8.	Senior debt

Debt consisted of the following at September 30, 2016 and December 31, 2015:

(Table only in thousands)	September 30, 2016			December 31, 2015
Outstanding borrowings under Credit Facility (defined below). Term loan payable in quarterly principal installments of $2.1 million through September 2017, $2.9 million through September 2018, and $3.6 million thereafter with balance due upon maturity in September 2020.
- Term loan	$	135,209		$	166,813
- U.S. Dollar revolving loans		—			8,000
- Unamortized debt discount and debt issuance costs		(3,426	)		(4,229	)
Total outstanding borrowings under Credit Facility		131,783			170,584
Outstanding borrowings (U.S. dollar equivalent) under China Facility (defined below)		1,355			1,391
Outstanding borrowings (U.S. dollar equivalent) under Aarding Facility (defined below)		309			5,326
Outstanding borrowings (U.S. dollar equivalent) under Euro- denominated note payable to a bank, payable in quarterly installments of €25,000, plus interest, at a fixed rate of 3.82%, matured in January 2016. Collateralized by the Heerenveen, Netherlands building.		—			27
Total outstanding borrowings		133,447			177,328
Less: current portion		10,216			19,494
Total debt, less current portion	$	123,231		$	157,834

During the three-month and nine-month periods ended September 30, 2016, the Company made prepayments of $13.0 million and $23.3 million, respectively, on the outstanding balance of the term loan. These prepayments were applied to future principal payments due under the term loan. Scheduled principal payments under our Credit Facility is $2.1 million for the remainder of 2016, $9.3 million in 2017, $12.1 million in 2018, $14.3 million in 2019 and $97.4 million in 2020.

United States Debt

As of September 30, 2016 and December 31, 2015, $16.9 million and $15.4 million of letters of credit were outstanding, respectively. Total unused credit availability under the Company’s senior secured term loan, senior secured U.S. dollar revolving loans with sub-facilities for letters of credit and swing-line loans and senior secured multi-currency revolving credit facility for U.S. dollar and specific foreign currency loans (collectively, the “Credit Facility”) was $63.1 million and $56.6 million at September 30, 2016 and December 31, 2015, respectively. Revolving loans may be borrowed, repaid and reborrowed until September 3, 2020, at which time all amounts borrowed pursuant to the Credit Facility must be repaid.

The weighted average interest rate on outstanding borrowings was 3.19% and 3.42% at September 30, 2016 and December 31, 2015, respectively.

In accordance with the Credit Facility terms, the Company entered into an interest rate swap on December 30, 2015 to hedge against interest rate exposure related to approximately one-third of the outstanding debt indexed to LIBOR market rates. The fair value of the interest rate swap was a liability totaling $1.2 million and $0.4 million at September 30, 2016 and December 31, 2015, respectively, which is recorded in “Accounts payable and accrued expenses” on the Condensed Consolidated Balance Sheets. The Company did not designate the interest rate swap as an effective hedge until the first quarter of 2016, and accordingly the change in the fair value until the date of designation of $0.5 million was recorded in earnings in “Other income (expense), net” in the Condensed Consolidated Statements of Operations for the nine-month period ended September 30, 2016. From the date of designation, all changes to the fair value of the interest rate swap have been recorded in other comprehensive income (loss) as the hedge is deemed effective.

As of September 30, 2016 and December 31, 2015, the Company was in compliance with all related financial and other restrictive covenants under the Credit Agreement.

Foreign Debt

A subsidiary of the Company located in the Netherlands has a Euro denominated facilities agreement with ING Bank N.V. (“Aarding Facility”) with a total borrowing capacity of $14.6 million. As of September 30, 2016 and December 31, 2015, the borrowers were in compliance with all related financial and other restrictive covenants. As of September 30, 2016, $2.4 million of the bank guarantee and $0.3 million of the overdraft facility are being used by the borrowers. As of December 31, 2015, $6.6 million of the bank guarantee and $5.3 million of the overdraft facility was being used by the Company. There is no stated expiration date on the Aarding Facility.

A subsidiary of the Company located in China has a Chinese Yuan Renminbi denominated short-term loan with Bank of America (“China Facility”) with an amount outstanding of $1.4 million as of September 30, 2016 at an interest rate of 4.79%, which matures in October 2016 and was subsequently renewed on a short term basis.