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Long-Term Debt
 9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
Long-term debt, net, consisted of the following:
(In thousands)September 30, 2021December 31, 2020
Term Loan$675,000 $772,000 
2026 Unsecured Notes375,000 375,000 
Finance lease liabilities3,119 9,182 
Notes payable1,081 4,373 
Total long-term debt and finance leases1,054,200 1,160,555 
Unamortized discount(12,487)(15,570)
Unamortized debt issuance costs(5,826)(6,873)
Total long-term debt and finance leases after debt issuance costs and discount1,035,887 1,138,112 
Current portion of long-term debt and finance leases(1,505)(11,142)
Long-term debt, net and finance leases$1,034,382 $1,126,970 
Senior Secured Credit Facility
In October 2017, the Company entered into a senior secured credit facility consisting of a $900 million senior secured first lien credit facility (consisting of an $800 million term loan (the “Term Loan”) and a $100 million Revolving Credit Facility) with JPMorgan Chase Bank, N.A. (as administrative agent and collateral agent), the lenders party thereto and the other entities party thereto (the “Credit Facility”). The Revolving Credit Facility was subsequently increased from $100 million to $200 million in 2018, increasing the total Credit Facility capacity to $1.0 billion. On October 12, 2021, the Company further modified the terms
of the Revolving Credit Facility by increasing its size to $240 million and extending the maturity date from October 20, 2022 to April 20, 2024.
As of September 30, 2021, the Company had $675 million in principal amount of outstanding Term Loan borrowings under its Credit Facility, no outstanding letters of credit and no borrowings under the Revolving Credit Facility, such that full borrowing availability of $200 million under the Revolving Credit Facility at September 30, 2021 was available to the Company for re-borrowing. The Revolving Credit Facility matures on April 20, 2024 and the Term Loan matures on October 20, 2024.
The Company prepaid $50 million and $97 million of principal under the Term Loan during the three and nine months ended September 30, 2021, respectively, thereby eliminating the requirement to make any further quarterly installment payments and reducing the final installment payment due at the maturity date of October 20, 2024 to $675 million. We recorded a non-cash charge in the amount of $0.8 million for the accelerated amortization of the debt issuance costs and discount related to the repayment of the Term Loan.
The Company was in compliance with its financial and other covenants under the Credit Facility as of September 30, 2021.
Senior Unsecured Notes
On April 15, 2019, the Company issued $375 million in principal amount of 7.625% Senior Notes due 2026 (“2026 Unsecured Notes”) in a private placement to institutional buyers at face value. The 2026 Unsecured Notes bear interest at 7.625%, payable semi-annually on April 15th and October 15th of each year.
The weighted-average effective interest rate on the Company’s outstanding borrowings under the Credit Facility was approximately 3.75% for both the three and nine months ended September 30, 2021. The weighted-average effective interest rate on the Company’s outstanding borrowings under the Credit Facility and 2026 Unsecured Notes (collectively) was approximately 5.10%