4.DEBT

At September 30, 2015 and December 31, 2014, the Company’s debt consisted of the following (in millions):

	September 30,			December 31,
	2015			2014
Term Loans:
5.79%, payable through 2020	$	35.0		$	38.5
3.66%, payable through 2023	72.9			77.5
4.16%, payable through 2027	55.0			55.0
4.31%, payable through 2032	37.5			37.5
4.35%, payable through 2044	100.0			100.0
Title XI Bonds:
5.34%, payable through 2028	28.6			30.8
5.27%, payable through 2029	30.8			33.0
Revolving credit facility	118.0			—
Capital leases	3.7			1.3

Total Debt	481.5			373.6
Less current portion	(22.2		)	(21.6		)

Total Long-term Debt	$	459.3		$	352.0

The Company’s Debt is described in Note 7 to the Consolidated Financial Statements included in Item 8 of the Company’s Annual Report filed on Form 10-K for the year ended December 31, 2014.

Revolving Credit Facility: Borrowings under the revolving credit facility are classified as long-term debt in the Condensed Consolidated Balance Sheet, as principal payments under the revolving credit facility are not required until maturity. As of September 30, 2015, the Company had $271.5 million of availability under the revolving credit facility. The interest rate on borrowings under the revolving credit facility approximated 1.25 percent during the three months ended September 30, 2015.

2015 Note Purchase Agreement: On July 30, 2015, the Company entered into a private placement note purchase agreement for the issuance of $75.0 million of 30-year senior unsecured notes (the “Notes”). The Notes were funded on October 1, 2015, have a weighted average life of approximately 13 years, and will bear interest at a rate of 3.92 percent, payable semi-annually. The proceeds of the Notes were used to pay down Matson’s revolving credit facility. The Notes will begin to amortize in 2017, with annual principal payments of approximately $1.8 million through 2019. During the years 2020 to 2026, the annual principal payments will range between approximately $1.3 million and $8.0 million. Starting in 2027, and in each year thereafter, the annual principal payments will be approximately $1.5 million.