(table only in thousands)	March 31, 2019			December 31, 2018
Outstanding borrowings under Credit Facility (defined below). Term loan balance due upon maturity in September 2020.
- Term loan	$	76,147		$	76,147
- U.S. Dollar revolving loans		—			—
- Unamortized debt discount		(1,422	)		(1,691	)
Total outstanding borrowings under Credit Facility	$	74,725		$	74,456

During the three-month period ended March 31, 2019, the Company made no payments on the outstanding balance of the term loan. Due to the additional prepayments made in 2018, there are no payments due on the term loan until the final scheduled principal payment of $76.1 million, in September 2020.

As of March 31, 2019 and December 31, 2018, $27.4 million and $29.3 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 $52.6 million and $50.7 million at March 31, 2019 and December 31, 2018, respectively. Revolving loans may be borrowed, repaid and reborrowed until September 3, 2020, at which time all outstanding balances of the Credit Facility must be repaid.

The weighted average stated interest rate on outstanding borrowings was 5.25% and 5.27% at March 31, 2019 and December 31, 2018, 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 $0.3 million and $0.5 million as of March 31, 2019 and December 31, 2018, 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.

Under the terms of the Credit Facility, the Company is required to maintain certain financial covenants, including the maintenance of a Consolidated Leverage Ratio as well as restricting the amount of capital expenditures the Company may make in 2019. Through March 31, 2019, the maximum Consolidated Leverage Ratio is 3.75, after which time it will decrease to 3.50 through September 30, 2019. The Consolidated Leverage Ratio will then decrease to 3.25 until the end of the term of the Credit Facility.

As of March 31, 2019 and December 31, 2018, the Company was in compliance with all related financial and other restrictive covenants under the Credit Facility.

The Company has a number of facilities and bilateral agreements in various countries currently supported by letters of credit issued under the Credit Facility. In addition, a subsidiary of the Company located in the Netherlands has a Euro-denominated bank guarantee agreement, under which $3.1 million in bank guarantees were outstanding as of March 31,2019. As of March 31, 2019, the borrowers of these facilities and agreements were in compliance with all related financial and other restrictive covenants.