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REVOLVING CREDIT FACILITY AND LONG-TERM DEBT
 3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
REVOLVING CREDIT FACILITY AND LONG-TERM DEBT DEBT
Long-term debt consisted of the following (amounts in thousands):
March 31, 2022
Principal BalanceUnamortized Debt IssuanceNet Carrying Amount
7.00% senior secured notes due 2028$400,000 $(5,257)$394,743 
Titan Europe credit facilities50,215 — 50,215 
Revolving credit facility63,000 — 63,000 
Other debt14,495 — 14,495 
     Total debt527,710 (5,257)522,453 
Less amounts due within one year37,853 — 37,853 
     Total long-term debt$489,857 $(5,257)$484,600 
December 31, 2021
Principal BalanceUnamortized Debt IssuanceNet Carrying Amount
7.00% senior secured notes due 2028$400,000 $(5,476)$394,524 
Titan Europe credit facilities44,993 — 44,993 
Revolving credit facility30,000 — 30,000 
Other debt15,434 — 15,434 
     Total debt490,427 (5,476)484,951 
Less amounts due within one year32,500 — 32,500 
     Total long-term debt$457,927 $(5,476)$452,451 
Aggregate principal maturities of long-term debt at March 31, 2022 for each of the years (or other periods) set forth below were as follows (amounts in thousands):
April 1 - December 31, 2022$34,085 
202312,172 
20247,584 
20253,927 
202665,523 
Thereafter404,419 
 $527,710 
7.00% senior secured notes due 2028
On April 22, 2021, the Company issued $400.0 million aggregate principal amount of 7.00% senior secured notes due April 2028 (the senior secured notes due 2028), guaranteed by certain of the Company's subsidiaries. Including the impact of debt issuance costs, these notes had an effective yield of 7.27% at issuance. These notes are secured by the land and buildings of the following subsidiaries of the Company: Titan Wheel Corporation of Illinois, Titan Tire Corporation, Titan Tire Corporation of Freeport, and Titan Tire Corporation of Bryan.

Titan Europe credit facilities
The Titan Europe credit facilities include borrowings from various institutions totaling $50.2 million in aggregate principal amount at March 31, 2022. Maturity dates on this debt range from less than one year to five years.

Revolving credit facility
The Company has a $125 million revolving credit facility with BMO Harris Bank N.A., as agent, 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 October 28, 2026. The credit facility can be expanded by up to $50 million through an accordion provision within the agreement. 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, 2022, under the Company's $125 million credit facility there were $63.0 million in borrowings and $9.1 million in outstanding letters of credit, and the amount available for borrowing totaled $52.9 million.

Other debt
The Company has working capital loans at Titan Pneus do Brasil Ltda and Voltyre-Prom at various interest rates, which totaled $12.0 million and $2.5 million at March 31, 2022, respectively. Maturity dates on these loans are one year or less. The Company expects to negotiate an extension of the maturity dates on these loans with the respective financial institutions.