REVOLVING CREDIT FACILITY AND LONG-TERM DEBT

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



	September 30, 2016
	Principal Balance		Unamortized Discount			Net Carrying Amount
6.875% senior secured notes due 2020	$	400,000	$	(4,390	)	$	395,610
5.625% convertible senior subordinated notes due 2017	60,161		(90		)	60,071
Titan Europe credit facilities	36,604		—			36,604
Other debt	7,644		—			7,644
Capital leases	1,190		—			1,190
Total debt	505,599		(4,480		)	501,119
Less amounts due within one year	91,120		(90		)	91,030
Total long-term debt	$	414,479	$	(4,390	)	$	410,089



	December 31, 2015
	Principal Balance		Unamortized Discount			Net Carrying Amount
6.875% senior secured notes due 2020	$	400,000	$	(4,640	)	$	395,360
5.625% convertible senior subordinated notes due 2017	60,161		(321		)	59,840
Titan Europe credit facilities	38,059		—			38,059
Other debt	11,531		—			11,531
Capital leases	1,875		—			1,875
Total debt	511,626		(4,961		)	506,665
Less amounts due within one year	31,222		—			31,222
Total long-term debt	$	480,404	$	(4,961	)	$	475,443

Aggregate maturities of long-term debt at September 30, 2016, were as follows (amounts in thousands):



October 1 - December 31, 2016	$	30,359
2017	66,278
2018	5,148
2019	1,632
2020	402,105
Thereafter	77
	$	505,599

6.875% senior secured notes due 2020

The Company’s 6.875% senior secured notes (senior secured notes) are due October 2020. These notes are secured by the land and buildings of the following subsidiaries of the Company: Titan Tire Corporation, Titan Tire Corporation of Bryan, Titan Tire Corporation of Freeport, and Titan Wheel Corporation of Illinois.

5.625% convertible senior subordinated notes due 2017

The Company’s 5.625% convertible senior subordinated notes (convertible notes) are due January 2017. The initial base conversion rate for the convertible notes is 93.0016 shares of Titan common stock per $1,000 principal amount of convertible notes, equivalent to an initial base conversion price of approximately $10.75 per share of Titan common stock. If the price of Titan common stock at the time of determination exceeds the base conversion price, the base conversion rate will be increased by an additional number of shares (up to 9.3002 shares of Titan common stock per $1,000 principal amount of convertible notes) as determined pursuant to a formula described in the indenture. The base conversion rate will be subject to adjustment in certain events. See the indenture incorporated by reference to the Company's most recent Form 10-K for additional information.

Titan Europe credit facilities

The Titan Europe credit facilities contain borrowings from various institutions totaling $36.6 million at September 30, 2016. Maturity dates on this debt range from less than one year to nine years and interest rates range from 5% to 6.9%. The Titan Europe facilities are secured by the assets of its subsidiaries in Italy, Spain, Germany and Brazil.

Revolving credit facility

The Company’s $150 million revolving credit facility (credit facility) with agent Bank of America, N.A. has a December 2017 termination date and is collateralized by the accounts receivable and inventory of certain Titan domestic subsidiaries. Titan's availability under this domestic facility may be less than $150 million as a result of eligible accounts receivable and inventory balances at certain of its domestic subsidiaries. At September 30, 2016, an outstanding letter of credit totaled $11.6 million and the amount available under the facility totaled $43.4 million based upon eligible accounts receivable and inventory balances. During the first nine months of 2016 and at September 30, 2016, there were no borrowings under the credit facility.

Other debt

Titan Brazil has working capital loans for the Sao Paulo, Brazil manufacturing facility totaling $7.6 million at September 30, 2016. Maturity dates on this debt range from less than one year to two years and interest rates range from 5.5% to 8%.