Long-term Debt:

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



	June 30, 2016			December 31, 2015
Term Loan due July 2021	$	396.0		$	—
Term Loan due May 2017	—			471.9
Revolving Credit Facility due August 2017	—			4.5
Revolving Credit Facility due July 2021	107.5			—
4.875% Senior Notes due July 2024	246.7			246.5
	750.2			722.9
Less current portion	(4.0		)	(4.9		)
Long-term debt	$	746.2		$	718.0

In April 2016, the Company refinanced its existing $471 million term loans and $125 million revolving credit facility with a new $400 million senior secured term loan and a $300 million senior secured revolving credit facility, which both mature July 1, 2021. The new term loan and revolving credit facility bear interest at LIBOR plus 1.5% based on the Company’s current leverage ratio and credit rating. In connection with the refinancing, the Company incurred $6.1 million of refinancing fees ($1.5 million was recorded as an expense and $4.6 million was capitalized as deferred financing costs) and wrote-off $0.1 million of existing deferred financing costs related to the previous term loans and revolving credit facility.

In the first quarter of 2016, the Company adopted guidance which requires debt issuance costs to be presented as a reduction to the carrying value of the related debt rather than as a deferred charge. In connection with this adoption, the Company reclassified $3.3 million and $3.5 million of debt issuance costs related to its 4.875% senior notes due July 2024 and $3.0 million and $0.6 million of debt costs related to its term loans in its consolidated balance sheets as of June 30, 2016, and December 31, 2015, respectively.

As of June 30, 2016, the term loan and revolving credit facility were secured by substantially all existing and future U.S. assets, the Goderich mine in Ontario, Canada and capital stock of certain subsidiaries.