In Thousands	2018			2017

U.S. credit facility	$	-		$	50,000
U.S. Term Loan, due April 2020		180,000			225,000
3.625% Senior Notes, due April 2023		382,965			389,862
Government refundable advances		43,873			45,549
Debt issuance costs		(3,680	)		(4,654	)
Obligation under capital leases		69,310			71,091
		672,468			776,848
Less current maturities		17,546			17,424
Carrying amount of long-term debt	$	654,922		$	759,424

On April 9, 2015, the Company amended the secured credit facility to extend the expiration to April 9, 2020, increase the revolving credit facility to $500 million, and provide for a delayed-draw term loan facility of $250 million. The Company recorded $2.3 million in debt issuance costs. The credit facility is secured by substantially all the Company’s assets, and interest is based on standard inter-bank offering rates. The interest rate ranges from LIBOR plus 1.25% to LIBOR plus 2.00%, depending on the leverage ratios at the time the funds are drawn. At September 28, 2018, the Company had no outstanding balance under the secured credit facility. An additional $15.1 million of unsecured foreign currency credit facilities have been extended by foreign banks for a total of $515.1 million available companywide. Available credit under the above credit facilities was $498.9 million at fiscal 2018 year end, when reduced by letters of credit of $16.2 million.

On August 3, 2015, the Company borrowed $250 million under the delayed-draw term loan provided for under the amended credit facility (U.S. Term Loan, due 2020). The interest rate on the U.S. Term Loan, due 2020, ranges from LIBOR plus 1.25% to LIBOR plus 2.00%, depending on the leverage ratios at the time the funds are drawn. At September 28, 2018, the interest rate was LIBOR plus 1.50%, which equaled 3.75%. The loan amortizes at 1.25% of the original principal balance quarterly through March 2020, with the remaining balance due in April 2020.

In April 2015 TA Mfg. Limited, a wholly owned subsidiary, issued €330.0 million in 3.625% Senior Notes, due April 2023 (2023 Notes) requiring semi-annual interest payments in April and October of each year until maturity. The notes are designated as a net investment hedge and translated to U.S. dollars each period, with the associated gains or losses recorded to AOCI. The net proceeds from the sale of the notes, after deducting $5.9 million of debt issuance costs, were $350.8 million. The 2023 Notes are general unsecured senior obligations of the Company. The 2023 Notes are unconditionally guaranteed on a senior basis by the Company and certain subsidiaries of the Company that are guarantors under the Company’s existing secured credit facility. The 2023 Notes are subject to redemption at the option of the Company, in whole or in part, at redemption prices starting at 102.719% of the principal amount plus accrued interest during the period beginning April 15, 2018, and declining annually to 100% of principal and accrued interest on or after April 15, 2021.

Based on quoted market prices, the fair value of the Company’s 2023 Notes was $392.1 million and $403.2 million as of September 28, 2018, and September 29, 2017, respectively. The carrying amounts of the secured credit facility and the U.S. Term Loan, due 2020, approximate fair value. The estimate of fair value for the 2023 Notes was based on Level 2 inputs as defined in the fair value hierarchy.

Government refundable advances consist of payments received from the Canadian government to assist in research and development related to commercial aviation based at our Canadian operation, CMC. The estimated repayment of this advance is based on year-over-year revenue growth of specific CMC’s commercial aviation specific product lines from 2013 to 2027. Imputed interest on the advance was negative 1.65% at September 28, 2018 resulting from future year-over-year revenue growth being lower than previously estimated. The debt recognized was $43.9 million and $45.5 million as of September 28, 2018, and September 29, 2017, respectively.

The Company leases building and equipment under capital leases. The present value of the minimum capital lease payments, net of the current portion, totaled $67.1 million as of September 28, 2018.

As of September 28, 2018, aggregate annual maturities of long-term debt and future non-cancelable minimum lease payments under capital lease obligations were as follows:

In Thousands

Fiscal Year
2019	$	23,228
2020		178,426
2021		11,046
2022		12,736
2023		395,881
2024 and thereafter		113,613
Total		734,930
Less:
Debt issuance costs		3,680
Amount representing interest on capital leases		58,782
Total long-term debt	$	672,468

A number of underlying agreements contain various covenant restrictions which include maintenance of net worth, payment of dividends, interest coverage, and limitations on additional borrowings. The Company was in compliance with these covenants at September 28, 2018.