Borrowings

Borrowings consist of the following:



(dollars in thousands)	Interest Rate		Maturity Date	March 31, 2016		December 31, 2015
Borrowings under ABL Facility	floating		April 9, 2019	$	—	$	—
Term Loan B	floating	⁽¹⁾	April 9, 2021	427,300		433,400
AICEP Loan	0.00%		July, 2016 to July 30, 2018	3,413		3,451
Total borrowings				430,713		436,851
Less — unamortized discount and finance fees				5,483		5,832
Total borrowings — net				425,230		431,019
Less — long term debt due within one year				4,761		4,747
Total long-term portion of borrowings — net				$	420,469	$	426,272

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(1) - See interest rate swap in note 8. The interest rate was 3.75 percent at March 31, 2016.

At March 31, 2016, the available borrowing base under the ABL Facility is offset by a $0.4 million rent reserve and a $1.6 million mark-to-market reserve for natural gas contracts. The ABL Facility also provides for the issuance of up to $30.0 million of letters of credit, which when outstanding are applied against the $100.0 million limit; at March 31, 2016, $6.6 million in letters of credit were outstanding. Remaining unused availability under the ABL Facility was $91.4 million at March 31, 2016, compared to $91.0 million at December 31, 2015.