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REVOLVING CREDIT FACILITY AND LONG-TERM DEBT
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
REVOLVING CREDIT FACILITY AND LONG-TERM DEBT DEBT
Long-term debt consisted of the following (amounts in thousands):
September 30, 2023
Principal BalanceUnamortized Debt IssuanceNet Carrying Amount
7.00% senior secured notes due 2028$400,000 $(3,942)$396,058 
Titan Europe credit facilities24,283 — 24,283 
Other debt6,962 — 6,962 
     Total debt431,245 (3,942)427,303 
Less amounts due within one year17,556 — 17,556 
     Total long-term debt$413,689 $(3,942)$409,747 
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 September 30, 2023 for each of the years (or other periods) set forth below were as follows (amounts in thousands):
October 1 - December 31, 2023$10,693 
202411,242 
20253,314 
20261,887 
2027486 
Thereafter403,623 
 $431,245 
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 September 30, 2023.

Titan Europe credit facilities
The Titan Europe credit facilities include borrowings from various institutions totaling $24.3 million in aggregate principal amount at September 30, 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 $125.0 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 $125.0 million as a result of outstanding letters of credit and eligible accounts receivable and inventory balances at certain of its domestic subsidiaries. Based on eligible accounts receivable and inventory balances, the Company's amount available for borrowing totaled $102.1 million at September 30, 2023. With outstanding letters of credit totaling $6.2 million, the net amount available for borrowing under the credit facility totaled $95.9 million at September 30, 2023. There were no borrowings under the revolving credit facility at September 30, 2023.

Other debt
The Company has a working capital loan at Titan Pneus do Brasil Ltda at varying interest rates from approximately 5% to 6.5%, which totaled $7.0 million at September 30, 2023. The maturity date on this loan is one year or less. The Company expects to negotiate an extension of the maturity date on this loan with the respective financial institution or repay, as needed.