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Financing and Other Debt (Tables) | 6 Months Ended
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Jun. 30, 2019
Debt Disclosure [Abstract] |
Schedule of Outstanding Debt | The following table summarizes the Company’s total outstanding debt by type:
(In thousands) | June 30, 2019 |  | December 31, 2018
Tranche A term loan | 948,673 |  |  | 423,637 |
Tranche B term loan | 1,464,388 |  |  | 1,321,447 |
Term loans under 2016 Credit Agreement(a) | 2,413,061 |  |  | 1,745,084 |
Notes outstanding(a) | 400,000 |  |  | 400,000 |
Securitized debt | 105,115 |  |  | 106,872 |
Participation debt | 57,499 |  |  | 114,849 |
WEX Latin America debt | 4,554 |  |  | 16,242 |
Total gross debt | $ | 2,980,229 |  |  | $ | 2,383,047 |
(a) See Note 11, Fair Value, for more information regarding the Company’s 2016 Credit Agreement and Notes. The following table summarizes the Company’s total outstanding debt by balance sheet classification:
(In thousands) | June 30, 2019 |  | December 31, 2018
Current portion of gross debt | $ | 181,779 |  |  | $ | 223,241 |
Less: Unamortized debt issuance costs | (8,152 | ) |  | (6,724 | )
Short-term debt, net | $ | 173,627 |  |  | $ | 216,517 |
Long-term gross debt | $ | 2,798,450 |  |  | $ | 2,159,806 |
Less: Unamortized debt issuance costs | (33,650 | ) |  | (25,883 | )
Long-term debt, net | $ | 2,764,800 |  |  | $ | 2,133,923 |
Supplemental information under 2016 Credit Agreement: |  |  |
Letters of credit(b) | $ | 50,474 |  |  | $ | 53,514 |
Borrowing capacity on revolving credit facility(c) | $ | 719,526 |  |  | $ | 666,486 |
(b) Collateral for lease agreements, virtual card and fuel payment processing activity at the Company’s foreign subsidiaries. (c) Contingent on maintaining compliance with the financial covenants as defined in the Company’s 2016 Credit Agreement.
Schedule of Amounts Outstanding Under Participation Debt Agreements in Place | The following table provides the amounts outstanding under the participation debt agreements in place:
|  | June 30, 2019 |  | December 31, 2018
(In thousands) |  | Amounts Available |  | Amounts Outstanding |  | Remaining Funding Capacity |  | Amounts Available |  | Amounts Outstanding |  | Remaining Funding Capacity
Short-term debt, net(a) |  | $ | 130,000 |  |  | $ | 7,499 |  |  | $ | 122,501 |  |  | $ | 130,000 |  |  | $ | 64,849 |  |  | $ | 65,151 |
Long-term debt, net(b) |  | 50,000 |  |  | 50,000 |  |  | — |  |  | 50,000 |  |  | 50,000 |  |  | — |
|  | $ | 180,000 |  |  | $ | 57,499 |  |  | $ | 122,501 |  |  | $ | 180,000 |  |  | $ | 114,849 |  |  | $ | 65,151 |
Average interest rate |  |  |  | 4.67 | % |  |  |  |  |  | 4.30 | % |  |
(a) Amounts outstanding under an agreement terminating on December 27, 2019. (b) Amounts outstanding under an agreement terminating on August 31, 2020.

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