Note 7 - Debt

The following table provides details of the carrying values of debt as of the dates indicated (in millions):



Description	Maturity Date	September 30, 2016			December 31, 2015
Senior secured credit facility:
Revolving loans	October 29, 2018	$	260.7		$	208.5
Term loan	November 21, 2019	240.6			250.0
4.875% Senior Notes	March 15, 2023	400.0			400.0
Other credit facilities	Varies	15.4			16.4
Capital lease obligations, weighted average interest rate of 2.8%	In installments through October 1, 2021	101.4			130.9
Notes payable, weighted average interest rate of 3.0%	In installments through December 15, 2018	9.3			17.4
Total long-term debt obligations		$	1,027.4		$	1,023.2
Less unamortized deferred financing costs		(10.7		)	(12.9		)
Total debt, net of deferred financing costs		1,016.7			1,010.3
Current portion of long-term debt		66.1			77.4
Long-term debt		$	950.6		$	932.9

Senior Secured Credit Facility

The Company has a senior secured credit facility, referred to as the Credit Facility. Under the Credit Facility, aggregate borrowing commitments total approximately $1.24 billion, composed of $1.0 billion of revolving commitments and a term loan in the principal amount of $241 million (the “Term Loan”) as of September 30, 2016. As of September 30, 2016 and December 31, 2015, outstanding revolving loans under the Credit Facility included approximately $114 million and $88 million, respectively, of borrowings denominated in foreign currencies, which accrued interest at weighted average rates of approximately 3.41% and 2.95% per annum as of September 30, 2016 and December 31, 2015, respectively. The Term Loan accrued interest at a rate of 2.52% and 2.42% as of September 30, 2016 and December 31, 2015, respectively. In May 2016, the Credit Facility was amended to increase the maximum amount available for letters of credit from $450 million to $650 million. Letters of credit of approximately $280.6 million and $292.8 million were issued as of September 30, 2016 and December 31, 2015, respectively. As of both September 30, 2016 and December 31, 2015, letter of credit fees accrued at 1% per annum for performance standby letters of credit and at 2% for financial standby letters of credit. Outstanding letters of credit mature at various dates and most have automatic renewal provisions, subject to prior notice of cancellation. As of September 30, 2016 and December 31, 2015, borrowing capacity of $458.8 million and $498.7 million, respectively, was available for revolving loans, or up to $369.4 million and $157.2 million, respectively, for new letters of credit. Borrowing capacity as of September 30, 2016 and December 31, 2015 included $85.7 million and $111.8 million, respectively, of availability in either Canadian dollars or Mexican pesos. The unused facility fee was 0.40% as of both September 30, 2016 and December 31, 2015. The Credit Facility is guaranteed by certain subsidiaries of the Company (the “Guarantor Subsidiaries”), and the obligations under the Credit Facility are secured by substantially all of the Company’s and the Guarantor Subsidiaries’ respective assets, subject to certain exceptions.

Other Credit Facilities. The Company has other credit facilities that support the working capital requirements of its foreign operations. Borrowings under these credit facilities, which have varying dates of maturity and are generally renewed on an annual basis, are primarily denominated in Canadian dollars. Maximum borrowing capacity totaled Canadian $40.0 million as of both September 30, 2016 and December 31, 2015, or approximately $30.5 million and $28.9 million, respectively. Outstanding borrowings totaled approximately $15.4 million and $16.4 million as of September 30, 2016 and December 31, 2015, respectively. Outstanding borrowings accrued interest at a weighted average rate of 3.6% as of both September 30, 2016 and December 31, 2015, respectively. Outstanding borrowings that are not renewed are repaid with borrowings under the Credit Facility. Accordingly, the carrying amounts of the Company’s borrowings under its other credit facilities are classified within long-term debt in the Company’s consolidated balance sheets. The Company’s other credit facilities are subject to customary provisions and covenants.

Debt Guarantees and Covenants

The 4.875% Senior Notes are senior unsecured unsubordinated obligations and rank equal in right of payment with existing and future unsubordinated debt, and rank senior in right of payment to existing and future subordinated debt and are fully and unconditionally guaranteed on an unsecured, unsubordinated, joint and several basis by certain of the Company’s existing and future 100%-owned direct and indirect domestic subsidiaries that are each guarantors of the Credit Facility or other outstanding indebtedness. See Note 16 - Supplemental Guarantor Condensed Unaudited Consolidating Financial Information.

MasTec was in compliance with the provisions and covenants contained in its outstanding debt instruments as of September 30, 2016 and December 31, 2015.

Additional Information

As of September 30, 2016 and December 31, 2015, accrued interest payable, which is recorded within other accrued expenses, totaled $3.5 million and $7.7 million, respectively. For detailed discussion and additional information pertaining to the Company’s debt instruments, see Note 8 - Debt in the Company’s 2015 Form 10-K.