8.	Senior debt

Debt consisted of the following at June 30, 2018 and December 31, 2017:

(Table only in thousands)	June 30, 2018			December 31, 2017
Outstanding borrowings under Credit Facility (defined below). Term loan balance due upon maturity in September 2020.
- Term loan	$	83,147		$	113,903
- U.S. Dollar revolving loans		—			1,000
- Unamortized debt discount		(2,252	)		(2,834	)
Total outstanding borrowings under Credit Facility		80,895			112,069
Outstanding borrowings (U.S. dollar equivalent) under Aarding Facility (defined below)		—			2,764
Total outstanding borrowings		80,895			114,833
Less: current portion		—			11,296
Total debt, less current portion	$	80,895		$	103,537

During the six-month period ended June 30, 2018, the Company made prepayments of $29.2 million on the outstanding balance of the term loan, in addition to the required payment of $1.6 million for a total repayment of $30.8 million on the outstanding balance of the term loan. Due to the additional prepayments made in 2018, there are no future current maturity payments due until the final scheduled principal payment of $83.1 million, which is due in September 2020.

United States Debt

As of June 30, 2018 and December 31, 2017, $21.8 million and $24.4 million of letters of credit were outstanding, respectively. Total unused credit availability under the Company’s senior secured term loan, senior secured U.S. dollar revolving loans with sub-facilities for letters of credit and swing-line loans and senior secured multi-currency revolving credit facility for U.S. dollar and specific foreign currency loans (collectively, the “Credit Facility”) was $58.2 million and $54.6 million at June 30, 2018 and December 31, 2017, respectively. Revolving loans may be borrowed, repaid and reborrowed until September 3, 2020, at which time all amounts borrowed pursuant to the Credit Facility must be repaid.

The weighted average stated interest rate on outstanding borrowings was 4.89% and 4.08% at June 30, 2018 and December 31, 2017, respectively.

In accordance with the Credit Facility terms, the Company entered into an interest rate swap to hedge against interest rate exposure related to a portion of the outstanding debt indexed to LIBOR market rates. The fair value of the interest rate swap was an asset of $0.7 million and $0.3 million as of June 30, 2018 and December 31, 2017, respectively, and is classified within the “Deferred charges and other assets” on the Condensed Consolidated Balance Sheets. The Company designated the interest rate swap as an effective hedge; therefore, the changes to the fair value of the interest rate swap have been recorded in other comprehensive income as the hedge is deemed effective.

The Company amended the Credit Facility as of October 31, 2017. The Credit Facility was amended to, among other things, (a) modify the calculation of Consolidated EBITDA and Consolidated Fixed Charges to exclude certain adjustments related to certain transactions, (b) modify the Consolidated Leverage Ratio covenant and (c) add a covenant restricting the amount of capital expenditures we may make in fiscal years 2018 and 2019. As a result of the amendment to the Credit Facility, the maximum Consolidated Leverage Ratio increased to 3.75 and will remain at this ratio through March 31, 2019, when it is set to decrease to 3.50 through September 30, 2019. The Consolidated Leverage Ratio will then decrease to 3.25, where it will remain until the end of the term of the Credit Facility.

As of June 30, 2018 and December 31, 2017, the Company was in compliance with all related financial and other restrictive covenants under the Credit Facility.

Foreign Debt

A subsidiary of the Company located in the Netherlands has a Euro denominated facilities agreement with ING Bank N.V. (“Aarding Facility”) with a total borrowing capacity of $15.2 million. As of June 30, 2018, the borrowers were in compliance with all related financial and other restrictive covenants. As of December 31, 2017, the borrowers were not in compliance with certain financial covenants under the Aarding Facility. As such, the Company settled the outstanding amount of the overdraft facility in the first quarter of 2018. The Company plans to exit this facility and consolidate it with the Credit Facility. As of June 30, 2018, $8.7 million of the bank guarantee and none of the overdraft facility were being used by the borrowers. As of December 31, 2017, $3.9 million of the bank guarantee and $2.8 million of the overdraft facility were being used by the borrowers. There is no stated expiration date on the Aarding Facility.