REVOLVING CREDIT FACILITY AND LONG-TERM DEBT

12 Months Ended

Dec. 31, 2020

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, 2020
	Principal Balance		Unamortized Debt Issuance		Net Carrying Amount
6.50% senior secured notes due 2023	$	400,000	$	(3,124)	$	396,876

Titan Europe credit facilities	49,583		—		49,583

Other debt	18,244		—		18,244
Total debt	467,827		(3,124)		464,703
Less amounts due within one year	31,119		—		31,119
Total long-term debt	$	436,708	$	(3,124)	$	433,584


	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
Total debt	503,762		(4,040)		499,722
Less amounts due within one year	61,253		—		61,253
Total long-term debt	$	442,509	$	(4,040)	$	438,469

The weighted-average interest rates on total short-term borrowings, excluding current maturities of long-term debt, at December 31, 2020 and December 31, 2019, were approximately 6.5% for both periods.

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


2021	$	31,119
2022	12,378
2023	410,257
2024	6,287
2025	2,684
Thereafter	5,102
	$	467,827

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 $49.6 million in aggregate principal amount at December 31, 2020. Maturity dates on this debt range from less than one year to five 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. See Note 32 for additional information related to the amendment to this credit facility. 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, 2020, there were no borrowings under the credit facility, an $19.7 million letter of credit and the amount available under the facility totaled $50.9 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 $11.8 million and $5.3 million at December 31, 2020, respectively. Maturity dates on this debt range from less than one year to two years.