LONG-TERM DEBT |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-term Debt, Unclassified [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| LONG-TERM DEBT |
LONG-TERM DEBT
Long-term debt consisted of the following items as of June 30, 2019 and December 31, 2018:
(1) The Company has entered into a senior secured revolving credit facility, as amended (the "revolving credit facility"), with The Bank of Nova Scotia, as the lead arranger and administrative agent and other lenders. On June 3, 2019, the Company further amended its revolving credit facility to, among other things, allow the Company to designate certain of its subsidiaries as unrestricted subsidiaries and to include LIBOR replacement provisions. Additionally, the borrowing base was reaffirmed at $1.4 billion, and the Company’s elected commitment amount remained at $1.0 billion.
As of June 30, 2019, $155.0 million was outstanding under the revolving credit facility and the total availability for future borrowings under this facility, after giving effect to an aggregate of $251.5 million letters of credit, was $593.5 million. The Company’s wholly owned subsidiaries have guaranteed the obligations of the Company under the revolving credit facility.
At June 30, 2019, amounts borrowed under the revolving credit facility bore interest at a weighted average rate of 3.93%.
The Company was in compliance with its financial covenants under the revolving credit facility at June 30, 2019.
(2) Loan issuance costs related to the 6.625% Senior Notes due 2023 (the "2023 Notes"), the 6.000% Senior Notes due 2024 (the "2024 Notes"), the 6.375% Senior Notes due 2025 (the "2025 Notes") and the 6.375% Senior Notes due 2026 (the "2026 Notes") (collectively the “Notes”) have been presented as a reduction to the Notes. At June 30, 2019, total unamortized debt issuance costs were $4.0 million for the 2023 Notes, $8.1 million for the 2024 Notes, $11.7 million for the 2025 Notes and $4.7 million for the 2026 Notes. In addition, loan commitment fee costs for the Company's construction loan agreement were $0.1 million at June 30, 2019.
The Company capitalized approximately $1.0 million and $1.8 million in interest expense to undeveloped oil and natural gas properties during the three and six months ended June 30, 2019, respectively. The Company capitalized approximately $1.5 million and $2.4 million in interest expense to undeveloped oil and natural gas properties during the three and six months ended June 30, 2018, respectively.
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