Debt

Debt maturing within one year:



(in Millions)	March 31, 2016		December 31, 2015
Short-term foreign debt ⁽¹⁾	$	76.7	$	87.2
Commercial paper ⁽²⁾	35.7		23.9
Total short-term debt	$	112.4	$	111.1
Current portion of long-term debt	1.8		1.5
Short-term debt and current portion of long-term debt	$	114.2	$	112.6

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(1)	At March 31, 2016, the average interest rate on the borrowings was 9.2%. We often provide parent-company guarantees to lending institutions that extend credit to our foreign subsidiaries.


(2)	At March 31, 2016, the average interest rate on the borrowings was 0.65%.

Long-term debt:



(in Millions)	March 31, 2016
(in Millions)	Interest Rate Percentage	Maturity Date	March 31, 2016			December 31, 2015
Pollution control and industrial revenue bonds (less unamortized discounts of $0.2 and $0.2, respectively)	0.6-6.5%	2021-2035	$	141.5		$	141.5
Senior notes (less unamortized discount of $1.6 and $1.7, respectively)	3.95-5.2%	2019-2024	998.4			998.3
Term Loan Facility	1.8%	2020	850.0			900.0
Credit Facility ⁽¹⁾	2.9%	2019	—			—
Foreign debt	0-9.3%	2016-2024	10.2			9.9
Debt issuance cost			(12.1		)	(11.9		)
Total long-term debt			$	1,988.0		$	2,037.8
Less: debt maturing within one year			1.8			1.5
Total long-term debt, less current portion			$	1,986.2		$	2,036.3

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(1)	Letters of credit outstanding under our Credit Facility totaled $53.6 million and available funds under this facility were $1,410.7 million at March 31, 2016, which reflects borrowings under our commercial paper program.

Covenants

Among other restrictions, our Credit Facility and Term Loan Facility contain financial covenants applicable to FMC and its consolidated subsidiaries related to leverage (measured as the ratio of debt to adjusted earnings) and interest coverage (measured as the ratio of adjusted earnings to interest expense). Our actual leverage for the four consecutive quarters ended March 31, 2016, was 4.0 which is below the maximum leverage of 4.5 at March 31, 2016. Our actual interest coverage for the four consecutive quarters ended March 31, 2016, was 6.7 which is above the minimum interest coverage of 3.5. We were in compliance with all covenants at March 31, 2016.

On March 24, 2016 we amended our Credit Facility and Term Loan Facility. Among other things, the amendments amended the maximum leverage ratio financial covenant.