Long-term Debt

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



	June 30, 2015		December 31, 2014
Amounts borrowed (Credit Facility)	$	104.3	$	55.9
Obligations under capital leases	14.4		12.3
Total long-term debt	$	118.7	$	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).

On May 21, 2015, the Company entered into a sixth amendment to the Credit Facility (the "Sixth Amendment"), which extended the term of the Credit Facility from May 2018 to May 2020. The Sixth Amendment fixed the unused facility fee at 25 basis points and provided for quarterly borrowing base reporting. The margin added to the LIBOR or CDOR rate remains at a range of 125 to 175 basis points. In addition, the Sixth Amendment raised and reset the baskets for stock repurchases in aggregate of $75.0 million, not to exceed $20.0 million in any year, an aggregate of $100.0 million for dividends and up to $150.0 million for permitted acquisitions. As of June 30, 2015, the remaining balances under the Credit Facility for stock repurchases, dividends, and permitted acquisitions were $75.0 million, $97.0 million, and $150.0 million, respectively. The Company incurred fees of approximately $0.3 million in connection with the Sixth Amendment, which are being amortized over the remaining term of the amendment.

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, 2015		December 31, 2014
Amounts borrowed	$	104.3	$	55.9
Outstanding letters of credit	$	18.5	$	17.4
Amounts available to borrow ⁽¹⁾	$	66.5	$	114.8

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(1)	Excluding $100 million expansion feature.

Average borrowings during the three and six months ended June 30, 2015 were $37.0 million and $33.7 million, respectively, with amounts borrowed, at any one time outstanding, ranging from zero to $120.9 million. For the three and six months ended June 30, 2014, average borrowings were $6.9 million and $10.2 million, respectively, with amounts borrowed, at any one time outstanding, ranging from zero to $46.3 million.

The weighted-average interest rate on the revolving credit facility for the three and six months ended June 30, 2015 was 1.8% and 1.7%, respectively, compared to 1.7% and 1.6% for the same periods 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 $0.1 million and $0.3 million during the three and six months ended June 30, 2015, respectively, and $0.2 million and $0.4 million during the three and six months ended June 30, 2014, 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 for both the three and six months ended June 30, 2015 and 2014. Unamortized debt issuance costs were $1.2 million and $1.1 million as of June 30, 2015 and December 31, 2014, respectively.