Note 9—Long-term debt:

	December 31, 2014		June 30, 2015
	(In millions)
Valhi:
Snake River Sugar Company	$	250.0	$	250.0
Contran credit facility		223.7		237.2
Total Valhi debt		473.7		487.2
Subsidiary debt:
Kronos:
Term loan		345.9		344.3
WCS:
Financing capital lease		67.1		66.4
Tremont:
Promissory note payable		17.4		17.3
BMI:
Bank note payable		10.3		9.9
LandWell:
Note payable to the City of Henderson		3.1		3.1
Other		16.6		15.6
Total subsidiary debt		460.4		456.6
Total debt		934.1		943.8
Less current maturities		9.3		9.1
Total long-term debt	$	924.8	$	934.7

Valhi – Contran credit facility – During the first six months of 2015, we had net borrowings of $13.5 million under our Contran credit facility. The average interest rate on the existing balance as of and for the six months ended June 30, 2015 was 4.25%. At June 30, 2015 $37.8 million was available for borrowing under this facility.

Kronos – Term loan – On May 21, 2015 Kronos entered into an amendment to its term loan due in February 2020. As a result of the amendment:

·	The applicable margin on outstanding LIBOR-based borrowings was reduced from 3.75% to 3.00%, and the applicable margin on outstanding base rate borrowings was reduced from 2.75% to 2.00%; and

·	A provision was added whereby if Kronos elected to call all or a portion of the outstanding principal balance within six months of completing the amendment (i.e. before November 21, 2015), a 1% call premium of the aggregate principal amount so prepaid would apply.

We accounted for such amendment to the term loan as a modification of the terms of the term loan. All other terms of the term loan, including principal repayments, maturity and collateral remain unchanged. We paid a $750,000 refinancing fee in connection with this amendment, which along with the existing unamortized deferred financing costs associated with the term loan are being amortized over the remaining term of the loan.

During the first six months of 2015, Kronos made its required quarterly principal payments aggregating $1.8 million. The average interest rate on the term loan borrowings as of and for the quarter ended June 30, 2015 was 4.0% and 4.58%, respectively. The carrying value of the term loan at June 30, 2015 includes unamortized original issue discount of $1.3 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 June 30, 2015 and the net debt to EBITDA financial test, Kronos’ borrowing availability at June 30, 2015 is 46% of the credit facility, or €54.9 million ($61.5 million). In addition, at June 30, 2015 Kronos had approximately $87.2 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 June 30, 2015.