REVOLVING CREDIT FACILITY AND LONG-TERM DEBT

3 Months Ended

Mar. 31, 2020

REVOLVING CREDIT FACILITY AND LONG-TERM DEBT

DEBT

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



	March 31, 2020
	Principal Balance		Unamortized Debt Issuance			Net Carrying Amount
6.50% senior secured notes due 2023	$	400,000	$	(3,816	)	$	396,184
Titan Europe credit facilities	40,009		—			40,009
Revolving credit facility	30,000		—			30,000
Other debt	19,830		—			19,830
Capital leases	4,802		—			4,802
Total debt	494,641		(3,816		)	490,825
Less amounts due within one year	46,275		—			46,275
Total long-term debt	$	448,366	$	(3,816	)	$	444,550



	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

Aggregate principal maturities of long-term debt at March 31, 2020, for each of the years (or other periods) set forth below were as follows (amounts in thousands):



April 1 - December 31, 2020	$	40,591
2021	16,127
2022	31,848
2023	401,470
2024	583
Thereafter	4,022
	$	494,641

6.50% senior secured notes due 2023

The senior secured notes 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 include borrowings from various institutions totaling $40.0 million in aggregate principal amount at March 31, 2020. Maturity dates on this debt range from less than one year to nine years. The Titan Europe facilities are 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 March 31, 2020, under the credit facility there were $30.0 million in borrowings, an $11.5 million letter of credit, and the amount available totaled $62.3 million.

Other debt

The Company has working capital loans at Titan Pneus do Brasil Ltda and Voltyre-Prom at various interest rates, which totaled $10.0 million and $9.8 million at March 31, 2020, respectively. Maturity dates on this debt range from less than one year to three years.