Long-term Debt

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



	March 31, 2015		December 31, 2014
Amounts borrowed (Credit Facility)	$	1.0	$	55.9
Obligations under capital leases	15.0		12.3
Total long-term debt	$	16.0	$	68.2

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 March 31, 2015, the remaining balances under the Credit Facility for stock repurchases, dividends, and permitted acquisitions were $35.7 million, $54.4 million, and $116.9 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):



	March 31, 2015		December 31, 2014
Amounts borrowed	$	1.0	$	55.9
Outstanding letters of credit	18.5		17.4
Amounts available to borrow ⁽¹⁾	170.0		114.8

______________________________________________


(1)	Excluding $100 million expansion feature.

Average borrowings during the three months ended March 31, 2015 and 2014 were $30.4 million and $13.6 million, respectively, with amounts borrowed, at any one time outstanding, ranging from zero to $74.4 million and from zero to $46.3 million, respectively.

The weighted-average interest rate on the revolving credit facility for the three months ended March 31, 2015 was 1.7% compared to 1.6% for the same period in 2014. 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 during the three months ended March 31, 2015 and 2014, respectively. The Company recorded charges related to amortization of debt issuance costs, which are included in interest expense, of $0.1 million for the three months ended March 31, 2015 and 2014, respectively. Unamortized debt issuance costs were $1.0 million as of March 31, 2015 and $1.1 million as of December 31, 2014.