NOTE 6—DEBT

Our outstanding debt consisted of the following:


	December 31,
(In thousands)	2019		2018
Term loan	$	9,947	$	9,589
Revolving Credit Facility		3,000		—
Debt discount, net		—		(115)
Total debt	$	12,947	$	9,474
Current portion of long-term debt		3,333		5,000
Long-term debt, net	$	9,614	$	4,474

On November 2, 2018, we entered into a Credit and Security Agreement with KeyBank National Association (“KeyBank”) consisting of a $10.0 million term loan, which we refinanced in November 2019, and up to $30.0 million revolving line of credit, including $1.0 million letter of credit availability (the “Revolving Credit Facility”). All personal property assets, including, but not limited to accounts receivable, coal inventory and certain surface mining equipment were pledged to secure the indebtedness. The Revolving Credit Facility has a maturity date of November 2, 2021.

The Revolving Credit Facility interest rate is based on LIBOR + 2.35% or Base Rate + 1.75%. The term loan credit interest rate was based on LIBOR + 4.75% or Base Rate + 3.75%. Base Rate is the highest of (i) KeyBank’s prime rate, (ii) Federal Funds Effective Rate + 0.5%, or (iii) LIBOR + 1.0%. The loans were initially base rate loans, but may be converted to LIBOR rate loans at certain times at our discretion.

As of December 31, 2019, $3.0 million was outstanding on the Revolving Credit Facility and we had remaining availability of $16.7 million.

On November 22, 2019, we repaid the existing term loan with proceeds from a new $10 million term loan with KeyBank. The new term loan is secured with a pledge of certain underground and surface mining equipment. The new term loan interest rate is LIBOR + 5.15%. The outstanding principal balance of the new term loan is required to be repaid in 36 monthly installments of $277 thousand plus accrued interest. The outstanding principal balance of the new term loan was $9.9 million at December 31, 2019.

The Revolving Credit Facility and new term loan contain usual and customary covenants, including but not limited to, limitations on liens, additional indebtedness, investments, restricted payments, asset sales, mergers, affiliate transactions and other customary limitations, as well as financial covenants. As of December 31, 2019, we were in compliance with all covenants.

Maturities of our long-term debt were as follows:


(In thousands)
Years ending December 31:
2020	$	3,333
2021		6,333
2022		3,281
Total	$	12,947