Borrowings

Borrowings consist of the following:



(dollars in thousands)	Interest Rate		Maturity Date	September 30, 2018		December 31, 2017
Borrowings under ABL Facility	floating	⁽²⁾	December 7, 2022 ⁽¹⁾	$	31,974	$	—
Term Loan B	floating	⁽³⁾	April 9, 2021	381,300		384,600
AICEP Loan	0.00%		July 30, 2018	—		3,085
Total borrowings				413,274		387,685
Less — unamortized discount and finance fees				2,622		3,295
Total borrowings — net				410,652		384,390
Less — long term debt due within one year				4,400		7,485
Total long-term portion of borrowings — net				$	406,252	$	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⁾	The interest rate for the ABL Facility is comprised of several different borrowings at various rates. The weighted average rate of all ABL Facility borrowings was 3.60 percent at September 30, 2018.


⁽³⁾	We have entered into interest rate swaps that effectively fix a series of our future interest payments on a portion of the Term Loan B debt. See interest rate swaps in note 8 for additional details. The Term Loan B floating interest rate was 5.13 percent at September 30, 2018.

At September 30, 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 that, when outstanding, are applied against the $100.0 million limit. At September 30, 2018, $7.9 million in letters of credit were outstanding. Remaining unused availability under the ABL Facility was $59.6 million at September 30, 2018, compared to $91.9 million at December 31, 2017.