Long-term Debt

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



	September 30, 2016		December 31, 2015
Amounts borrowed	$	262.0	$	47.0
Obligations under capital leases	12.1		13.4
Total long-term debt	$	274.1	$	60.4

The Company has a revolving credit facility (“Credit Facility”) with a capacity of $450 million, as of September 30, 2016. On May 16, 2016 the Company entered into an eighth amendment to the Credit Facility ("Eighth amendment"), which increased the size of the Credit Facility from $300 million to $450 million. The Credit Facility has an expansion feature which can be increased up to an additional $150 million limited by a borrowing base 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). In addition, the Eighth amendment allows for unlimited stock repurchases and dividends, as long as the Company meets certain credit availability percentages and fixed charge coverage ratios.

The Credit Facility matures in May 2020. The Company incurred fees of approximately $0.7 million in connection with the Eighth amendment.

On November 4, 2016, the Company entered into a ninth amendment to the Credit Facility (the "Ninth Amendment"), which increased its Credit Facility from $450 million to $600 million. The Ninth Amendment also includes an expansion feature of $100 million which gives the Company the option to increase the size of the Credit Facility to a total of $700 million, if exercised. This will be subject to the same borrowing base limitations as the Eighth 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):



	September 30, 2016		December 31, 2015
Amounts borrowed	$	262.0	$	47.0
Outstanding letters of credit and other commitments	37.3		18.5
Amounts available to borrow⁽¹⁾	150.7		123.9

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(1)	Excluding $150 million expansion feature.

Average borrowings during the three and nine months ended September 30, 2016 were $228.8 million and $139.1 million, respectively, with amounts borrowed at any one time outstanding ranging from zero to $280.0 million. For the three and nine months ended September 30, 2015, average borrowings were $48.1 million and $38.6 million, respectively, with amounts borrowed, at any one time outstanding, ranging from zero to $120.9 million.

The weighted-average interest rate on the Credit Facility was 1.7% for both the three and nine months ended September 30, 2016 compared to 1.5% and 1.6%, respectively, for the same periods in 2015. 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 $0.5 million during the three and nine months ended September 30, 2016, and $0.2 million and $0.5 million during the three and nine months ended September 30, 2015, respectively. The Company recorded charges related to amortization of debt issuance costs, which are included in interest expense, of $0.1 million for both the three months ended September 30, 2016 and 2015. For each of the nine months ended September 30, 2016 and 2015, the Company recorded similar charges of $0.3 million and $0.2 million, respectively. Unamortized debt issuance costs were $2.0 million and $1.2 million as of September 30, 2016 and December 31, 2015, respectively.