Borrowings

Borrowings consist of the following:



(dollars in thousands)	Interest Rate		Maturity Date	March 31, 2018		December 31, 2017
Borrowings under ABL Facility	floating		December 7, 2022 ⁽¹⁾	$	30,177	$	—
Term Loan B	floating	⁽²⁾	April 9, 2021	383,500		384,600
AICEP Loan	0.00%		July 30, 2018	1,777		3,085
Total borrowings				415,454		387,685
Less — unamortized discount and finance fees				3,055		3,295
Total borrowings — net				412,399		384,390
Less — long term debt due within one year				6,177		7,485
Total long-term portion of borrowings — net				$	406,222	$	376,905

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⁽¹⁾	Maturity date will be January 9, 2021, if Term Loan B is not refinanced by this date.


⁽²⁾	We have entered into an interest rate swap that 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 4.72 percent at March 31, 2018.

At March 31, 2018, 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 $15.0 million of letters of credit which, when outstanding, are applied against the $100.0 million limit. At March 31, 2018, $7.5 million in letters of credit were outstanding. Remaining unused availability under the ABL Facility was $61.8 million at March 31, 2018, compared to $91.9 million at December 31, 2017.