Debt

Long-term debt in the Consolidated Balance Sheets is summarized as follows:



	December 31,
(Thousands)	2014			2013
Revolving credit agreement	$	10,000		$	15,000
Fixed rate industrial development revenue bonds payable in annual installments through 2021	5,961			6,575
Variable rate industrial development revenue bonds payable in 2016	8,305			8,305
Total outstanding	24,266			29,880
Current portion of long-term debt	(653		)	(613		)
Total	$	23,613		$	29,267

Maturities on long-term debt instruments as of December 31, 2014 are as follows:



2015	$	653
2016	9,000
2017	733
2018	10,773
2019	819
Thereafter	2,288

Total	$	24,266

In 2013, the Company entered into an Amended and Restated Credit Agreement (Credit Agreement) with six financial institutions that matures in 2018 and provides for a $375.0 million revolving credit facility comprised of sub-facilities for revolving loans, swing-line loans, letters of credit, and foreign borrowings. The Credit Agreement also provides for an uncommitted incremental facility whereby, under certain conditions, the Company may be able to borrow additional term loans in an aggregate amount not to exceed $100.0 million. The Credit Agreement is secured by substantially all of the assets of the Company and its direct subsidiaries, with the exception of non-mining real property and certain other assets. The Credit Agreement allows the Company to borrow money at a premium over LIBOR or prime rate and at varying maturities. The premium resets quarterly according to the terms and conditions available under the agreement.

At December 31, 2014, there was $42.5 million outstanding against the letters of credit sub-facility. The Company pays a variable commitment fee that resets quarterly (0.225% as of December 31, 2014) of the available and unborrowed amounts under the revolving credit line.

The Credit Agreement is subject to restrictive covenants including incurring additional indebtedness, acquisition limits, dividend declarations, and stock repurchases. In addition, the Credit Agreement includes covenants subject to a maximum leverage ratio and a minimum fixed charge coverage ratio. The Company was in compliance with all of its debt covenants as of December 31, 2014 and December 31, 2013.

The following table summarizes the Company’s short-term lines of credit. Amounts shown as outstanding are included in short-term debt in the Consolidated Balance Sheets.



	December 31, 2014						December 31, 2013
(Thousands)	Total		Outstanding		Available		Total		Outstanding		Available
Domestic	$	322,475	$	—	$	322,475	$	320,510	$	6,291	$	314,219
Foreign	12,334		—		12,334		13,320		—		13,320
Precious metal	—		—		—		28,662		28,662		—
Total	$	334,809	$	—	$	334,809	$	362,492	$	34,953	$	327,539

While the available borrowings under the individual existing credit lines total $334.8 million, the covenants in the domestic Credit Agreement restrict the aggregate available borrowings to $229.4 million as of December 31, 2014.

The domestic line is committed and includes all sub-facilities in the $375.0 million maximum borrowing under the Credit Agreement. The Company has various foreign lines of credit, one of which for 3.5 million euros, is committed and secured. The remaining foreign lines are uncommitted, unsecured, and renewed annually. The average interest rate on short-term debt was 4.90% and 2.47% as of December 31, 2014 and 2013, respectively. In the third quarter of 2014, the Company transferred its precious metal-denominated debt to its precious metals consignment facility. Refer to Note C for additional information.

In April of 2011, the Company entered into an agreement with the Toledo-Lucas County Port Authority and the Dayton–Montgomery County Port Authority to co-issue $8.0 million in taxable development revenue bonds, with a fixed amortization term that will mature in 2021. The interest rate on these bonds is fixed at 4.9%, and the unamortized balance of the bonds was $6.0 million at December 31, 2014.

In November of 1996, the Company entered into an agreement with the Lorain Port Authority, Ohio to issue $8.3 million in variable rate industrial revenue bonds, maturing in 2016. The variable rate ranged from 0.18% to 0.28% in 2014 and from 0.19% to 0.38% in 2013.