NOTE 7 – BANK CREDIT AGREEMENTS AND OTHER SHORT-TERM AND LONG-TERM DEBT

Short-term debt

Our Asia subsidiaries maintain credit facilities with several financial institutions through our foreign entities worldwide totaling $80.5 million. Generally our foreign credit lines are unsecured, uncommitted and may be repayable on demand. These credit facilities bear interest at LIBOR plus margin. Interest payments are due quarterly on outstanding amounts under the credit lines. The unused and available credit under the various facilities as of December 31, 2017, was approximately $78.7 million, net of a $1.0 million advance under the foreign credit line and $0.9 million credit used for import and export guarantee.

Long-term debt

We currently have a U.S. banking credit facility (the “U.S. Credit Facility”) under which we may draw up to $250 million on a revolving basis, in addition to a $250 million term loan. The U.S. Credit Facility matures October 26, 2021. The term loan portion of the U.S. Credit Facility is repayable in part through quarterly installments that increase over time from $3.1 million per quarter in 2016 to $9.4 million per quarter in the final year of the U.S. Credit Facility. We may, from time to time, request increases in the aggregate commitments under the U.S. Credit Facility of up to $200 million, subject to the lenders electing to increase their commitments or by means of the addition of new lenders, and subject to at least half of each increase in aggregate commitments being in the form of term loans, with the remaining amount of each increase being an increase in the amount of the revolving portion of the U.S. Credit Facility. The U.S. Credit Facility bears interest at LIBOR or similar indices plus a specified margin. The U.S. Credit Facility contains certain financial and non-financial covenants, including, but not limited to, a maximum consolidated leverage ratio, a minimum consolidated fixed charge coverage ratio, and restrictions on liens, indebtedness, investments, fundamental changes, dispositions, and restricted payments (including dividends and share repurchases). At December 31, 2017, we owed $268.8 million under the U.S. Credit Facility, $103.0 million of which was drawn under the revolving portion and $165.8 million of which was outstanding under the term loan. The obligations of the Borrowers under the U.S. Credit Facility are secured by substantially all of the assets of Diodes, including controlling interests in its first-tier subsidiaries, and by specified assets of certain of its subsidiaries.

Long-term debt balances as of December 31, consist of the following:

	2017			2016
Notes payable to Taiwan bank, original principal amount of TWD 132 million, variable interest (approximately 1.7% as of December 31, 2017), matures July 6, 2021.	$	1,271		$	1,466
Term loan and revolver		268,812			428,375
Total long-term debt		270,083			429,841
Less: Current portion		(20,636	)		(14,356	)
Less: Unamortized debt issuance costs		(1,955	)		(2,359	)
Long-term debt, net of current portion	$	247,492		$	413,126

The table below sets forth the annual contractual maturities of long-term debt at December 31, 2017:

2018	$	20,636
2019		26,892
2020		33,147
2021		189,408
Total long-term debt	$	270,083