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Debt and Financing Arrangements
6 Months Ended
Jun. 30, 2018
Debt Disclosure [Abstract]  
Debt and Financing Arrangements
Debt and Financing Arrangements
Senior Secured Credit Facility
There were outstanding borrowings under the revolving credit facility of $37.2 million and $10.1 million as of June 30, 2018 and December 31, 2017, respectively. The weighted average interest rate applicable to the outstanding borrowings was 2.97% and 4.44% as of June 30, 2018 and December 31, 2017, respectively.

On June 7, 2018, Acushnet Company, Acushnet Canada Inc. and Acushnet Europe Limited, as borrowers, and the Company and certain other subsidiaries of the Company, as guarantors, entered into an amendment with Wells Fargo Bank, National Association and certain other lenders to the Company’s senior secured credit facilities agreement. Pursuant to the amendment, the restricted covenant governing the payment of dividends, the making of certain other payments and the redemption or repurchase of capital stock was amended to permit an additional $150.0 million of such payments, redemptions and/or repurchases, subject to certain conditions. In connection with amending the facilities, the Company incurred approximately $0.4 million in fees and expenses, which were recorded as debt issuance costs and will be recognized as interest expense over the term of the facilities.
The credit agreement contains a number of covenants that, among other things, restrict the ability of the U.S. Borrower and its restricted subsidiaries to (subject to certain exceptions), incur, assume, or permit to exist additional indebtedness or guarantees; incur liens; make investments and loans; pay dividends, make payments, or redeem or repurchase capital stock or make prepayments, repurchases or redemptions of certain indebtedness; engage in mergers, liquidations, dissolutions, asset sales, and other dispositions (including sale leaseback transactions); amend or otherwise alter terms of certain indebtedness or certain other agreements; enter into agreements limiting subsidiary distributions or containing negative pledge clauses; engage in certain transactions with affiliates; alter the nature of the business that we conduct or change our fiscal year or accounting practices. Certain exceptions to these covenants are determined based on ratios that are calculated in part using the calculation of Adjusted EBITDA. The credit agreement covenants also restrict the ability of Acushnet Holdings Corp. to engage in certain mergers or consolidations or engage in any activities other than permitted activities. The Company’s credit agreement contains certain customary affirmative and restrictive covenants, including, among others, financial covenants based on the Company’s leverage and interest coverage ratios. The credit agreement includes customary events of default, the occurrence of which, following any applicable cure period, would permit the lenders to, among other things, declare the principal, accrued interest and other obligations to be immediately due and payable. As of June 30, 2018, the Company was in compliance with all covenants under the credit agreement.
As of June 30, 2018, the Company had available borrowings under its revolving credit facility of $230.6 million after giving effect to $7.2 million of outstanding letters of credit.

Other Short-Term Borrowings
The Company has certain unsecured credit facilities available through its subsidiary locations. There were no outstanding borrowings under the Company's local credit facilities as of June 30, 2018 and there were outstanding borrowings of $10.3 million under the Company's local credit facilities as of December 31, 2017. The weighted average interest rate applicable to the outstanding borrowings was 0.73% as of December 31, 2017. As of June 30, 2018, the Company had available borrowings remaining under these unsecured facilities of $64.0 million.

Letters of Credit

As of June 30, 2018 and December 31, 2017, there were outstanding letters of credit totaling $11.4 million and $14.3 million, respectively, of which $8.3 million and $11.2 million was secured, respectively, related to agreements, including the Company's Senior Secured Credit Facility, which provided a maximum commitment for letters of credit of $29.2 million as of both June 30, 2018 and December 31, 2017.