(7) Debt

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



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

Revolving credit	$	-	$	146,000	3.9%	$	-	$	528,000	3.2%	June 2023
Revolving credit facility - Rail		-		306,000	3.7%		-		272,000	3.2%	October 2020
Revolving credit facility - Euro		-		19,733	2.0%		-		14,736	2.0%	September 2020
Term loan		1,800		27,750	4.3%		21,900		-	3.4%	April 2023
Term loan		6,750		107,250	3.8%		9,000		111,750	3.1%	October 2019
Term loan		7,000		77,250	4.0%		7,000		82,500	3.3%	June 2021
Term loan		1,230		15,598	3.4%		1,198		16,524	3.4%	December 2020
Term loan		2,882		41,388	3.6%		2,805		43,560	3.6%	August 2021
Senior secured notes		6,110		52,775	4.9%		6,110		58,885	4.9%	September 2022
Asset-backed notes 2012-1		17,100		52,725	3.5%		17,100		65,550	3.5%	October 2027
Asset-backed notes 2013-1		22,900		80,150	3.4%		22,900		97,325	3.4%	March 2028
Asset-backed notes 2017-1		25,307		196,129	3.7%		25,307		215,109	3.7%	June 2042
Asset-backed notes 2018-1		34,890		293,658	4.0%		-		-	-	February 2043
Asset-backed notes 2018-2		34,350		309,150	4.4%		-		-	-	September 2043
Collateralized financing obligations		37,388		65,717	1.1%		22,549		69,441	1.2%	September 2021
Term loans held by VIE		1,914		-	3.0%		-		3,286	2.7%	June 2019
		199,621		1,791,273			135,869		1,578,666
Debt issuance costs		(5,058)		(13,853)			(3,820)		(7,893)
Total Debt	$	194,563	$	1,777,420		$	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 September 30, 2018, the Company had $1,157.2 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 September 30, 2018, the borrowing availability under the Company’s revolving credit facilities was $151.9 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 2043. 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.

On September 19, 2018, CAL Funding III issued $331.5 million of 4.3% Class A fixed rate asset-backed notes and $12.0 million of 5.2% Class B fixed rate asset-backed notes (collectively, the Series 2018-2 Asset-Backed Notes). Principal and interest on the Series 2018-2 Asset-Backed Notes is payable monthly commencing on October 25, 2018, with the Series 2018-2 Asset-Backed Notes maturing on September 25, 2043. The proceeds were used for general corporate purposes, including repayment of debt.

On October 18, 2018, the Company entered into a $100.0 million five-year term loan agreement with a bank. The loan is payable in 20 quarterly installments of $1.5 million starting December 20, 2018 and a final payment of $70.0 million on October 18, 2023. The outstanding principal amounts under the loan bear interest at a fixed rate per annum of 4.6%.

On October 22, 2018, CAI Rail, Inc. (CAI Rail), a wholly owned subsidiary of the Company, entered into a Third Amended and Restated Revolving Credit Agreement, pursuant to which CAI Rail’s revolving credit facility was amended to, among other things, (i) increase the commitment level from $500 million to $550 million, with the ability to increase the facility by an additional $150 million, subject to certain conditions, (ii) extend the maturity date from October 22, 2020 to October 23, 2023, and (iii) revise 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 September 30, 2018, the Company was in compliance with all of its financial and other 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.