Note 8—Long-term debt:

	December 31, 2016		March 31, 2017
	(In millions)
Valhi:
Snake River Sugar Company	$	250.0	$	250.0
Contran credit facility		278.9		278.9
Total Valhi debt		528.9		528.9
Subsidiary debt:
Kronos:
Term loan		335.9		335.4
North American revolving credit facility		—		26.0
WCS:
Financing capital lease		64.0		63.6
Tremont:
Promissory note payable		14.5		14.5
BMI:
Bank note payable – Meadows Bank		8.4		—
Bank loan – Western Alliance Bank		—		19.5
LandWell:
Note payable to the City of Henderson		2.9		2.9
Other		10.4		10.0
Total subsidiary debt		436.1		471.9
Total debt		965.0		1,000.8
Less current maturities		7.8		7.6
Total long-term debt	$	957.2	$	993.2

Valhi – Contran credit facility – During the first three months of 2017, we had no borrowings or repayments under our Contran credit facility. The average interest rate on the existing balance as of and for the quarter ended March 31, 2017 was 5.0% and 4.8%, respectively. At March 31, 2017, the equivalent of $46.1 million was available for borrowing under this facility.

Kronos – Term loan – During the first three months of 2017, Kronos made its required quarterly principal payment of $.9 million. The average interest rate on the term loan borrowings as of and for the quarter ended March 31, 2017 was 4.0%. The carrying value of the term loan at March 31, 2017 is stated net of unamortized original issue discount of $.8 million and debt issuance costs of $3.3 million. See Note 17 for a discussion of the interest rate swap we entered into in 2015 pursuant to our interest rate risk strategy.

North American revolving credit facility – In January 2017, Kronos extended the maturity date of its North American revolving credit facility to the earlier of (i) January 30, 2022 or (ii) 90 days prior to the maturity date of our existing term loan indebtedness (or 90 days prior to the maturity date of any indebtedness incurred in a permitted refinancing of such existing term loan indebtedness). Based on the February 2020 maturity date of our existing term loan, the maturity date of the North American revolving credit facility is currently November 2019.

During the first three months of 2017, Kronos borrowed a net $26.0 million under its North American revolving credit facility. The average interest rate on outstanding borrowings as of and for the quarter ended March 31, 2017 was 4.75% and 4.72%, respectively. At March 31, 2017 approximately $74.9 million was available for additional borrowing under this revolving credit facility.

European revolving credit facility – 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, 2017 and the net debt to EBITDA financial test, Kronos’ borrowing availability at March 31, 2017 is approximately 69% of the credit facility, or €82.7 million ($88.3 million). We expect to extend the maturity date of this facility on or prior to its maturity date in September 2017.

Other – In February 2017, a wholly-owned subsidiary of BMI entered into a $20.5 million loan agreement with Western Alliance Bank. The proceeds were used to refinance the $8.5 million outstanding bank note payable to Meadows Bank and to finance improvements to BMI’s water delivery system. The agreement requires semi-annual payments of principal and interest on June 1 and December 1 aggregating $1.9 million annually beginning on June 1, 2017 through the maturity date in June 2032 (except during 2017 which calls for prorated aggregate principal and interest payments of $1.6 million). The agreement bears interest at 5.34% and is collateralized by certain real property, including the water delivery system, and revenue streams under the City of Henderson water contract. Debt issuance costs were approximately $1.0 million, and the carrying value of the banknote payable at March 31, 2017 is stated net of such unamortized debt issuance costs.

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, 2017.