NOTE 3 — INDEBTEDNESS AND BORROWING FACILITY

The following table summarizes our long-term debt:


	March 31,		December 31,
(In millions)	2020		2019
Term loan due April 2021 ("Term Loan")	$	67.4	$	90.0
Senior notes due May 2022 ("2022 Senior Notes")		369.9		369.9
Total principal amount		437.3		459.9
Less unamortized discount and debt issuance costs		(2.6)		(3.0)
Total long-term debt	$	434.7	$	456.9
Estimated fair value of long-term debt	$	184.7	$	317.2

Estimated fair values for our Term Loan and 2022 Senior Notes were determined using recent trading activity and/or bid-ask spreads and are classified as Level 2 in the FASB’s fair value hierarchy. We believe we were in compliance with all of the covenants in our debt agreements at March 31, 2020.

Debt Repayments

In the first quarter of 2020, we repaid $22.6 million of aggregate principal amount of Term Loan using cash on hand. We recognized a gain on this debt extinguishment of $2.0 million.

Revolving Credit Facility

The maximum availability of credit under our revolving credit facility is limited at any time to the lesser of $250 million or a borrowing base. The borrowing base is based on percentages of eligible accounts receivable and eligible inventory and is subject to certain reserves. In an event of default or if the amount available under the credit facility is less than either 10% of our maximum availability or $12.5 million, we will be required to maintain a minimum fixed charge coverage ratio of 1.0 to 1.0. If at any time borrowings and letters of credit issued under the credit facility exceed the borrowing base, we will be required to repay an amount equal to such excess.

As of March 31, 2020, the borrowing base was $60.6 million and therefore our maximum availability under the credit facility was $60.6 million. As of March 31, 2020, there were no borrowings outstanding under the credit facility, and letters of credit totaling $4.3 million were issued, resulting in $56.3 million of availability under the credit facility.

We believe we were in compliance with all of the covenants in the credit facility at March 31, 2020.