
7.	LONG-TERM DEBT

Long-term debt consists of the following:



	March 31, 2018		December 31, 2017
	(in millions)

Revolving Credit Facility	$	—	$	—
Term Loan A Facility	92.5		92.5
Term Loan B Facility	1,526.8		1,526.8
7.75% Notes due 2019	200.0		200.0
6.625% Notes due 2022	550.0		550.0
6.50% Notes due 2027	500.0		500.0
6.25% Notes due 2026	400.0		—
6.25% Notes due 2025	700.0		700.0
6.25% Notes due 2021	16.9		400.0
Foreign credit facilities	81.2		53.2
Capital lease obligations	27.5		28.3
Total debt	4,094.9		4,050.8
Less: Current portion of long-term debt	31.8		5.9
Long-term debt	4,063.1		4,044.9
Less: Debt issuance costs	76.9		75.6
Long-term debt, net	$	3,986.2	$	3,969.3

Senior Secured Credit Facilities In 2017, Holdings and American Axle & Manufacturing, Inc. (AAM, Inc.) entered into a credit agreement (the Credit Agreement). In connection with the Credit Agreement, Holdings, AAM, Inc. and certain of their restricted subsidiaries entered into a Collateral Agreement and Guarantee Agreement with the financial institutions party thereto as collateral agent and administrative agent. Pursuant to the Credit Agreement, the lenders agreed to provide a $100.0 million term loan A facility (the Term Loan A Facility), a $1.55 billion term loan B facility (the Term Loan B Facility) and a $900 million multi-currency revolving credit facility (the Revolving Credit Facility, and together with the Term Loan A Facility and the Term Loan B Facility, the Senior Secured Credit Facilities). The proceeds of the Revolving Credit Facility are used for general corporate purposes.

As of March 31, 2018 we have prepaid $3.8 million of the outstanding principal on our Term Loan A Facility and $11.6 million of the outstanding principal on our Term Loan B Facility. These payments satisfy our obligation for principal payments under the Term Loan A Facility and Term Loan B Facility for the next three quarters. As a result, approximately $5 million related to the Term Loan A Facility and Term Loan B Facility is presented in the Current portion of long-term debt line item in our Condensed Consolidated Balance Sheet as of March 31, 2018.

At March 31, 2018, we had $865.3 million available under the Revolving Credit Facility. This availability reflects a reduction of $34.7 million for standby letters of credit issued against the facility.

The Senior Secured Credit Facilities provide back-up liquidity for our foreign credit facilities. We intend to use the availability of long-term financing under the Senior Secured Credit Facilities to refinance any current maturities related to such debt agreements that are not otherwise refinanced on a long-term basis in their local markets, except where otherwise reclassified to Current portion of long-term debt on our Condensed Consolidated Balance Sheet.

6.25% Notes due 2026 In March 2018, we issued $400.0 million in aggregate principal amount of 6.25% senior notes due 2026 (the 6.25% Notes due 2026). Proceeds from the 6.25% Notes due 2026 were used primarily to fund the tender offer for the 6.25% senior notes due 2021 (the 6.25% Notes due 2021) described below. We paid debt issuance costs of $6.6 million in the first three months of 2018 related to the 6.25% Notes due 2026.

Tender Offer of 6.25% Notes due 2021 Also in March 2018, we made a tender offer for our 6.25% Notes due 2021. Under this tender offer, we retired $383.1 million of the 6.25% Notes due 2021. During the first quarter of 2018, we expensed $2.5 million for the write-off of the remaining unamortized debt issuance costs that we had been amortizing over the expected life of the borrowing and $7.8 million in tender premiums. We redeemed the remaining $16.9 million of the 6.25% Notes due 2021 in April 2018.

Foreign credit facilities We utilize local currency credit facilities to finance the operations of certain foreign subsidiaries. At March 31, 2018, $81.2 million was outstanding under our foreign credit facilities and an additional $135.8 million was available.

The weighted-average interest rate of our long-term debt outstanding was 5.8% at March 31, 2018 and 5.7% at December 31, 2017.