Financing Arrangements

Long-term debt consists of the following:



					Carrying Value at
	Issuance Date	Maturity Date	Interest Rate at June 30, 2015		June 30, 2015		December 31, 2014
					(In millions)
Senior Notes	April 1, 2011	April 1, 2021	8.125	%	$	250.0	$	250.0
Revolving credit	—	July 31, 2019	1.69	%	186.9		162.0
Term loan	—	July 31, 2019	2.31	%	30.1		28.8
Other	Various	Various	Various		3.6		3.0
Total debt					470.6		443.8
Less current maturities					13.4		9.4
Total long-term debt, net of current portion					$	457.2	$	434.4

On July 31, 2014, the Company entered into a sixth amendment and restatement of the credit agreement (the “Amended Credit Agreement”). The Amended Credit Agreement, among other things, increased the revolving credit facility to $230.0 million, provided a term loan for $16.1 million and extended the maturity date of the borrowings under the Amended Credit Agreement to July 31, 2019. The revolving credit facility includes a Canadian sub-limit of $15.0 million and a European sub-limit of $10.0 million (which may be increased to $25.0 million) for borrowings in those locations.

The Amended Credit Agreement was further amended in accordance with Amendments No. 1, 2 and 3 to the Amended Credit Agreement, dated October 24, 2014, January 20, 2015 and March 12, 2015, respectively (the “Amendments”). The Amendments:


•	increase the revolving credit facility from $230.0 million to $275.0 million;


•	increase the inventory advance rate from 50% to 60%, reducing back to 50% on a pro-rata quarterly basis over 36 months commencing April 1, 2015;


•	reload the term loan up to $35.0 million from $15.5 million, of which $30.1 million has been borrowed and is outstanding as of June 30, 2015;


•	increase the Canadian sub-limit up to $25.0 million from $15.0 million;


•	increase the European sub-limit up to $25.0 million from $10.0 million; and


•	provide minor pricing adjustments including pricing the first $22.0 million drawn on the revolver at LIBOR + 3.50%, reducing automatically on a pro-rata quarterly basis over 36 months commencing April 1, 2015.

At the Company’s election, domestic amounts borrowed under the revolving credit facility may be borrowed at either:

•LIBOR plus 1.5% to 2.5%; or

•the bank’s prime lending rate minus 0.25% to 1.25%.

At the Company's election, amounts borrowed under the term loan may be borrowed at either:

•LIBOR plus 2.0% to 3.0%; or

•the bank’s prime lending rate minus 0.75% to plus 0.25%.

The LIBOR-based interest rate is dependent on the Company’s debt service coverage ratio, as defined in the Amended Credit Agreement.

Amounts borrowed under the Canadian revolving credit facility provided by the Amended Credit Agreement may be borrowed at either:

•the Canadian deposit offered rate plus 1.5% to 2.5%;

•the Canadian prime lending rate plus 0.0% to 1.0%; or

•the U.S. base rate plus 0.0% to 1.0%.

Under the Amended Credit Agreement, a detailed borrowing base formula provides borrowing availability to the Company based on percentages of eligible accounts receivable and inventory. The term loan is amortized based on a seven-year schedule with the balance due at maturity. The Amended Credit Agreement also reduced the commitment fee for the revolving credit facility. Additionally, the Company has the option, pursuant to the Amended Credit Agreement, to increase the availability under the revolving credit facility by $25.0 million.

The following table represents fair value information of the Company's Senior Notes, classified as Level 1, at June 30, 2015 and December 31, 2014. The fair value was estimated using quoted market prices.



	June 30, 2015		December 31, 2014
	(In millions)
Carrying amount	$	250.0	$	250.0
Fair value	$	267.3	$	266.3