Debt

On February 15, 2018, the Company amended its revolving credit facility with a consortium of banks that provides up to $400,000 based on available collateral, including a $110,000 letter of credit subfacility, and expires in February 2023. The Company may elect to increase the commitments under the revolving credit facility or incur one or more tranches of term loans in an aggregate amount of up to $100,000, subject to the satisfaction of certain conditions. The Company may elect to add certain foreign subsidiaries as additional borrowers under the Credit Agreement (the “Foreign Subsidiary Borrowers”), subject to the satisfaction of certain conditions.

On February 15, 2018, the Company amended its accounts receivable securitization facility that provides up to $150,000 based on available collateral and expires in February 2021. Pursuant to the terms of the facility, the Company is permitted to sell certain of its domestic trade receivables on a continuous basis to its wholly-owned, bankruptcy-remote subsidiary, Cooper Receivables LLC (“CRLLC”). In turn, CRLLC may sell from time to time an undivided ownership interest in the purchased trade receivables, without recourse, to a PNC Bank administered, asset-backed commercial paper conduit. The accounts receivable securitization facility has no significant financial covenants until available credit is less than specified amounts.

The Company had no borrowings under the revolving credit facility or the accounts receivable securitization facility at September 30, 2018 and December 31, 2017, respectively. Amounts used to secure letters of credit totaled $16,800 and $17,600 at September 30, 2018 and December 31, 2017, respectively. The Company’s additional borrowing capacity, net of borrowings and amounts used to back letters of credit, and based on eligible collateral through use of its credit facility with its bank group and its accounts receivable securitization facility at September 30, 2018, was $524,600.

The Company’s consolidated operations in Asia have renewable unsecured credit lines that provide up to $64,732 of borrowings and do not contain financial covenants. The additional borrowing capacity on the Asian credit lines, based on eligible collateral and the short-term notes payable, totaled $49,901 at September 30, 2018.

The following table summarizes the long-term debt of the Company at September 30, 2018 and December 31, 2017. Except for the capitalized leases and other, the long-term debt is due in an aggregate principal payment on the due date:



	September 30, 2018		December 31, 2017
Parent company
8% unsecured notes due December 2019	$	173,578	$	173,578
7.625% unsecured notes due March 2027	116,880		116,880
Capitalized leases and other	6,439		7,684
	296,897		298,142
Less: unamortized debt issuance costs	680		742
	296,217		297,400
Less: current maturities	1,376		1,413
	$	294,841	$	295,987

At September 30, 2018 and December 31, 2017, the Company had short-term notes payable of $14,831 and $39,450, respectively, due within twelve months, consisting of funds borrowed by the Company’s operations in the PRC. The weighted average interest rate of the short-term notes payable at September 30, 2018 and December 31, 2017 was 4.73 percent and 4.46 percent, respectively.