Long-term Debt

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



	December 31,		December 31,
	2014		2013
Amounts borrowed (Credit Facility)	$	55.9	$	46.3
Obligations under capital leases (Note 9)	12.3		11.3
Total long-term debt	$	68.2	$	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, limited by a borrowing base primarily consisting of eligible accounts receivable and inventories. 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, a $75 million ceiling for dividends, and up to $125 million for permitted acquisitions. As of December 31, 2014, the remaining balances under the Credit Facility for stock repurchases, dividends, and permitted acquisitions were $38.7 million, $57.4 million, $125.0 million, respectively. The Credit Facility expires in May 2018.

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):



	December 31,		December 31,
	2014		2013
Amounts borrowed	$	55.9	$	46.3
Outstanding letters of credit	17.4		21.8
Amounts available to borrow ⁽¹⁾	114.8		122.7

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(1)	Excluding $100 million expansion feature.

Average borrowings during the years ended December 31, 2014 and 2013 were $14.8 million and $35.3 million, respectively, with amounts borrowed at any one time during the years then ended ranging from zero to $80.3 million and zero to $112.0 million, respectively.

The weighted-average interest rate on the Credit Facility for the years ended December 31, 2014 and 2013 was 1.6% and 1.8%, respectively. 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 credit facility and letter of credit participation, which are included in interest expense, of $0.7 million, $0.8 million, and $0.9 million for 2014, 2013 and 2012, respectively. The Company recorded charges related to amortization of debt issuance costs, which are included in interest expense, of $0.3 million, $0.4 million, and $0.4 million for the years ended December 31, 2014, 2013 and 2012, respectively. Unamortized debt issuance costs were $1.1 million and $1.4 million as of December 31, 2014 and 2013, respectively.