Debt

Debt at March 31, 2016 and December 31, 2015 was as follows (in millions):



	March 31, 2016			December 31, 2015
Allegheny Technologies 5.875% Notes due 2023 (a)	$	500.0		$	500.0
Allegheny Technologies 5.95% Notes due 2021	500.0			500.0
Allegheny Technologies 9.375% Notes due 2019	350.0			350.0
Allegheny Ludlum 6.95% debentures due 2025	150.0			150.0
U.S. revolving credit facility	150.0			—
Foreign credit facilities	3.7			1.4
Industrial revenue bonds, due through 2020, and other	4.6			3.8
Debt issuance costs	(9.1		)	(9.5		)
Total short-term and long-term debt	1,649.2			1,495.7
Short-term debt and current portion of long-term debt	156.5			3.9
Total long-term debt	$	1,492.7		$	1,491.8


(a)	Bearing interest at 7.875% effective February 15, 2016.

The stated interest rate payable on the Senior Notes due 2023 (2023 Notes) is subject to adjustment in the event of changes in the credit ratings on the 2023 Notes by either Moody’s or Standard & Poor’s (S&P). During the first quarter of 2016, S&P downgraded the Company’s credit rating one notch to B+ from BB-. This downgrade resulted in an increase of the interest rate on the 2023 Notes from 7.625% as of December 31, 2015 to 7.875% effective with the interest period beginning February 15, 2016 and represents an additional $1.3 million of interest expense measured on an annual basis. Any further credit rating downgrades will not affect the interest rate of the 2023 Notes.

The Company has a $400 million Asset Based Lending (ABL) Revolving Credit Facility, which includes a letter of credit sub-facility of up to $200 million. The ABL facility matures in September 2020 and is collateralized by the accounts receivable and inventory of the Company’s domestic operations. The applicable interest rate for borrowings under the ABL facility includes interest rate spreads based on available borrowing capacity that range between 1.25% and 1.75% for LIBOR-based borrowings and between 0.25% and 0.75% for base rate borrowings. The ABL facility contains a financial covenant whereby the Company must maintain a fixed charge coverage ratio of not less than 1.00:1.00 after an event of default has occurred or if the undrawn availability under the ABL facility is less than the greater of (i) 10% of the then applicable maximum borrowing amount or (ii) $40 million. The Company does not meet this required fixed charge coverage ratio at March 31, 2016. As a result, the Company is not able to access this remaining 10% or $40 million of the ABL facility until it meets the required ratio. Additionally, the Company must demonstrate liquidity, as calculated in accordance with the terms of the agreement, of at least $500 million on the date that is 91 days prior to June 1, 2019, the maturity date of the 9.375% Senior Notes due 2019, and that such liquidity is available until the notes are paid in full or refinanced. There were $150 million of outstanding borrowings under the ABL facility as of March 31, 2016 and $9.8 million was utilized to support the issuance of letters of credit. Average borrowings under the ABL Facility for the first three months of 2016 were $188 million, bearing an average annual interest rate of 1.685%.

The Company has an additional separate credit facility for the issuance of letters of credit. As of March 31, 2016, $32 million in letters of credit were outstanding under this facility.