Borrowings

Borrowings consist of the following:



(dollars in thousands)	Interest Rate		Maturity Date	June 30, 2016		December 31, 2015
Borrowings under ABL Facility	floating		April 9, 2019	$	—	$	—
Term Loan B	floating	⁽¹⁾	April 9, 2021	421,200		433,400
AICEP Loan	0.00%		January, 2017 to July 30, 2018	3,161		3,451
Total borrowings				424,361		436,851
Less — unamortized discount and finance fees				5,141		5,832
Total borrowings — net				419,220		431,019
Less — long term debt due within one year				4,577		4,747
Total long-term portion of borrowings — net				$	414,643	$	426,272

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(1) - A portion of the Term Loan B debt has been converted to a fixed rate. See interest rate swap in note 8 for additional details. The Term Loan B floating interest rate was 3.75 percent at June 30, 2016.

At June 30, 2016, the available borrowing base under the ABL Facility is offset by a $0.4 million rent reserve. 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 June 30, 2016, $6.6 million in letters of credit were outstanding. Remaining unused availability under the ABL Facility was $92.6 million at June 30, 2016, compared to $91.0 million at December 31, 2015.