DEBT

Our short-term debt has historically consisted of borrowings under short-term credit facilities entered into by our wholly-owned subsidiaries in China and India. The China short-term credit facilities, which mature on June 30, 2016, allow us to borrow up to a total of $12 million.We had no borrowings under the credit facilities in China as of December 31, 2015, and $2.3 million of outstanding borrowings under short term credit facilities in China as of December 31, 2014. The Indian credit facility allows us to borrow up to a total of approximately $2.3 million; we had no borrowings outstanding as of December 31, 2015 and 2014.

Five-year Revolving Credit Facility and Other Long-term Borrowings

On February 10, 2015, we entered into a new five-year $450 million revolving credit facility, with Wells Fargo Bank, N.A. as administrative agent, and repaid our prior revolving credit facility. This credit facility permits borrowings in the U.S. and in The Netherlands. Borrowings bear interest, at our option, at one month U.S. LIBOR subject to a floor rate of zero or an alternative base rate, which is the greater of Wells Fargo’s Prime Rate, the Federal Funds Rate plus 50 basis points, and LIBOR plus 1%, plus, in each case, a margin dependent on our leverage ratio.

We are required to make periodic interest payments on the borrowed amounts and to pay an annual facility fee ranging from 15.0 to 30.0 basis points, depending on our leverage ratio. As of December 31, 2015 we had $279.4 million drawn on the credit facility at a weighted-average interest rate of 1.96%.

On July 31, 2015 our $75 million principal amount of 6.66% senior unsecured notes became due. We used borrowings under the $450 million revolving credit facility noted above to fund the repayment in full of these senior unsecured notes.

Our Brazilian subsidiary entered into two loans during 2013. The first loan was a $4.0 million loan with an annual interest cost of 5.5% that matured and was paid in full on August 20, 2014. The second loan was a Brazilian real denominated loan with an outstanding balance of Br 1.3 million (approximately $0.3 million) as of December 31, 2015, which bears an annual interest rate of 5.5%. The first payment on this loan was made on May 15, 2014, with equal monthly payments required for 24 months thereafter.

During 2014, the Brazilian subsidiary entered into an additional Brazilian real denominated loan with an outstanding balance of Br 10.6 million (approximately $2.7 million) as of December 31, 2015, that bears an annual interest rate of 8.0%. The first payment on this loan was made on November 15, 2015, with equal monthly payments required for 24 months thereafter.

Our credit facility includes restrictive covenants that, if not met, could lead to renegotiation of our credit facility, a requirement to repay our borrowings, and/or a significant increase in our cost of financing. Restrictive covenants include a minimum interest coverage ratio, a maximum leverage ratio, and limitations on payments made to shareholders.

Our debt as of December 31, consisted of the following:



(In millions)	Interest Rate at December 31, 2015		Maturity Date	2015			2014
Short-term borrowings
Foreign credit facilities				$	—		$	2.3
Other	2.5	%		$	0.4		$	—
Total short-term borrowings				$	0.4		$	2.3
Long-term debt
Senior unsecured notes	—	%	July 31, 2015	$	—		$	75.0
Revolving credit facility	1.9	%	February 10, 2020	279.4			94.3
Brazilian Real Loan	5.5	%	April 15, 2016	0.3			2.0
Brazilian Real Loan	8.0	%	October 16, 2017	2.7			4.3
Other	Various		Various	—			0.1
Total long-term debt				282.4			175.7
Less: current portion				(1.8		)	(1.9		)
Long-term debt, less current portion				$	280.6		$	173.8

Scheduled maturities of long-term debt for the years ending December 31, are as follows:



(In millions)	Maturities of Long-term debt
2016	$	1.8
2017	1.2
2018	—
2019	$	—
2018	$	279.4
Total	$	282.4