13. Debt

Following is a summary of short-term borrowings and long-term debt:



	March 31, 2016			December 31, 2015
	(In thousands)
Debt of Amkor Technology, Inc.:
Senior secured credit facilities:
$200 million revolving credit facility, LIBOR plus 1.25%-1.75%, due December 2019 (1)	$	100,000		$	100,000
Senior notes:
6.625% Senior notes, due June 2021, $75 million related party	400,000			400,000
6.375% Senior notes, due October 2022	524,971			525,000
Debt of subsidiaries:
Amkor Technology Korea, Inc.:
$100 million revolving credit facility, foreign currency funding-linked base rate plus 1.60%, due June 2016 (2)	—			40,000
Term loan, LIBOR plus 2.60%, due May 2018	120,000			120,000
Term loan, LIBOR plus 2.70%, due December 2019	70,000			70,000
Term loan, foreign currency funding-linked base rate plus 1.35%, due May 2020	150,000			150,000
Term loan, foreign currency funding-linked base rate plus 1.35%, due May 2020	80,000			80,000
Term Loan, fund floating rate plus 1.60%, due June 2020 (3)	40,000			40,000
J-Devices Corporation:
Short-term term loans, variable rate, due June 2016	7,568			15,582
Short-term term loans, fixed rate at 0.50%, due June 2016	3,131			5,808
Term loans, TIBOR plus 1.00%, due June and November 2016	2,001			2,800
Term loans, fixed rate at 0.53%, due April 2018	30,355			31,465
Amkor Technology Taiwan Ltd:
Revolving credit facility, TAIFX plus a bank-determined spread, due November 2020 (4)	10,000			10,000
	1,538,026			1,590,655
Less: Unamortized premium and deferred debt costs, net	(3,417		)	(3,616		)
Less: Short-term borrowings and current portion of long-term debt	(26,183		)	(76,770		)
Long-term debt (including related party)	$	1,508,426		$	1,510,269

(1)

Our $200.0 million senior secured revolving credit facility has a letter of credit sub-limit of $25.0 million. Interest is payable monthly in arrears, at LIBOR plus 1.25% to 1.75% (2.25% as of March 31, 2016). As of March 31, 2016, the borrowing base of our revolving credit facility is $155.8 million, which is adjusted based on the amount of our eligible accounts receivable. Additionally, we had $0.5 million of standby letters of credit outstanding. As of March 31, 2016, $55.3 million was available to be drawn.


(2)	In June 2012, we entered into a $41.0 million revolving credit facility. In March 2016, we increased the facility to $100.0 million. Principal is payable at maturity. Interest is due monthly in arrears. As of March 31, 2016, $100.0 million was available to be drawn.


(3)	In May 2015, we entered into a term loan agreement pursuant to which we may borrow up to $150.0 million through November 2016 for capital expenditures. Principal is payable at maturity. Interest is payable quarterly in arrears, at a fund floating rate plus 1.60% (2.50% as of March 31, 2016). At March 31, 2016, $110.0 million was available to be borrowed.


(4)	In November 2015, we entered into a $39.0 million revolving credit facility. Principal is payable at maturity. Interest is due monthly, at TAIFX plus a bank determined spread (1.59% as of March 31, 2016). As of March 31, 2016, $29.0 million was available to be drawn.

Our foreign debt is collateralized by land, buildings and equipment in the respective location. The carrying value of the collateral exceeds the carrying amount of the debt.

The debt of Amkor Technology, Inc. is structurally subordinated in right of payment to all existing and future debt and other liabilities of our subsidiaries. The agreements governing our indebtedness contain a number of affirmative and negative covenants which restrict our ability to pay dividends and could restrict our operations. We have never paid a dividend to our stockholders and we do not have any present plans for doing so. We were in compliance with all of our covenants at March 31, 2016.