6. Borrowings

In December 2016, the Company entered into an amendment to its revolving credit facility, which, among other things, increased the aggregate committed amount available to the Company from $450 million to $525 million and extended the maturity date to December 2021. The credit facility includes a $300 million sub-limit for letters of credit. Under certain circumstances, the Company has the ability to increase the facility by the greater of $250 million or such amount as would not cause the Company’s secured leverage ratio to exceed a specified level. Borrowings under this facility bear interest at LIBOR plus a margin of 1.5% as of December 31, 2016, but this margin can range from 1.25% to 2.0% based on the Company’s consolidated net leverage ratio as defined in the credit facility. Letters of credit reduce the amount available to borrow by their face value. The unused portion of the facility bears a commitment fee of 0.20% as of December 31, 2016, but this fee can range from 0.20% to 0.30% based on the Company’s consolidated net leverage ratio as defined in the credit facility. The Company’s borrowings under the credit agreement are guaranteed by certain of the Company’s U.S.-based subsidiaries and are secured by substantially all of the assets of the Company and certain subsidiaries. The agreement contains various representations and warranties, affirmative, negative and financial covenants and conditions of default customary for financing agreements of this type. As of December 31, 2016, there was $349.0 million of borrowings outstanding under the revolving credit facility and $23.0 million outstanding under the letters-of-credit sub-facility. Available borrowing under the credit facility as of December 31, 2016 was $153 million. Under the terms of the Company’s revolving credit facility, loans may be borrowed, repaid and re-borrowed during the term. Although the principal amount of all revolving loans are due and payable in full on the maturity date, the Company has the right to repay the revolving loans in whole or in part from time to time without penalty. It is the Company’s practice to routinely borrow and repay several times per year under this revolving facility as part of the Company’s overall treasury function. Therefore, borrowings under the credit facility are classified in current liabilities. As of December 31, 2016, the Company believes that it is in compliance with all covenants under this credit facility.

Several of the Company’s foreign subsidiaries maintain bank lines-of-credit, denominated in local currencies and U.S. dollars, primarily for the issuance of letters-of-credit. As of December 31, 2016, $42.6 million was outstanding under these letter-of-credit facilities. As of December 31, 2016, the total amount available under these credit facilities was $10.0 million.

In September 2012, the Company entered into a term loan agreement for $11.1 million to fund the acquisition of land and a building in the state of Washington. The loan, which bears interest at LIBOR plus 1.25%, is payable on a monthly basis over seven years. Concurrent with entering into the floating rate loan, the Company entered into an interest rate swap agreement that effectively locks the interest rate of the loan to 2.2% per annum for the term of the loan.

Long-term debt consisted of the following (in thousands):

	June 30, 2016			December 31, 2016
Term loans	$	6,847		$	5,844
Other long-term debt	1,966			1,642

	8,813			7,486
Less current portion of long-term debt	(2,759		)	(2,565		)

Long-term portion of debt	$	6,054		$	4,921