Note 9—Long-term debt:

	December 31, 2014		March 31, 2015
	(In millions)
Valhi:
Snake River Sugar Company	$	250.0	$	250.0
Contran credit facility		223.7		229.2
Total Valhi debt		473.7		479.2
Subsidiary debt:
Kronos:
Term loan		345.9		345.1
WCS:
Financing capital lease		67.1		66.8
Tremont:
Promissory note payable		17.4		17.3
BMI:
Bank note payable		10.3		10.1
LandWell:
Note payable to the City of Henderson		3.1		3.1
Other		16.6		16.5
Total subsidiary debt		460.4		458.9
Total debt		934.1		938.1
Less current maturities		9.3		9.2
Total long-term debt	$	924.8	$	928.9

Valhi – Contran credit facility – During the first three months of 2015, we had net borrowings of $5.5 million under our Contran credit facility. The average interest rate on the existing balance as of and for the three months ended March 31, 2015 was 4.25%. At March 31, 2015, the equivalent of $45.8 million was available for borrowing under this facility.

Kronos – Term loan – During the first three months of 2015, Kronos made its required quarterly principal payment of $.9 million. The average interest rate on the term loan borrowings as of and the quarter ended March 31, 2015 was 4.75%. The carrying value of the term loan at March 31, 2015 includes unamortized original issue discount of $1.4 million.

Revolving credit facilities – Kronos’ European revolving credit facility requires the maintenance of certain financial ratios, and one of such requirements is based on the ratio of net debt to last twelve months earnings before income tax, interest, depreciation and amortization expense (EBITDA) of the borrowers. Based upon the borrowers’ last twelve months EBITDA as of March 31, 2015 and the net debt to EBITDA financial test, Kronos’ borrowing availability at March 31, 2015 is 59% of the credit facility, or €71 million ($77 million). In addition, at March 31, 2015 Kronos had approximately $94.8 million available for borrowing under its North American revolving facility.

Tremont – Promissory note payable – In February 2015, and following Tremont’s receipt of dividend distributions from BMI and LandWell, Tremont prepaid (without penalty) $.1 million principal amount on the note as required under the terms of the note agreement.

Restrictions and other – Certain of the credit facilities with unrelated, third-party lenders described above require the respective borrowers to maintain minimum levels of equity, require the maintenance of certain financial ratios, limit dividends and additional indebtedness and contain other provisions and restrictive covenants customary in lending transactions of this type. We are in compliance with all of our debt covenants at March 31, 2015.