Long-Term Debt

Total long-term debt consists of the following (in millions):



	June 30, 2014		December 31, 2013
Amounts borrowed (Credit Facility)	$	5.0	$	46.3
Obligations under capital leases	13.0		11.3
Total long-term debt	$	18.0	$	57.6

The Company has a revolving credit facility (“Credit Facility”) with a capacity of $200 million, which can be increased up to an additional $100 million, subject to certain provisions. All obligations under the Credit Facility are secured by first priority liens on substantially all of the Company’s present and future assets. The terms of the Credit Facility permit prepayment without penalty at any time (subject to customary breakage costs with respect to LIBOR or CDOR based loans prepaid prior to the end of an interest period). The margin added to the LIBOR or CDOR rate is currently a range of 125 to 175 basis points. In addition, the Credit Facility provides for stock repurchases of up to an aggregate of $50 million, not to exceed $15 million in any year, with a $75 million ceiling for dividends allowable over the term of the Credit Facility, which expires in May 2018.

The Credit Facility contains restrictive covenants, including, among others: limitations on dividends and other restricted payments, other indebtedness, liens, investments and acquisitions and certain asset sales. As of June 30, 2014, the Company was in compliance with all of the covenants under the Credit Facility.

Amounts borrowed, outstanding letters of credit and amounts available to borrow, net of certain reserves required under the Credit Facility, were as follows (in millions):



	June 30, 2014		December 31, 2013
Amounts borrowed	$	5.0	$	46.3
Outstanding letters of credit	$	18.9	$	21.8
Amounts available to borrow ⁽¹⁾	$	165.4	$	122.7

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(1)	Excluding $100 million expansion feature.

Average borrowings during the three and six months ended June 30, 2014 were $6.9 million and $10.2 million, respectively, with amounts borrowed, at any one time outstanding, ranging from zero to $46.3 million. For the three and six months ended June 30, 2013, average borrowings were $41.4 million and $37.9 million, respectively, with amounts borrowed, at any one time outstanding, ranging from zero to $112.0 million.

The weighted-average interest rate on the revolving credit facility for the three and six months ended June 30, 2014 was 1.7% and 1.6%, respectively, compared to 1.9% and 2.0% for the same periods in 2013. The weighted-average interest rate is calculated based on the daily cost of borrowing, reflecting a blend of prime and LIBOR rates. The Company paid fees for unused facility and letter of credit participation, which are included in interest expense, of $0.2 million and $0.4 million during the three and six months ended June 30, 2014, respectively, and $0.2 million and $0.5 million during the three and six months ended June 30, 2013, respectively. The Company recorded charges related to amortization of debt issuance costs, which are included in interest expense, of $0.1 million and $0.2 million during the three and six months ended June 30, 2014 and 2013, respectively. Unamortized debt issuance costs were $1.3 million as of June 30, 2014 and $1.4 million as of December 31, 2013.