6.	LONG-TERM DEBT

Long-term debt at

December

31,

consists of the following:

	201 6			201 5
	(in thousands)
Line of credit with a bank—due July 1, 2018, and collateralized by accounts receivable (1)	$	1,866		$	9,977
Equipment financing (2)		165,331			129,271
Total long-term debt		167,197			139,248
Less current maturities		(42,806	)		(40,025	)

Long-term debt—net of current maturities	$	124,391		$	99,223

(1)

Line of credit agreement with a bank provides for maximum borrowings of

$40.0

million and contains certain restrictive covenants that must be maintained by the Company on a consolidated basis. Borrowings on the line of credit are at an interest rate of LIBOR as of the

first

day of the month plus

1.50%

(2.12%

December

31,

2016)

and are secured by our trade accounts receivable. Monthly payments of interest are required under this agreement. Also, under the terms of the agreement the Company must maintain a debt to EBITDA (earnings before interest, taxes, depreciation, and amortization) ratio of less than

4.00:1.

The Company was in compliance with all provisions under this agreement throughout

2016.

December

31,

2016,

outstanding advances on the line were approximately

$2.6

million, including letters of credit totaling

$0.7

million, with availability to borrow

$37.4

million.

(2)

Equipment financings consist of installment obligations for revenue equipment purchases, payable in various monthly installments with various maturity dates through

December

2021,

at a weighted average interest rate of

2.29%

as of

December

31,

2016

and collateralized by revenue equipment.

The Company has provided letters of credit to

third

parties totaling approximately

$706,000

December

31,

2016.

The letters are held by these

third

parties to assist such parties in collection of any amounts due by the Company should the Company default in its commitments to the parties.

Scheduled annual maturities on long-term debt outstanding at

December

31,

2016,

are:

	(in thousands)

2017	$	42,806
2018		67,494
2019		36,943
2020		13,863
2021		6,091

Total	$	167,197