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Debt
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Debt Debt
Long-term debt in the Consolidated Balance Sheets is summarized as follows:
 December 31,
(Thousands)20222021
Borrowings under Credit Agreement with average interest rate of 6.08% at December 31, 2022 and 2.12% at December 31, 2021
$143,250 $152,296 
Borrowings under the Term Loan Facility285,000 300,000 
Foreign debt7,541 2,252 
Total long-term debt outstanding435,791 454,548 
Current portion of long-term debt(21,105)(15,359)
Gross long-term debt$414,686 $439,189 
Unamortized deferred financing fees(3,810)(4,801)
Long-term debt$410,876 $434,388 
Maturities on long-term debt instruments as of December 31, 2022 are as follows:
(Thousands)
202321,105 
202430,337 
202530,337 
2026353,543 
2027204 
2028 and thereafter 265 
Total$435,791 


In 2021, the Company amended and restated our $375.0 million revolving credit facility (Credit Agreement) in connection with the HCS-Electronic Materials acquisition. A $300 million delayed draw term loan facility was added to the Credit Agreement and the maturity date of the Credit Agreement was extended from 2024 to 2026. Moreover, the Credit Agreement also provides for an uncommitted incremental facility whereby, under certain conditions, the Company may be able to borrow additional term loans in an aggregate amount not to exceed $150.0 million. On November 1, 2021, Materion borrowed the full $300 million available under the delayed draw term loan facility and used the proceeds to pay a portion of the purchase price of the HCS-Electronic Materials acquisition.

The Credit Agreement provides the Company and its subsidiaries with additional capacity to enter into facilities for the consignment of precious metals and copper, and provides enhanced flexibility to finance acquisitions and other strategic initiatives. Borrowings under the Credit Agreement are secured by substantially all of the assets of the Company and its direct subsidiaries, with the exception of non-mining real property, precious metals, copper and certain other assets.
In January 2023, we amended the Credit Agreement to transition U.S. dollar denominated borrowings from LIBOR to the Secured Overnight Financial Rate (SOFR) for both the revolving credit agreement and the term loan and to increase the cap on precious metals facilities from $600 million to $615 million.
The Credit Agreement allows the Company to borrow money at a premium over SOFR, following the January 2023 amendment, or prime rate and at varying maturities. The premium resets quarterly according to the terms and conditions available under the agreement. The Credit Agreement includes restrictive covenants relating to restrictions on additional indebtedness, acquisitions, dividends, and stock repurchases. In addition, the Credit Agreement includes covenants subject to a maximum leverage ratio and a minimum interest coverage ratio. We were in compliance with all of our debt covenants as of December 31, 2022 and December 31, 2021. Cash on hand up to $25 million can benefit the covenants and may benefit the borrowing capacity under the Credit Agreement. At December 31, 2022 and 2021, there was $428.3 million and $452.3 million outstanding under the Credit Agreement, respectively.
At December 31, 2022 and 2021 there was $46.5 million and $46.3 million letters of credit outstanding against the credit sub-facility, respectively. The Company pays a variable commitment fee that may reset quarterly (0.28% as of December 31, 2022) on the available and unborrowed amounts under the revolving credit line.
The available borrowings under the individual existing credit lines totaled $185.3 million as of December 31, 2022.