Long-term Debt

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



	September 30,		December 31,
	2013		2012
Amounts borrowed (Credit Facility)	$	38.5	$	73.3
Obligations under capital leases	11.4		11.4
Total long-term debt	$	49.9	$	84.7

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, subject to certain provisions. 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 30, 2013, the Company entered into a fifth amendment to the Credit Facility (the "Fifth Amendment"), which extended the term of the Credit Facility from May 2016 to May 2018 and reduced the margin added to the LIBOR or CDOR rate and reduced the unused facility fees. The margin added to the LIBOR or CDOR rate is currently a range of 125 to175 basis points, down from a range of 175 to 225 basis points. In addition, the Fifth Amendment provides for stock repurchases of up to an aggregate of $50 million, not to exceed $15 million in any year and re-established a $75 million ceiling for dividends allowable over the term of the Credit Facility. The Company incurred fees of approximately $0.3 million in connection with the Fifth Amendment, which are being amortized over the term of the amendment.

The Credit Facility contains restrictive covenants, including among others, limitations on dividends and other restricted payments, other indebtedness, liens, investments and acquisitions and certain asset sales. As of September 30, 2013, the Company was in compliance with all of the covenants under the Credit Facility.

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,		December 31,
	2013		2012
Amounts borrowed	$	38.5	$	73.3
Outstanding letters of credit	$	21.8	$	19.8
Amounts available to borrow ⁽¹⁾	$	131.9	$	97.7

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(1)	Excluding $100 million expansion feature.

Average borrowings during the three and nine months ended September 30, 2013 were $15.0 million and $30.2 million, respectively, with amounts borrowed at any one time during the nine months ended September 30, 2013, ranging from zero to $112.0 million. For the three and nine months ended September 30, 2012, average borrowings were $3.3 million and $22.8 million, respectively, with amounts borrowed, at any one time during the nine months ended September 30, 2012, ranging from zero to $91.5 million.

The weighted-average interest rate on the revolving credit facility for the three and nine months ended September 30, 2013 was 1.7% and 1.9%, respectively, and was 2.6% and 2.1% for the three and nine months ended September 30, 2012, 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 $0.2 million and $0.7 million during the three and nine months ended September 30, 2013, respectively, and $0.3 million and $0.7 million during the three and nine months ended September 30, 2012, respectively. The Company recorded charges related to amortization of debt issuance costs, which are included in interest expense, of $0.1 million and $0.3 million for both the three and nine months ended September 30, 2013 and 2012, respectively. Unamortized debt issuance costs were $1.5 million as of September 30, 2013 and December 31, 2012.