Long-term Debt

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



	September 30, 2017		December 31, 2016
Amounts borrowed under Credit Facility	$	474.0	$	336.0
Obligations under capital leases	26.3		11.7
Total long-term debt	$	500.3	$	347.7

The Company has a revolving credit facility (“Credit Facility”) with a capacity of $750 million, as of September 30, 2017, limited by a borrowing base consisting of eligible accounts receivable and inventories. On March 28, 2017, the Company entered into a tenth amendment to the Credit Facility (the "Tenth Amendment"), which increased the size of the Credit Facility from $600 million to $750 million and extended the maturity of the facility to March 2022. The Credit Facility has an expansion feature, which can be increased up to an additional $200 million. 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 London Interbank Offer Rate ("LIBOR") or Canadian Dollar Offer Rate ("CDOR") based loans prepaid prior to the end of an interest period.

The Company incurred fees of approximately $1.8 million in connection with the Tenth 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, 2017		December 31, 2016
Amounts borrowed	$	474.0	$	336.0
Outstanding letters of credit	14.2		17.4
Amounts available to borrow ⁽¹⁾	249.2		224.8

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(1)	Excluding expansion features as of September 30, 2017 and December 31, 2016 of $200.0 million and $100.0 million, respectively.

Average borrowings during the three and nine months ended September 30, 2017 were $465.9 million and $325.2 million, respectively, with amounts borrowed at any one time outstanding ranging from $165.0 million to $605.0 million. The increase in borrowings was due primarily to the cash payment for the acquisition of Farner-Bocken of $169.0 million, which was completed on July 10, 2017, and a temporary increase in inventory in anticipation of cigarette price increases, which occurred in September 2017. For the three and nine months ended September 30, 2016, average borrowings were $228.8 million and $139.1 million, respectively, with amounts borrowed at any one time outstanding, ranging from zero to $280.0 million.

The weighted-average interest rates on the Credit Facility for the three and nine months ended September 30, 2017 were 2.5% and 2.3%, respectively, compared to 1.7% for both the same periods in 2016. 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 $0.8 million during the three and nine months ended September 30, 2017, and $0.1 million and $0.5 million during the three and nine months ended September 30, 2016, respectively. The Company recorded charges related to amortization of debt issuance costs, which are included in interest expense, of $0.2 million and $0.6 million for the three and nine months ended September 30, 2017, respectively, compared to $0.1 million and $0.3 million for the three months and nine months ended September 30, 2016, respectively. Unamortized debt issuance costs were $3.5 million and $2.3 million as of September 30, 2017 and December 31, 2016, respectively.