Debt

The Company’s debt consists of the following:



	March 31,			December 31,
(dollars in millions)	2016			2015
Current portion of long-term debt:
Corporate Credit Agreement - Tranche B Term Loan	$	5.4		$	5.4
Capital lease obligations and other debt	9.4			8.4
Current portion of long-term debt	14.8			13.8
Long-term debt, less current portion:
Receivables Facility	46.5			17.6
Corporate Credit Agreement - Tranche B Term Loan	521.1			522.5
8 3/8% Senior Notes due 2020	478.5			478.5
7 1/4% Senior Notes due 2023	26.3			26.3
Various Cincinnati Bell Telephone notes	98.9			128.7
Capital lease obligations and other debt	63.7			59.9
	1,235.0			1,233.5
Net unamortized discount	(1.6		)	(1.7		)
Unamortized note issuance costs	(7.4		)	(8.0		)
Long-term debt, less current portion	1,226.0			1,223.8
Total debt	$	1,240.8		$	1,237.6

There were no outstanding borrowings on the Corporate Credit Agreement's revolving credit facility, leaving $175.0 million available for borrowings as of March 31, 2016. This revolving credit facility expires in July 2017.

As of March 31, 2016, the Company had $46.5 million of borrowings and $6.3 million of letters of credit outstanding under the accounts receivable securitization facility ("Receivables Facility"), leaving $50.8 million remaining availability on the total borrowing capacity of $103.6 million. On June 1, 2015, the Company executed an amendment of its Receivables Facility, which replaced, amended and added certain provisions and definitions to increase the credit availability, renew the facility, which is subject to renewal every 364 days, until May 30, 2016, extend the facility's termination date to May 30, 2018, and include a Libor Market Index Rate floor of zero. In the event the Receivables Facility is not renewed, the Company has the ability to refinance any outstanding borrowings with borrowings under the Corporate Credit Agreement. Under the terms of the Receivables Facility, the Company could obtain up to $120.0 million depending on the quantity and quality of accounts receivable. Under this agreement, certain subsidiaries, or originators, sell their respective trade receivables on a continuous basis to Cincinnati Bell Funding LLC (“CBF”). Although CBF is a wholly-owned consolidated subsidiary of the Company, CBF is legally separate from the Company and each of the Company’s other subsidiaries. Upon and after the sale or contribution of the accounts receivable to CBF, such accounts receivable are legally assets of CBF and, as such, are not available to creditors of other subsidiaries or the Company.

During the first quarter of 2016, the Company redeemed $29.8 million of its outstanding 6.30% unsecured senior notes due 2028 (the "CBT Notes") at an average redemption price of 91.130% which resulted in a gain on extinguishment of debt of $2.4 million.