Outstanding Letters of Credit | | Available Capacity as of September 30, 2019 | | Maturity Date | Asset Based (“AB”) Credit Facility (2) | $ | 47,517 |
| | $ | — |
| | $ | — |
| | $ | 47,517 |
| | September 30, 2021 |
| | (2) | At the option of the borrowers, loans under the AB Credit Facility initially bear interest at an annual rate equal to (i) 2.00% plus LIBOR or (ii) 1.00% plus a base rate, subject to a 0.50% step-down based on the previous quarter’s excess availability. |
Covenant Compliance
The Partnership is in compliance with all covenants of the AB Credit Facility, the 9.25% Senior Secured Notes, and the 6.50% Notes as of September 30, 2019.
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