Financing

Long-term debt consisted of the following:



	As of
(in millions)	June 30, 2015		December 31, 2014		June 30, 2014
Senior Secured Notes	$	375.0	$	375.0	$	375.0
ABL Facility	—		—		16.5
Obligations under capital lease	5.3		5.8		6.0
Total debt	380.3		380.8		397.5
Less: Current portion of capital lease obligations	1.0		1.0		0.7
Non-current portion of debt	$	379.3	$	379.8	$	396.8

Senior Secured Notes

We have $375.0 million of senior secured notes outstanding that mature on June 1, 2019 (the “Senior Secured Notes”) and are guaranteed by Holdings. Interest on the Senior Secured Notes accrues at the rate of 9.50% per annum and is payable semiannually in arrears on June 1 and December 1.

The credit agreement governing the ABL Facility (hereinafter defined) and the indenture governing the Senior Secured Notes (the “Indenture”) limit the ability of GBC and its subsidiaries to pay dividends or distribute cash to Holdings and to its equityholders, although ordinary course dividends and distributions to meet the limited holding company expenses and related obligations at Holdings of up to $5.0 million per year are permitted under those agreements. Under the terms of the Indenture, GBC is also permitted to pay dividends or distribute to Holdings and its equityholders up to 50% of its “Consolidated Net Income” (as such term is used in the Indenture) from April 1, 2012 to the end of GBC’s most recently ended fiscal quarter. As of June 30, 2015, all of the net assets of the subsidiaries are restricted except for $73.6 million, which are permitted for dividend distributions under the Indenture. As of June 30, 2015, we were in compliance with all of the covenants relating to the Indenture.

ABL Facility

Available borrowings under our asset-based revolving loan facility (the “ABL Facility”) were $200.0 million, $199.5 million and $183.0 million as of June 30, 2015, December 31, 2014 and June 30, 2014, respectively. As of June 30, 2015, December 31, 2014 and June 30, 2014, amounts outstanding, if any, under the ABL Facility accrued interest at a rate of 4.25%. Unused amounts under the ABL Facility incur an unused line fee of 0.50% per annum, payable in full on a quarterly basis.

The ABL Facility has an expiration date of June 1, 2017 and contains various debt covenants to which we are subject on an ongoing basis. As of June 30, 2015, we were in compliance with all of the covenants under the ABL Facility.