Borrowings

Borrowings consist of the following:



(dollars in thousands)	Interest Rate		Maturity Date	March 31, 2017		December 31, 2016
Borrowings under ABL Facility	floating		April 9, 2019	$	—	$	—
Term Loan B	floating	⁽¹⁾	April 9, 2021	402,900		409,000
AICEP Loan	0.00%		July 30, 2018	3,200		3,320
Total borrowings				406,100		412,320
Less — unamortized discount and finance fees				4,156		4,480
Total borrowings — net				401,944		407,840
Less — long term debt due within one year				6,059		5,009
Total long-term portion of borrowings — net				$	395,885	$	402,831

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(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 3.85 percent at March 31, 2017.

At March 31, 2017, the available borrowing base under the ABL Facility was offset by a $0.5 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 March 31, 2017, $7.0 million in letters of credit were outstanding. Remaining unused availability under the ABL Facility was $89.0 million at March 31, 2017, compared to $88.4 million at December 31, 2016.