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Interest Expense
 12 Months Ended
Dec. 31, 2020
Interest and Debt Expense [Abstract]  
Interest Expense Interest Expense
The following table presents an analysis of interest expense:
 For the Year Ended December 31
202020192018
 (Dollars in thousands)
Interest incurred on debt$83,555 $121,010 $100,844 
Related Party Promissory Note interest expense— — 5,090 
2012 Senior Note redemption premium— — 4,782 
Accretion of fair value adjustment on 2012 Senior Notes— — 19,414 
Accretion of original issue discount on 2018 Term Loans5,340 2,196 1,455 
Amortization of debt issuance costs9,179 4,125 3,476 
Total interest expense$98,074 $127,331 $135,061 
Interest rates
The 2020 Senior Notes issued on December 22, 2020 carry a fixed interest rate of 4.625%. The 2018 Credit Agreement had an interest rate of 4.50% as of December 31, 2020, 5.30% as of December 31, 2019 and 6.02% as of December 31, 2018. The Old Revolving Facility and Old Term Loan Facility, both of which were repaid on February 12, 2018, had an interest rate of 4.56% and 4.58%, respectively, as of the date of the repayment. The 2012 Senior Notes issued on November 20, 2012, which were also repaid on February 12, 2018, had a fixed interest rate of 6.375% (See Note 5 "Debt and Liquidity").
In December 2020, the proceeds from the issuance of the $500 million 2020 Senior Notes were used to repay $500 million of principal on the 2018 Term Loan. The repayment of the 2018 Term Loan was accounted for as a partial debt extinguishment and triggered $3.2 million of accelerated accretion of the original issue discount and $5.2 million of accelerated amortization of the debt issuance costs. The 2020 Senior Notes were accounted for as new debt and the related debt issuance costs were deferred.

As a result of our February 12, 2018 refinancing, we paid a prepayment premium for the redemption of our 2012 Senior Notes totaling $4.8 million. The accretion of the August 15, 2015 fair value adjustment to our 2012 Senior Notes issued on November 20, 2012, totaling $19.4 million in 2018, included accelerated accretion of $18.7 million resulting from the prepayment. Amortization of debt issuance costs included $0.3 million of accelerated amortization related to the refinancing.