REVOLVING CREDIT FACILITY AND LONG-TERM DEBT

12 Months Ended

Dec. 31, 2019

REVOLVING CREDIT FACILITY AND LONG-TERM DEBT

Long-term debt consisted of the following as of the dates set forth below (amounts in thousands):



	December 31, 2019
	Principal Balance		Unamortized Debt Issuance			Net Carrying Amount
6.50% senior secured notes due 2023	$	400,000	$	(4,040	)	$	395,960
Titan Europe credit facilities	43,591		—			43,591
Revolving credit facility	36,000		—			36,000
Other debt	24,171		—			24,171
Capital leases	4,880		—			4,880
Total debt	508,642		(4,040		)	504,602
Less amounts due within one year	61,253		—			61,253
Total long-term debt	$	447,389	$	(4,040	)	$	443,349



	December 31, 2018
	Principal Balance		Unamortized Debt Issuance			Net Carrying Amount
6.50% senior secured notes due 2023	$	400,000	$	(4,897	)	$	395,103
Titan Europe credit facilities	35,115		—			35,115
Other debt	28,429		—			$	28,429
Capital leases	2,810		—			$	2,810
Total debt	466,354		(4,897		)	461,457
Less amounts due within one year	51,885		—			51,885
Total long-term debt	$	414,469	$	(4,897	)	$	409,572

The weighted-average interest rates on total short-term borrowings, excluding current maturities of long-term debt, at December 31, 2019 and December 31, 2018, were 6.5% and 6.9%, respectively.

Aggregate maturities of long-term debt at December 31, 2019, for each of the years (or other periods) set forth below were as follows (amounts in thousands):



2020	$	61,253
2021	4,212
2022	39,992
2023	401,085
2024	551
Thereafter	1,549
	$	508,642

6.50% senior secured notes due 2023

The Company’s 6.50% senior secured notes (senior secured notes due 2023) were issued on November 20, 2017, and are due November 2023. Including the impact of debt issuance costs, these notes had an effective yield of 6.79% at issuance. 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.

Titan Europe credit facilities

The Titan Europe credit facilities included borrowings from various institutions totaling $43.6 million in aggregate principal amount at December 31, 2019. Maturity dates on this debt range from less than one year to three years. The Titan Europe facilities are primarily secured by the assets of Titan's subsidiaries in Italy, Spain, Germany, and Brazil.

Revolving credit facility

The Company has a $125 million revolving credit facility (credit facility) with agent BMO Harris Bank N.A. and other financial institutions party thereto. The credit facility is collateralized by accounts receivable and inventory of certain of the Company’s domestic subsidiaries and is scheduled to mature in February 2022. From time to time Titan's availability under this credit facility may be less than $125 million as a result of outstanding letters of credit and eligible accounts receivable and inventory balances at certain of its domestic subsidiaries. At December 31, 2019, under the credit facility there were $36.0 million in borrowings, an $11.5 million letter of credit and the amount available under the facility totaled $30.8 million based on eligible accounts receivable and inventory balances.

Other Debt

The Company has working capital loans at Titan Pneus do Brasil Ltda and Voltyre-Prom at various interest rates, which totaled $7.3 million and $16.6 million at December 31, 2019, respectively. Maturity dates on this debt range from less than one year to three years.