REVOLVING CREDIT FACILITY AND BANK BORROWINGS

The Company’s borrowings were as follows:



	December 31,
	2018		2017
	(in thousands)
Revolving credit facilities	$	120,000	$	—
Notes payable	—		662
Total borrowings	120,000		662
Less: Current portion of borrowings	—		662
Total long-term borrowings	$	120,000	$	—

The weighted average interest rate on outstanding borrowings as of December 31, 2018 and 2017 was 4.69% and 2.30%, respectively.

Senior Revolving Credit Facility

In December 2011, the Company entered into a revolving credit facility (the “Facility”), pursuant to an Amended and Restated Credit Agreement (as amended, the “Credit Agreement”), with the lenders named therein and PNC Bank, National Association, as a lender and administrative agent for the lenders. The Credit Agreement contains certain covenants that restrict certain actions by the Company, including (i) stock repurchases to an aggregate of $250.0 million per year, subject to certain restrictions; and (ii) capital expenditures and commitments to $70.0 million per year. The Credit Agreement also permits intercompany loans of up to $375.0 million and requires the Company to meet certain financial covenant ratios that become effective when average outstanding borrowings under the Credit Agreement, including letters of credit, exceed the lesser of $40.0 million or 40% of the total commitments during certain periods or if the outstanding borrowings exceed the borrowing base. If the financial covenant ratios are in effect, the Company must maintain a minimum fixed charge coverage ratio of 1.10 to 1.00, and a maximum leverage ratio of (i) 3.00 to 1.00 at December 31, 2018 and March 31, 2019, (ii) 2.75 to 1.00 at June 30, 2019, and (iii) 2.50 to 1.00 at September 30, 2019 and the last day of each quarter thereafter. As of December 31, 2018, the Company was in compliance with all financial covenants under the Credit Agreement.

The Facility, as amended, provides for borrowings of up to $250.0 million through February 2021. Borrowings under the Facility for domestic base rate loans, including swing loans, bear interest at a daily base rate plus a margin of 0.75%. Domestic London Interbank Borrowing Rate (“LIBOR”) loans bear interest equal to a LIBOR rate plus a margin of 1.75% as of December 31, 2018.

As of December 31, 2018, the total commitments available from the lenders under the Facility were $250.0 million. At December 31, 2018, the Company had $120.0 million in outstanding borrowings, used to partially fund the repurchase of Series A Preferred, which are due in February 2021, and $0.6 million in outstanding letters of credit under the Facility, which reduces amounts available for borrowing under the Facility. As of December 31, 2018 and 2017, the Company had $129.4 million and $99.4 million, respectively, of available borrowing capacity under the Facility.

On February 6, 2019, the Company entered into the Eighteenth Amendment to the Amended and Restated Credit Agreement which increased the total commitments under the Credit Agreement to $300.0 million from $250.0 million.

The Company also has revolving credit facilities in Asia, from which the Company had no borrowings during the years ended December 31, 2018 and 2017 or outstanding at December 31, 2018 or 2017.