Interest Expense

9 Months Ended

Sep. 30, 2019

Interest and Debt Expense [Abstract]

The following tables present the components of interest expense:



	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2019		2018		2019		2018
	(Dollars in thousands)
Interest incurred on debt	$	30,222	$	32,278	$	93,731	$	67,751
Related-party Promissory Note interest expense	—		—		—		5,090
Senior Note redemption premium	—		—		—		4,782
Accretion of fair value adjustment on Senior Notes	—		—		—		19,414
Accretion of original issue discount on 2018 Term Loans	549		549		1,647		906
Amortization of debt issuance costs	1,032		1,028		3,094		2,444
Total interest expense	$	31,803	$	33,855	$	98,472	$	100,387

Interest Rates

The 2018 Credit Agreement had an effective interest rate of 5.54% as of September 30, 2019. The Old Revolving Facility and Old Term Loan Facility had an effective interest rate of 4.57% as of December 31, 2018 and the Senior Notes had a fixed interest rate of 6.375%, both of which were repaid on February 12, 2018 as part of our refinancing (see Note 6 "Debt and Liquidity"). During the third quarter of 2019, the Company entered into four interest rate swap contracts to fix our cash flows associated with the risk in variability in the one-month US LIBO Rate for a portion of our outstanding debt. See Note 11 "Derivative Instruments" for details of these transactions.

As a result of our February 12, 2018 refinancing, we paid a prepayment premium for the redemption of our Senior Notes totaling $4.8 million. The accretion of the August 15, 2015 fair value adjustment to our Senior Notes totaling $19.4 million included accelerated accretion of $18.7 million for the nine months ended September 30, 2018 resulting from the prepayment. Amortization of debt issuance costs included $0.3 million of accelerated amortization related to the refinancing.