Debt

3 Months Ended

Mar. 31, 2019

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 March 31, 2019 or December 31, 2018. Amounts used to secure letters of credit totaled $16,800 and $16,800 at March 31, 2019 and December 31, 2018, 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 March 31, 2019, was $509,700.

The Company’s consolidated operations in Asia have renewable unsecured credit lines that provide up to $65,900 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 $45,800 at March 31, 2019.The following table summarizes the long-term debt and finance leases of the Company at March 31, 2019 and December 31, 2018. Except for the finance leases and other, the remaining long-term debt is due in an aggregate principal payment on the due date:



	March 31, 2019		December 31, 2018
Parent company
8% unsecured notes due December 2019	$	173,578	$	173,578
7.625% unsecured notes due March 2027	116,880		116,880
Finance leases and other	5,459		6,245
	295,917		296,703
Less: unamortized debt issuance costs	638		659
	295,279		296,044
Less: current maturities	173,974		174,760
	$	121,305	$	121,284

In addition, at March 31, 2019 and December 31, 2018, the Company had short-term notes payable of $20,074 and $15,288, 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 March 31, 2019 and December 31, 2018 was 4.81 percent and 4.82 percent, respectively.