Current and Long-Term Financing

Financing arrangements are obtained and maintained at the subsidiary level. NACCO has not guaranteed any borrowings of its subsidiaries.

The following table summarizes the Company's available and outstanding borrowings:



	December 31
	2017			2016
Total outstanding borrowings of NACoal:
Revolving credit agreement	$	50,000		$	80,000
Capital lease obligations and other term loans	8,146			16,039
Total debt outstanding	$	58,146		$	96,039

Current portion of borrowings outstanding	$	16,125		$	1,744
Long-term portion of borrowings outstanding	42,021			94,295
	$	58,146		$	96,039

Total available borrowings, net of limitations, under revolving credit agreement	$	148,591		$	223,933

Unused revolving credit agreement	$	98,591		$	143,933

Weighted average stated interest rate on total borrowings	3.8		%	2.9		%
Weighted average effective interest rate on total borrowings (including interest rate swap agreements)	3.6		%	3.4		%

Annual maturities of total debt, excluding capital leases, are as follows:



2018	$	15,213
2019	223
2020	237
2021	250
2022	35,263
Thereafter	5,598
	$	56,784

Including swap settlements, interest paid on total debt was $3.9 million, $4.7 million and $5.3 million during 2017, 2016 and 2015, respectively.

NACoal: NACoal has an unsecured revolving line of credit of up to $150.0 million (the “NACoal Facility”) that expires in August 2022. Borrowings outstanding under the NACoal Facility were $50.0 million at December 31, 2017. At December 31, 2017, the excess availability under the NACoal Facility was $98.6 million, which reflects a reduction for outstanding letters of credit of $1.4 million.

The NACoal Facility has performance-based pricing, which sets interest rates based upon NACoal achieving various levels of debt to EBITDA ratios, as defined in the NACoal Facility. Borrowings bear interest at a floating rate plus a margin based on the level of debt to EBITDA ratio achieved. The applicable margins, effective December 31, 2017, for base rate and LIBOR loans were 1.00% and 2.00%, respectively. The NACoal Facility has a commitment fee which is based upon achieving various levels of debt to EBITDA ratios. The commitment fee was 0.35% on the unused commitment at December 31, 2017. The weighted average interest rate applicable to the NACoal Facility at December 31, 2017 was 3.39% including the floating rate margin and the effect of the interest rate swap agreement.

The NACoal Facility contains restrictive covenants, which require, among other things, NACoal to maintain a maximum debt to EBITDA ratio of 3.00 to 1.00 and an interest coverage ratio of not less than 4.00 to 1.00. The NACoal Facility provides the ability to make loans, dividends and advances to NACCO, with some restrictions based on maintaining a maximum debt to EBITDA ratio of 2.00 to 1.00, or if greater than 2.00 to 1.00, a Fixed Charge Coverage Ratio of 1.10 to 1.00, in conjunction with maintaining unused availability thresholds of borrowing capacity, as defined in the NACoal Facility, of $15.0 million. At December 31, 2017, NACoal was in compliance with all financial covenants in the NACoal Facility.