Debt

12 Months Ended

Dec. 31, 2019

Long-term debt in the Consolidated Balance Sheets is summarized as follows:



	December 31,
(Thousands)	2019			2018
Fixed rate industrial development revenue bonds payable in annual installments through 2021	$	2,218		$	3,041
Total debt outstanding	2,218			3,041
Current portion of long-term debt	(868		)	(823		)
Gross long-term debt	1,350			2,218
Unamortized deferred financing fees	(90		)	(152		)
Long-term debt	$	1,260		$	2,066

Maturities on long-term debt instruments as of December 31, 2019 are as follows:



(Thousands)
2020	$	868
2021	1,350
Thereafter	—
Total	$	2,218

In September 2019, the Company amended and restated the agreement governing its $375.0 million revolving credit facility (Credit Agreement). The maturity date of the Credit Agreement was extended from 2020 to 2024, and the Credit Agreement provides more favorable interest rates under certain circumstances. In addition, the Credit Agreement provides the Company and its subsidiaries with additional capacity to enter into facilities for the consignment, borrowing, or leasing of precious metals and copper, and provides enhanced flexibility to finance acquisitions and other strategic initiatives. The Credit Agreement also provides for an uncommitted incremental facility whereby, under certain conditions, the Company may be able to borrow additional term loans in an aggregate amount not to exceed $200.0 million. Borrowings under the Credit Agreement are secured by substantially all of the assets of the Company and its direct subsidiaries, with the exception of non-mining real property and certain other assets. The Credit Agreement allows the Company to borrow money at a premium over LIBOR or prime rate and at varying maturities. The premium resets quarterly according to the terms and conditions available under the agreement.

The Credit Agreement includes restrictive covenants relating to restrictions on additional indebtedness, acquisitions, dividends, and stock repurchases. In addition, the Credit Agreement includes covenants subject to a maximum leverage ratio and a minimum fixed charge coverage ratio. The Company was in compliance with all of its debt covenants as of December 31, 2019 and December 31, 2018.

At December 31, 2019 and 2018 there was $41.8 million and $27.2 million outstanding against the letters of credit sub-facility, respectively. The Company pays a variable commitment fee that may reset quarterly (0.175% as of December 31, 2019) of the available and unborrowed amounts under the revolving credit line.

The available borrowings under the individual existing credit lines total $340.9 million as of December 31, 2019.

In April 2011, the Company entered into an agreement with the Toledo-Lucas County Port Authority and the Dayton–Montgomery County Port Authority in Ohio to co-issue $8.0 million in taxable development revenue bonds, with a fixed amortization term that will mature in 2021. The interest rate on these bonds was fixed at 4.90%, and the unamortized balance of the bonds was $2.2 million at December 31, 2019.