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REVOLVING CREDIT FACILITY AND LONG-TERM DEBT
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
REVOLVING CREDIT FACILITY AND LONG-TERM DEBT DEBT
Long-term debt consisted of the following (amounts in thousands):
March 31, 2023
Principal BalanceUnamortized Debt IssuanceNet Carrying Amount
7.00% senior secured notes due 2028$400,000 $(4,380)$395,620 
Titan Europe credit facilities33,923 — 33,923 
Other debt7,664 — 7,664 
     Total debt441,587 (4,380)437,207 
Less amounts due within one year23,836 — 23,836 
     Total long-term debt$417,751 $(4,380)$413,371 
December 31, 2022
Principal BalanceUnamortized Debt IssuanceNet Carrying Amount
7.00% senior secured notes due 2028$400,000 $(4,599)$395,401 
Titan Europe credit facilities37,362 — 37,362 
Other debt12,855 — 12,855 
     Total debt450,217 (4,599)445,618 
Less amounts due within one year30,857 — 30,857 
     Total long-term debt$419,360 $(4,599)$414,761 
Aggregate principal maturities of long-term debt at March 31, 2023 for each of the years (or other periods) set forth below were as follows (amounts in thousands):
April 1 - December 31, 2023$20,608 
20249,281 
20254,498 
20262,170 
20271,294 
Thereafter403,736 
 $441,587 
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. The Company is subject to certain covenants associated with the senior secured notes due 2028 and remained in compliance with these debt covenants at March 31, 2023.

Titan Europe credit facilities
The Titan Europe credit facilities include borrowings from various institutions totaling $33.9 million in aggregate principal amount at March 31, 2023. Maturity dates on this debt range from less than one year to five years. The interest rates range from 0.5% to 6.5%.

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 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, 2023, under the Company's $125 million credit facility there were no borrowings and $6.7 million in outstanding letters of credit, and the amount available for borrowing totaled $118.3 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 $4.9 million and $2.6 million at March 31, 2023, respectively. The 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 or repay, as needed.