Note 8—Long-term debt:

	December 31, 2017		March 31, 2018
	(In millions)
Valhi:
Snake River Sugar Company	$	250.0	$	250.0
Contran credit facility		284.3		320.6
Total Valhi debt		534.3		570.6
Subsidiary debt:
Kronos:
Senior Secured Notes		471.1		485.0
Tremont:
Promissory note payable		13.1		10.9
BMI:
Bank loan – Western Alliance Bank		18.8		18.8
LandWell:
Note payable to the City of Henderson		2.5		2.5
Other		3.3		3.2
Total subsidiary debt		508.8		520.4
Total debt		1,043.1		1,091.0
Less current maturities		1.6		1.6
Total long-term debt	$	1,041.5	$	1,089.4

Valhi – Contran credit facility – In connection with the sale of WCS discussed in Note 3, immediately prior to the closing of the sale, Contran transferred its associated receivable of $36.3 million from WCS to Valhi, in return for a deemed $36.3 million borrowing by Valhi under its revolving credit facility with Contran. The average interest rate on the existing balance as of and for the three months ended March 31, 2018 was 5.75% and 5.53%, respectively. At March 31, 2018, the equivalent of $39.4 million was available for borrowing under this facility.

Kronos – Senior Secured Notes - At March 31, 2018, the carrying value of Kronos’ 3.75% Senior Secured Notes due September 15, 2025 (€400 million aggregate principal amount outstanding) is stated net of unamortized debt issuance costs of $7.5 million.

North American and European revolving credit facilities– During the first three months of 2018, Kronos had no borrowings or repayments under its North American revolving credit facility and its European revolving credit facility. At March 31, 2018, approximately $115.2 million was available for additional borrowing under the North American 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, 2018 and the net debt to EBITDA financial test, the full €90.0 million of the credit facility ($110.8 million) is available for borrowing availability at such date.

Tremont – Promissory note payable – In January 2018, and following Tremont’s sale of certain land held for investment, discussed in Note 13, Tremont prepaid (without penalty) $2.2 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, 2018.