(7) Debt

Details of the Company’s debt as of June 30, 2018 and December 31, 2017 were as follows (dollars in thousands):



	June 30, 2018					December 31, 2017
	Outstanding				Average	Outstanding				Average
	Current		Long-term		Interest	Current		Long-term		Interest	Maturity

Revolving credit	$	5,500	$	322,000	3.8%	$	-	$	528,000	3.2%	June 2023
Revolving credit facility - Rail		-		305,000	3.6%		-		272,000	3.2%	October 2020
Revolving credit facility - Euro		-		19,867	2.0%		-		14,736	2.0%	September 2020
Term loan		1,800		28,200	4.4%		21,900		-	3.4%	April 2023
Term loan		9,000		107,250	3.7%		9,000		111,750	3.1%	October 2019
Term loan		7,000		79,000	3.8%		7,000		82,500	3.3%	June 2021
Term loan		1,219		15,909	3.4%		1,198		16,524	3.4%	December 2020
Term loan		2,856		42,119	3.6%		2,805		43,560	3.6%	August 2021
Senior secured notes		6,110		55,830	4.9%		6,110		58,885	4.9%	September 2022
Asset-backed notes		100,197		647,711	3.8%		65,307		377,984	3.5%	June 2042
Collateralized financing obligations		28,408		68,018	1.2%		22,549		69,441	1.2%	March 2021
Term loans held by VIE		1,829		542	3.0%		-		3,286	2.7%	June 2019
		163,919		1,691,446			135,869		1,578,666
Debt issuance costs		(4,320)		(11,954)			(3,820)		(7,893)
Total Debt	$	159,599	$	1,679,492		$	132,049	$	1,570,773

The Company maintains its revolving credit facilities to finance the acquisition of rental equipment and for general working capital purposes. As of June 30, 2018, the Company had $976.7 million in total availability under its revolving credit facilities (net of $0.1 million in letters of credit) subject to the Company’s ability to meet the collateral requirements under the agreements governing the facilities. Based on the borrowing base and collateral requirements at June 30, 2018, the borrowing availability under the Company’s revolving credit facilities was $117.1 million, assuming no additional contributions of assets.

On February 28, 2018, CAL Funding III Limited (CAL Funding III), a wholly-owned indirect subsidiary of CAI, issued $332.0 million of 4.0% Class A fixed rate asset-backed notes and $16.9 million of 4.8% Class B fixed rate asset-backed notes (collectively, the Series 2018-1 Asset-Backed Notes). Principal and interest on the Series 2018-1 Asset-Backed Notes is payable monthly commencing on March 26, 2018, with the Series 2018-1 Asset-Backed Notes maturing in February 2028. The proceeds were used for general corporate purposes, including repayment of debt by the Company.

On April 19, 2018, the Company entered into a $30.0 million five-year term loan agreement with a bank. The loan is payable in 19 quarterly installments of $0.5 million starting July 31, 2018 and a final payment of $21.5 million on April 30, 2023. The loan bears interest at a variable rate based on LIBOR.

On June 27, 2018, the Company entered into an amendment to its Third Amended and Restated Revolving Credit Agreement, pursuant to which the Company’s senior revolving credit facility was amended to, among other things, increase the commitment level from $960 million to $1.1 billion with the ability to increase the revolving credit facility by an additional $250 million without lender approval, subject to certain conditions. The amendment also extended the maturity date of the revolving credit facility to June 26, 2023 and revised certain covenants, restrictions and events of default to provide the Company with additional flexibility, including an increase in the maximum total leverage ratio from 3.75:1.00 to 4.00:1.00, subject to certain conditions.

The agreements relating to all of the Company’s debt contain various financial and other covenants. As of June 30, 2018, 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, 2017, filed with the SEC on February 27, 2018.