4. LONG-TERM DEBT

Debt consisted of the following (in millions):


	December 31,
	2013		2012
Revolving credit facility	$	59.8	$	59.1
Other obligations		2.2		0.7

Total debt		62.0		59.8
Less current portion		1.2		0.6

Long-term debt	$	60.8	$	59.2

Credit Facility—The Company has a $120.0 million asset based senior secured revolving credit facility (“credit facility”). Borrowing availability under the credit facility is based on eligible accounts receivable, inventory and real estate. The real estate component of the borrowing base amortizes monthly over 12.5 years on a straight-line basis. Borrowings under the credit facility are collateralized by substantially all of the Company’s assets and are subject to certain operating limitations applicable to a loan of this type, which, among other things, place limitations on indebtedness, liens, investments, mergers and acquisitions, dispositions of assets, cash dividends and transactions with affiliates. The entire unpaid balance under the credit facility is due and payable on December 21, 2017, the maturity date of the credit agreement.

At December 31, 2013, under the credit facility, the Company had revolving credit borrowings of $59.8 million outstanding at a weighted average interest rate of 2.85%, letters of credit outstanding totaling $3.6 million, primarily for health and workers’ compensation insurance, and $41.2 million of additional committed borrowing capacity. The Company pays an unused commitment fee in the range of 0.30% to 0.375% per annum. In addition, the Company had $2.2 million of capital lease and other obligations outstanding at December 31, 2013.

The sole financial covenant in the credit facility is the fixed charge coverage ratio (“FCCR”) which must be tested by us if the excess borrowing availability falls below an amount in the range of $10.0 million to $15.0 million, depending on our borrowing base, and must also be tested on a pro forma basis prior to consummation of certain significant business transactions outside our ordinary course of business, as defined in the agreement. At December 31, 2013, the Company’s FCCR was in excess of the 1.25:1.00 covenant requirement. The Company had $41.2 million of excess borrowing availability at December 31, 2013.

Huttig believes that cash generated from our operations and funds available under the credit facility will provide sufficient funds to meet the operating needs of the business for at least the next twelve months. However, if Huttig’s availability falls below the required threshold and the Company does not meet the minimum FCCR, our lenders would have the right, but not the obligation, to terminate the loan commitments and accelerate the repayment of the entire amount outstanding under the credit facility. The lenders could also foreclose on Huttig’s assets that secure the credit facility. In that event, Huttig would be forced to seek alternative sources of financing, which may not be available on terms acceptable to the Company, or at all.

Maturities—At December 31, 2013, the aggregate scheduled maturities of debt are as follows (in millions):


2014	$	1.2
2015		0.4
2016		0.3
2017		60.0
2018		0.1

Total	$	62.0

The fair value of long-term debt, as calculated using the aggregate cash flows from principal and interest payments over the life of the debt, was approximately $59.8 million and $59.1 million at December 31, 2013 and 2012, respectively, based upon a discounted cash flow analysis using current market interest rates. The fair value measurement inputs for long-term debt are classified as Level 3 (unobservable inputs) in the valuation hierarchy as defined by ASC 820, “Fair Value Measurements and Disclosures”.