(9) Debt

Details of the Company’s debt as of September 30, 2017 and December 31, 2016 were as follows (dollars in thousands):



	September 30, 2017					December 31, 2016
	Outstanding				Average	Outstanding				Average
	Current		Long-term		Interest	Current		Long-term		Interest	Maturity

Revolving credit facility	$	-	$	407,000	3.0%	$	-	$	526,000	2.5%	March 2020
Revolving credit facility - Rail		-		254,000	2.7%		-		223,500	2.4%	October 2020
Revolving credit facility - Euro		-		14,534	2.0%		-		-	-	September 2020
Term loan		22,350		-	3.2%		1,800		21,900	2.9%	April 2018
Term loan		9,000		114,000	2.8%		9,000		120,750	2.3%	October 2019
Term loan		7,000		84,250	3.0%		7,000		89,500	2.5%	June 2021
Term loan		1,188		16,827	3.4%		1,158		17,723	3.4%	December 2020
Term loan		2,780		44,270	3.6%		2,705		46,365	3.6%	August 2021
Senior secured notes		6,110		58,885	4.9%		6,110		64,995	4.9%	September 2022
Asset-backed notes		65,307		394,311	3.5%		40,000		202,875	3.4%	June 2042
Collateralized financing obligations		23,365		67,343	1.3%		28,693		71,346	1.1%	September 2020
Term loans held by VIE		-		3,743	2.7%		2,287		3,541	2.5%	June 2019
		137,100		1,459,163			98,753		1,388,495
Debt issuance costs		(3,778)		(8,575)			(3,226)		(7,996)
Total Debt	$	133,322	$	1,450,588		$	95,527	$	1,380,499

On June 16, 2017, the Company entered into an amendment to the Third Amended and Restated Revolving Credit Agreement, pursuant to which the revolving credit facility was amended to increase the commitment level from $775.0 million to $960.0 million.

The Company maintains its revolving credit facilities to finance the acquisition of rental equipment and for general working capital purposes. As of September 30, 2017, the Company had $813.9 million in total availability under its revolving credit facilities (net of $0.1 million in letters of credit).

On July 6, 2017, CAL Funding III Limited (CAL Funding III), a wholly-owned indirect subsidiary of CAI, issued $240.9 million of 3.6% Class A fixed rate asset-backed notes and $12.2 million of 4.6% Class B fixed rate asset-backed notes (collectively, the Notes). Principal and interest on the Notes is payable monthly commencing on July 25, 2017, with the Notes maturing in June 2042. The proceeds from the Notes were used for general corporate purposes, including repayment of debt by the Company. The Notes are secured by all of the assets of CAL Funding III.

The agreements relating to all of the Company’s debt contain various financial and other covenants. As of September 30, 2017, the Company was in compliance with all of its debt covenants.

For further information on the Company’s debt instruments, see Note 10 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, filed with the SEC on March 13, 2017.