Current and Long-Term Financing

Financing arrangements are obtained and maintained at the subsidiary level. NACCO has not guaranteed any borrowings of its subsidiaries.

The following table summarizes the Company's available and outstanding borrowings:



	December 31
	2019			2018
Total outstanding borrowings of NACoal:
Revolving credit agreement	$	16,000		$	4,000
Other debt	8,943			7,021
Total debt outstanding	$	24,943		$	11,021

Current portion of borrowings outstanding	$	7,795		$	4,654
Long-term portion of borrowings outstanding	17,148			6,367
	$	24,943		$	11,021

Total available borrowings, net of limitations, under revolving credit agreement	$	148,644		$	148,481

Unused revolving credit agreement	$	132,644		$	144,481

Weighted average stated interest rate on total borrowings	5.1		%	4.8		%

Annual maturities of total debt, excluding leases, are as follows:



2020	7,237
2021	250
2022	9,263
2023	277
2024	292
Thereafter	6,981
	$	24,300

Interest paid on total debt was $0.9 million and $2.0 million during 2019 and 2018, respectively.

NACoal has an unsecured revolving line of credit of up to $150.0 million (the “NACoal Facility”) that expires in August 2022. Borrowings outstanding under the NACoal Facility were $16.0 million at December 31, 2019. At December 31, 2019, the excess availability under the NACoal Facility was $132.6 million, which reflects a reduction for outstanding letters of credit of $1.4 million.

The NACoal Facility has performance-based pricing, which sets interest rates based upon NACoal achieving various levels of debt to EBITDA ratios, as defined in the NACoal Facility. Borrowings bear interest at a floating rate plus a margin based on the level of debt to EBITDA ratio achieved. The applicable margins, effective December 31, 2019, for base rate and LIBOR loans were 0.75% and 1.75%, respectively. The NACoal Facility has a commitment fee which is based upon achieving various levels of debt to EBITDA ratios. The commitment fee was 0.30% on the unused commitment at December 31, 2019. The weighted average interest rate applicable to the NACoal Facility at December 31, 2019 was 5.50% including the floating rate margin.

The NACoal Facility contains restrictive covenants, which require, among other things, NACoal to maintain a maximum debt to EBITDA ratio of 3.00 to 1.00 and an interest coverage ratio of not less than 4.00 to 1.00. The NACoal Facility provides the ability to make loans, dividends and advances to NACCO, with some restrictions based on maintaining a maximum debt to EBITDA ratio of 2.00 to 1.00, or if greater than 2.00 to 1.00, a Fixed Charge Coverage Ratio of 1.10 to 1.00, in conjunction with maintaining unused availability thresholds of borrowing capacity, as defined in the NACoal Facility, of $15.0 million. At December 31, 2019, NACoal was in compliance with all financial covenants in the NACoal Facility.

NACoal has a demand note payable to Coteau, one of the unconsolidated subsidiaries, which bears interest based on the applicable quarterly federal short-term interest rate as announced from time to time by the Internal Revenue Service. At December 31, 2019, the balance of the note was $2.0 million and the interest rate was 1.68%.

NACoal has a ten year note payable that is secured by two specified units of equipment and bears interest at a fixed 5.29% rate. This note includes a principal payment of $4.4 million at the end of the term on December 15, 2026. At December 31, 2019 and 2018, the outstanding balances of the note were $6.3 million and $6.6 million, respectively.