REVOLVING CREDIT FACILITY AND LONG-TERM DEBT

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

REVOLVING CREDIT FACILITY AND LONG-TERM DEBT

DEBT

Long-term debt consisted of the following (amounts in thousands):

	March 31, 2021
	Principal Balance		Unamortized Debt Issuance		Net Carrying Amount
6.50% senior secured notes due 2023	$	400,000	$	(2,885)	$	397,115
Titan Europe credit facilities	45,072		—		45,072
Revolving credit facility	9,000		—		9,000
Other debt	20,465		—		20,465
Total debt	474,537		(2,885)		471,652
Less amounts due within one year	31,076		—		31,076
Total long-term debt	$	443,461	$	(2,885)	$	440,576

	December 31, 2020
	Principal Balance		Unamortized Debt Issuance		Net Carrying Amount
6.50% senior secured notes due 2023	$	400,000	$	(3,124)	$	396,876
Titan Europe credit facilities	49,583		—		49,583
Other debt	18,244		—		18,244
Total debt	467,827		(3,124)		464,703
Less amounts due within one year	31,119		—		31,119
Total long-term debt	$	436,708	$	(3,124)	$	433,584

Aggregate principal maturities of long-term debt at March 31, 2021 for each of the years (or other periods) set forth below were as follows (amounts in thousands):

April 1 - December 31, 2021	$	27,529
2022	17,384
2023	416,790
2024	6,338
2025	1,536
Thereafter	4,960
	$	474,537

6.50% senior secured notes due 2023

Our senior secured notes due 2023 are due in November 2023. Including the impact of debt issuance costs, these notes had an effective yield of 6.79% at issuance. These notes are secured by the land and buildings of the following subsidiaries of the Company:  Titan Tire Corporation, Titan Tire Corporation of Bryan, Titan Tire Corporation of Freeport, and Titan Wheel Corporation of Illinois.

Refer to Note 22 Subsequent Events to the consolidated financial statements for the redemption of the senior secured notes due 2023 and related issuance of senior secured notes due 2028.

Titan Europe credit facilities

The Titan Europe credit facilities include borrowings from various institutions totaling $45.1 million in aggregate principal amount at March 31, 2021. Maturity dates on this debt range from less than one year to nine years. The Titan Europe facilities are secured by the assets of Titan's subsidiaries in Italy, Spain, Germany, and Brazil.

Revolving credit facility

The Company has a $100 million revolving credit facility with BMO Harris Bank N.A., as agent, and other financial institutions party thereto. The credit facility is collateralized by accounts receivable and inventory of certain of the Company’s domestic subsidiaries and is scheduled to mature in February 16, 2023. From time to time Titan's availability under this credit facility may be less than $100 million as a result of outstanding letters of credit and eligible accounts receivable and inventory balances at certain of its domestic subsidiaries. At March 31, 2021, under the Company's $100 million credit facility there were $9 million in borrowings and $9.4 million in outstanding letters of credit, and the amount available for borrowing totaled $72.7 million.

Other debt

The Company has working capital loans at Titan Pneus do Brasil Ltda and Voltyre-Prom at various interest rates, which totaled $9.2 million and $7.3 million at March 31, 2021, respectively. Maturity dates on this debt range from less than one year to two years.