Note 11. Long-Term Debt

Long-term debt consists of the following:


(in millions)	2015		2014
Revolving credit facility	$	133.0	$	139.0
Other long-term debt		0.0		0.4

		133.0		139.4
Less current portion		0.0		(0.4	)

	$	133.0	$	139.0

On November 6, 2015, the Company agreed a new revolving credit facility that retains the $200.0 million previous facility available to the Company and certain subsidiaries of the Company and extends the term of the facility through November 2020. In addition, the new credit agreement allows the Company to request an additional amount of up to $50.0 million to be committed by the existing lenders under the credit agreement or by new lenders.

As a result, the Company capitalized $1.5 million of refinancing costs which are being amortized over the expected life of the facility, as shown here:


(in millions)	2015			2014
Gross cost at January 1	$	2.6		$	2.5
Capitalized in the year		1.5			0.1
Written down in the year		(2.6	)		0.0

	$	1.5		$	2.6

Accumulated amortization at January 1	$	(1.5	)	$	(0.8	)
Amortization in the year		(1.2	)		(0.7	)
Amortization written down in the year		2.6			0.0

	$	(0.1	)	$	(1.5	)

Net book value at December 31	$	1.4		$	1.1

Amortization expense was $1.2 million, $0.7 million and $0.4 million in 2015, 2014 and 2013, respectively. The charge is included in interest expense. See Note 2 of the Notes to the Consolidated Financial Statements.

The obligations of the Company under the revolving facility are secured obligations and guaranteed by certain subsidiaries of the Company. Amounts available under the revolving facility may be borrowed in U.S. dollars, Euros, British pounds and other freely convertible currencies.

The Company’s credit facility contains restrictive clauses which may constrain our activities and limit our operational and financial flexibility. The facility obliges the lenders to comply with a request for utilization of finance unless there is an event of default outstanding. Events of default are defined in the credit facility and include a material adverse change to our assets, operations or financial condition. The facility contains a number of restrictions that limit our ability, amongst other things, and subject to certain limited exceptions, to incur additional indebtedness, pledge our assets as security, guarantee obligations of third parties, make investments, undergo a merger or consolidation, dispose of assets, or materially change our line of business.

In addition, the credit facility contains terms which, if breached, would result in it becoming repayable on demand. It requires, among other matters, compliance with the following financial covenant ratios measured on a quarterly basis: (1) the ratio of net debt to EBITDA shall not be greater than 3.0:1 and (2) the ratio of EBITDA to net interest shall not be less than 4.0:1. Management has determined that the Company has not breached these covenants throughout the period to December 31, 2015 and does not expect to breach these covenants for the next 12 months. The credit facility is secured by a number of fixed and floating charges over certain assets which include key operating sites of the Company and its subsidiaries.

The weighted average rate of interest on borrowings was 1.67% at December 31, 2015 and 1.7% at December 31, 2014. Payments of interest on long-term debt were $2.3 million, $2.3 million and $1.0 million in 2015, 2014 and 2013, respectively.

The net cash outflows in respect of refinancing costs were $1.5 million, $0.1 million and $0.9 million in 2015, 2014 and 2013, respectively.