(6) Debt

Details of the Company’s debt as of March 31, 2020 and December 31, 2019 were as follows (dollars in thousands):



	March 31, 2020					December 31, 2019
	Outstanding				Average	Outstanding				Average
	Current		Long-term		Interest	Current		Long-term		Interest	Maturity

Revolving credit	$	-	$	682,000	2.4%	$	-	$	624,000	3.3%	June 2023
Revolving credit facility - Rail		-		137,500	2.4%		-		137,500	3.3%	October 2023
Revolving credit facility - Euro		21,122		-	2.0%		21,537		-	2.0%	September 2020
Term loan		1,800		25,050	3.9%		1,800		25,500	3.9%	April 2023
Term loan		7,000		66,750	2.7%		7,000		68,500	3.5%	June 2021
Term loan		14,967		-	3.4%		15,284		-	3.4%	December 2020
Term loan		3,043		36,864	3.6%		3,016		37,635	3.6%	August 2021
Term loan		6,000		85,000	4.6%		6,000		86,500	4.6%	October 2023
Senior secured notes		6,110		43,610	4.9%		6,110		46,665	4.9%	September 2022
Asset-backed notes 2012-1		17,100		27,075	3.5%		17,100		31,350	3.5%	October 2027
Asset-backed notes 2013-1		22,900		45,800	3.4%		22,900		51,525	3.4%	March 2028
Asset-backed notes 2017-1		25,307		158,169	3.7%		25,307		164,496	3.7%	June 2042
Asset-backed notes 2018-1		34,890		241,323	4.0%		34,890		250,045	4.0%	February 2043
Asset-backed notes 2018-2		34,350		257,625	4.4%		34,350		266,213	4.4%	September 2043
Collateralized financing obligations		20,595		61,617	1.6%		21,681		69,615	1.5%	February 2026
Term loans held by VIE		5,311		29,884	4.2%		5,250		31,234	4.2%	February 2026
		220,495		1,898,267			222,225		1,890,778
Debt issuance costs		(3,976)		(9,633)			(4,131)		(10,656)
Total Debt	$	216,519	$	1,888,634		$	218,094	$	1,880,122

The Company maintains its revolving credit facilities to finance the acquisition of rental equipment and for general working capital purposes. As of March 31, 2020, the Company had $536.8 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 March 31, 2020, the borrowing availability under the Company’s revolving credit facilities was $41.0 million, assuming no additional contributions of assets.

The agreements relating to all of the Company’s debt contain various financial and other covenants. As of March 31, 2020, 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, 2019, filed with the SEC on March 5, 2020.

To provide additional liquidity and enhance its financial flexibility in response to recent global economic uncertainty and financial market volatility caused by the COVID-19 pandemic, the Company drew down $70 million from its revolving credit facility as a precautionary measure in March 2020.

On April 27, 2020, the Company repaid in full the outstanding debt associated with the asset-backed notes 2012-1 and 2013-1.