Note 10—Long-term debt:

	December 31, 2015		March 31, 2016
	(In millions)
Valhi:
Snake River Sugar Company	$	250.0	$	250.0
Contran credit facility		263.8		276.5
Total Valhi debt		513.8		526.5
Subsidiary debt:
Kronos:
Term loan		338.0		337.5
Revolving North American credit facility		—		9.2
WCS:
Financing capital lease		65.6		65.2
Tremont:
Promissory note payable		17.1		17.1
BMI:
Bank note payable		9.3		9.1
LandWell:
Note payable to the City of Henderson		3.1		3.1
Other		13.6		13.1
Total subsidiary debt		446.7		454.3
Total debt		960.5		980.8
Less current maturities		9.5		9.4
Total long-term debt	$	951.0	$	971.4

Valhi – Contran credit facility – During the first three months of 2016, we had net borrowings of $12.7 million under our Contran credit facility. The average interest rate on the existing balance as of and for the quarter ended March 31, 2016 was 4.5%. At March 31, 2016, the equivalent of $48.5 million was available for borrowing under this facility.

Kronos – Term loan – During the first three months of 2016, 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, 2016 was 4.0%. The carrying value of the term loan at March 31, 2016 is stated net of unamortized original issue discount of $1.1 million and debt issuance costs of $4.4 million. See Note 17 for a discussion of the interest rate swap we entered into in 2015 pursuant to our interest rate risk strategy.

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, 2016 and the net debt to EBITDA financial test, Kronos’ borrowing availability at March 31, 2016 is approximately 6% of the credit facility, €6.7 million ($7.5 million). During the first three months of 2016, Kronos borrowed a net $9.2 million under its North American revolving credit facility. The average interest rate on outstanding borrowings as of and for the quarter ended March 31, 2016 was 4.25%. In addition, at March 31, 2016 Kronos had approximately $79.1 million available for borrowing under its North American revolving facility. Click here to enter text.

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, 2016.