The components of our long-term debt are presented in the following table (in thousands):

 

 

		March 31, 2020				December 31, 2019
Credit Agreement borrowings		$	80,000			$	105,000
Senior Second Lien Notes:
Principal			597,525				625,000
Unamortized debt issuance costs			(9,467	)			(10,467	)
Total Senior Second Lien Notes			588,058				614,533
Total long-term debt		$	668,058			$	719,533

 

 

On we entered into the Sixth Amended and Restated Credit Agreement (as amended, the “Credit Agreement”), which matures on The primary terms and covenants associated with the Credit Agreement are as follows, with capitalized terms defined under the Credit Agreement:

 

 

 

 

 

Availability under the Credit Agreement is subject to semi-annual redeterminations of our borrowing base in or around and of each calendar year, and additional redeterminations be requested at the discretion of either the lenders or the Company.  The borrowing base is calculated by our lenders based on their evaluation of our proved reserves and their own internal criteria.  Any redetermination by our lenders to change our borrowing base will result in a similar change in the availability under the Credit Agreement.  See Note , for revisions to certain terms of the Credit Agreement, including the borrowing base, Leverage Ratio and collateral, resulting from the Spring  semi-annual redetermination.

 

The Credit Agreement is collateralized by a priority lien on properties constituting at least of the total proved reserves of the Company as set forth on reserve reports required to be delivered under the Credit Agreement and certain personal property.  The annualized interest rate on borrowings outstanding for the  months ended  was h excludes debt issuance costs, commitment fees and other fees.

 

 

 

 

During the months ended we acquired million in principal of our outstanding Senior Second Lien Notes for million and recorded a non-cash gain on purchase of debt of million, which included a reduction of million related to the write-off of unamortized debt issuance costs. The Company purchased additional Senior Second Lien Notes subsequent to refer to Note Subsequent Events).

 

The Senior Second Lien Notes are secured by a -priority lien on all of our assets that are secured under the Credit Agreement.  The Senior Second Lien Notes contain covenants that limit or prohibit our ability and the ability of certain of our subsidiaries to: (i) make investments; (ii) incur additional indebtedness or issue certain types of preferred stock; (iii) create certain liens; (iv) sell assets; (v) enter into agreements that restrict dividends or other payments from the Company’s subsidiaries to the Company; (vi) consolidate, merge or transfer all or substantially all of the assets of the Company; (vii) engage in transactions with affiliates; (viii) pay dividends or make other distributions on capital stock or subordinated indebtedness; and (ix) create subsidiaries that would be restricted by the covenants of the Indenture.  These covenants are subject to exceptions and qualifications set forth in the Indenture.  In addition, most of the above described covenants will terminate if both S&P Global Ratings, a division of S&P Global Inc., and Moody’s Investors Service, Inc. assign the Senior Second Lien Notes an investment grade rating and default exists with respect to the Senior Second Lien Notes.

 

 

 

As of and for all prior measurement periods, we were in compliance with all applicable covenants of the Credit Agreement and the Indenture.

 

 

 

For information about fair value measurements of our long-term debt, refer to Note