Borrowings

Borrowings consist of the following:



(dollars in thousands)	Interest Rate		Maturity Date	September 30, 2016		December 31, 2015
Borrowings under ABL Facility	floating		April 9, 2019	$	—	$	—
Term Loan B	floating	⁽¹⁾	April 9, 2021	415,100		433,400
AICEP Loan	0.00%		January, 2017 to July 30, 2018	3,536		3,451
Total borrowings				418,636		436,851
Less — unamortized discount and finance fees				4,803		5,832
Total borrowings — net				413,833		431,019
Less — long term debt due within one year				5,049		4,747
Total long-term portion of borrowings — net				$	408,784	$	426,272

________________________

(1) - We have entered into an interest rate swap which effectively fixes a series of our future interest payments on a portion of the Term Loan B debt. See interest rate swap in note 8 for additional details. The Term Loan B floating interest rate was 3.75 percent at September 30, 2016.

At September 30, 2016, the available borrowing base under the ABL Facility was 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 September 30, 2016, $7.0 million in letters of credit were outstanding. Remaining unused availability under the ABL Facility was $92.4 million at September 30, 2016, compared to $91.0 million at December 31, 2015.