Debt

Long-term debt was comprised of the following:



	As of
	March 31,			December 31,
	2016			2015
Revolving credit facility due in 2020	$	141,300		$	90,700
Weighted average interest rate	1.8		%	1.5		%
Amount available	$	56,385		$	106,985
Total credit facility	$	200,000		$	200,000
Standby letters of credit	$	2,315		$	2,315
Commitment fee percentage per annum	0.30		%	0.25		%

On August 10, 2015, CTS entered into a new five-year credit agreement with a group of banks (“Revolving Credit Facility”) in order to support CTS’ working capital needs and other general corporate purposes. The Revolving Credit Facility provides for a credit line of $200,000, which may be increased by $100,000 at the request of CTS, subject to the Administrative Agent’s approval. This Revolving Credit Facility replaces the prior unsecured credit facility. Borrowings under the previous credit agreement were refinanced under the Revolving Credit Facility and the previous credit agreement was terminated on August 10, 2015.

The Revolving Credit Facility includes a swing line sublimit of $15,000 and a letter of credit sublimit of $10,000. Borrowings under the Revolving Credit Facility bear interest, at CTS’ option, at the base rate plus the applicable margin for base rate loans or LIBOR plus the applicable margin for LIBOR loans. CTS also pays a quarterly commitment fee on the unused portion of the Revolving Credit Facility. The commitment fee ranges from 0.20% to 0.40% based on the CTS’ total leverage ratio.

The Revolving Credit Facility requires, among other things, that CTS comply with a maximum total leverage ratio and a minimum fixed charge coverage ratio. Failure of CTS to comply with these covenants could reduce the borrowing availability under the Revolving Credit Facility. CTS was in compliance with all debt covenants at March 31, 2016. The Revolving Credit Facility requires that CTS deliver quarterly financial statements, annual financial statements, auditors certifications and compliance certificates within a specified number of days after the end of a quarter and year. Additionally, the Revolving Credit Facility contains restrictions limiting CTS' ability to: dispose of assets; incur certain additional debt; repay other debt or amend subordinated debt instruments; create liens on assets; make investments, loans or advances; make acquisitions or engage in mergers or consolidations; engage in certain transactions with CTS' subsidiaries and affiliates; and make stock repurchases and dividend payments. Interest rates on the Revolving Credit Facility fluctuate based upon the London Interbank Offered Rate and the Company’s quarterly total leverage ratio.

CTS has debt issuance costs related to its long-term debt that are being amortized using the straight-line method over the life of the debt. Amortization expense was approximately $32 and $50 for the three months ended March 31, 2016 and March 29, 2015, respectively, and was recognized as interest expense.