Note 9. Financing Arrangements

The outstanding principal amount of long-term debt (in thousands, except interest rates):



	June 30, 2018		December 31, 2017		Maturity	Interest Rate
European Investment Bank ⁽¹⁾	$	58,213	$	69,893	June 2021	0.95	%
Mediocredito Italiano ⁽²⁾	8,406		9,118		December 2023	0.50% - 3.10%
Banca del Mezzogiorno ⁽³⁾	4,137		5,499		December 2019	0.50% - 3.15%
Region Wallonne	756		845		December 2023 and June 2033	0.00% - 2.45%
Mediocredito Italiano - mortgages and other	536		997		September 2021 and September 2026	0.80% - 1.30%
Bpifrance (ex-Oséo)	—		1,450		—	2.58	%
Total long-term facilities	72,048		87,802
Less current portion of long-term debt	21,635		25,844
Total long-term debt	$	50,413	$	61,958


(1)	The European Investment Bank (“EIB”) loan was obtained in July 2014 to support product development projects. The interest rate for the EIB loan is reset by the lender each quarter based on the Euribor. Interest payments are paid quarterly and principal payments are paid semi-annually.


(2)	We obtained the Mediocredito Italiano Bank loan in July 2016 as part of the Fondo Innovazione Teconologica program implemented by the Italian Ministry of Education.


(3)	The Banca del Mezzogiorno loan was obtained in January 2015 to support R&D projects as a part of the Large Strategic Project program of the Italian Ministry of Education.

Revolving Credit

The outstanding principal amount of our short-term unsecured revolving credit agreements and other agreements with various banks was $89.0 million and $58.2 million, at June 30, 2018 and December 31, 2017, respectively, with interest rates ranging from 0.1% to 9.3% and loan terms ranging from one day to 180 days.

On April 10, 2018, we entered into an amendment and restatement agreement with Barclays Bank PLC amending the revolving facility agreement originally dated October 21, 2016 (the “Amendment”). The Amendment increases the borrowing capacity under the facility from $40.0 million to $70.0 million and extends the term of the facility one year, terminating October 20, 2019. Borrowings under the facility bear interest at a rate of LIBOR plus 0.85%. At June 30, 2018 this facility is fully utilized.

In connection with the CRM sale, the borrowing capacity under our June 2017 finance contract with the European Investment Bank decreased from €100.0 million (approximately $116.4 million) to €90.0 million (approximately $104.8 million) and the availability for drawdowns was extended through December 31, 2020.

Bridge Facility Agreement

In connection with the April 2018 acquisition of TandemLife, LivaNova entered into a bridge facility agreement (the “Bridge Facility Agreement”) providing a term loan facility with the aggregate principal amount of $190.0 million. On April 3, 2018, we borrowed $190.0 million under the Bridge Facility Agreement to facilitate the initial payment for our acquisition of TandemLife. We used the proceeds from the sale of the CRM business franchise to repay the borrowings under the Bridge Facility Agreement in full during the second quarter of 2018.