Debt

6 Months Ended

Jun. 30, 2012

Note 7. Debt

Long-term debt consists of the following (in thousands):


	June 30, 2012			December 31, 2011
7.75% Senior Secured Notes due 2019; denominated in U.S. dollars with interest due semi-annually each February 1 and August 1	$	560,000		$	560,000

Argentine Facility — interest at 3.41% and 3.46% as of June 30, 2012 and December 31, 2011, respectively; denominated in U.S. dollars with any remaining unpaid balance due May 2016		13,346			15,013

China Credit Facility — Healthcare Line — weighted average interest of 5.47% and 5.58% as of June 30, 2012 and December 31, 2011, respectively; denominated in U.S. dollars with any remaining unpaid balance due November 2013		19,500			20,000

Capital lease obligations		327			432

		593,173			595,445

Less: Current maturities		(9,536	)		(7,592	)

	$	583,637		$	587,853

ABL Facility

As of June 30, 2012, the Company had no borrowings under the ABL Facility. Further, as of June 30, 2012, the borrowing base availability was $32.0 million and since the Company had outstanding letters of credit of $11.0 million, the resulting net availability under the ABL Facility was $21.0 million. The aforementioned letters of credit were primarily provided to certain administrative service providers and financial institutions. None of these letters of credit had been drawn on as of either June 30, 2012 or December 31, 2011.

Short-term Borrowings

In the first six months of 2012, the Company has entered into short-term credit facilities to finance insurance premium payments. The outstanding indebtedness under these short-term borrowing facilities was $0.7 million as of June 30, 2012. These facilities have an interest rate of 2.63% and mature at various dates through January 1, 2013. Borrowings under these facilities are included in Short-term borrowings in the Consolidated Balance Sheets.

Subsidiary Indebtedness

Short-term borrowings

The Company’s subsidiary in Argentina enters into short-term credit facilities to finance working capital requirements. The outstanding indebtedness under these short-term borrowing facilities was $3.0 million and $5.0 million as of June 30, 2012 and December 31, 2011, respectively. These facilities mature at various dates through November 2012. As of June 30, 2012 and December 31, 2011, the weighted average interest rate on these borrowings was 6.0% and 3.00%, respectively. Borrowings under these facilities are included in Short- term borrowings in the Consolidated Balance Sheets.

Other Subsidiary Indebtedness

As of June 30, 2012 and December 31, 2011, the Company also had other documentary letters of credit not associated with the ABL Facility in the amount of $4.8 million and $4.4 million, respectively, which were primarily provided to certain raw material vendors. None of these letters of credit had been drawn on as of either June 30, 2012 or December 31, 2011.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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