Debt

The current portion of long-term debt consists of the following:



	December 31,
	2018		2017
Capital leases	$	90	$	572
Notes payable	739		288
Total current portion of long-term debt	$	829	$	860

Long-term debt consists of the following:



	December 31,
	2018		2017
Credit Facility	$	44,255	$	—
Capital leases	547		—
Notes payable	3,091		—
Total long-term debt, net of current portion	$	47,893	$	—

Credit Facility

On December 8, 2016, the Company entered into a $45,000 three-year senior secured revolving Credit Facility under a revolving credit agreement with Jefferies Finance LLC as administrative and collateral agent, which bears interest at our option at either ABR (as defined in the revolving Credit Facility), plus an applicable margin of 2.00% - 3.00%, depending on the leverage ratio; or LIBOR plus an applicable margin of 3.00% - 4.00%, depending on the leverage ratio. Substantially all of the assets of the Company are pledged as collateral under the Credit Facility.

On April 8, 2018, the Credit Facility was amended to increase the Company’s total borrowing capacity under the Credit Facility to $60,000. The amendment was considered a modification of the Credit Facility. On July 13, 2018, the Credit Facility was amended to, among other things, (i) increase the limit on the Company’s ability to sell, transfer or dispose of assets, subject to certain considerations, from an aggregate amount of $25,000 to $55,000, (ii) increase the limit on the Company’s ability to incur capital lease obligations from an aggregate principal amount of $15,000 to $30,000 and (iii) exclude certain current and future earn-out obligations from the definition of indebtedness in the Credit Agreement. On February 22, 2019, we entered into an agreement with the existing lenders on the Credit Facility to, among other things, (i) extend the maturity date of the Credit Facility to June 30, 2020 and (ii) reduce the total capacity to $50,000 by December 31, 2019. The outstanding balance on the Credit Facility is included in long-term liabilities on our consolidated balance sheet at December 31, 2018.

The Credit Facility contains various reporting requirements, negative covenants and restrictive provisions and requires maintenance of financial covenants, including a fixed charge coverage ratio and a leverage ratio, as defined in the Credit Agreement. As of December 31, 2018 and 2017, the Company was in compliance with all covenants. As of December 31, 2018, the amount of undrawn availability was $15,500.

As of December 31, 2018, fees attributable to the lender of $728 are presented as a discount to the carrying value of the debt and the unamortized amount is presented as a reduction of long-term debt on the consolidated balance sheet.

Notes Payable

The Company entered into various financing arrangements to finance its manufactured wellsite proppant storage solutions equipment. Upon completion of the equipment manufacturing, the Company signs a note payable and title to the equipment passes to the financial institutions as collateral. The notes bear interest at rates between 6.48% and 7.49%. As of December 31, 2018, the Company may borrow an additional $14,170 under these arrangements.

Capital Leases

The Company entered into various financing arrangements to finance equipment with interest rates between 6.80% and 7.10%. Equipment with a cost of $657 and $1,484 was capitalized and included in the Company’s property, plant and equipment as of December 31, 2018 and 2017, respectively. Depreciation expense for assets under equipment leases was $155, $255 and $293 for the years ended December 31, 2018, 2017 and 2016, respectively. Accumulated depreciation for assets under equipment leases was $1,167 and $1,013 as of December 31, 2018 and 2017, respectively.

Future minimum payments as of December 31, 2018 are as follows:



Year Ended December 31,	Credit Facility			Notes Payable			Capital Leases			Total
2019	$	—		$	739		$	131		$	870
2020	44,500			859			131			45,490
2021	—			918			131			1,049
2022	—			830			131			961
2023	—			484			247			731
Total minimum payments	44,500			3,830			771			49,101
Amount representing interest	—			—			(134		)	(134		)
Amount representing unamortized lender fees	(245		)	—			—			(245		)
Present value of payments	—			—			637			48,722
Less: current portion	—			(739		)	(90		)	(829		)
Total long-term debt, net of current portion	$	44,255		$	3,091		$	547		$	47,893