Note 5 — Debt

(In millions)	June 30, 2013		December 31, 2012
Working capital line of credit — China	$	5.0	$	4.8
Current maturities of term loan	—		10.0
Current maturities of capital lease and other obligations	—		1.8
Notes payable and current maturities of long-term liabilities	5.0		16.6

Senior secured credit facility — term loan due 2015	—		75.0
Senior secured credit facility — revolving loan due 2015	—		165.0
Senior secured credit facility — revolving loan due 2018	309.0		—
Long-term notes payable	309.0		240.0
Total notes payable and capital lease obligations	$	314.0	$	256.6

As discussed in Note 11, in June 2013 we entered into a new $600 million senior secured revolving credit facility which matures in June 2018. The new facility replaces the Company’s previous senior secured credit facility ($82.5 million term loan and a $360 million revolving loan) that would have expired in July 2015. The initial interest rate for the revolver is LIBOR + 1.50% through September 30, 2013, and then can range up or down depending upon the leverage ratio. The new initial interest rate is 50 basis points lower than the prior facility, and at the current leverage ratio the new rate would be LIBOR + 1.25% beginning after covenant compliance reporting is completed for the period ending September 30, 2013. In addition to the lower interest rates and fees on undrawn balances, the new facility provides greater flexibility. The proceeds from the new facility were used to repay all amounts, and terminate all commitments outstanding under the Company’s credit agreement and to pay fees and expenses in connection with the refinancing. As a result of the refinancing, the Company accelerated certain unamortized financing costs of the credit facility being replaced and the deferred expense on related interest rate swaps incurring a pretax charge of $1.0 million in the second quarter of 2013.

The new facility contains financial and other covenants, including, but not limited to, restrictions on the incurrence of debt and the granting of liens, as well as the maintenance of an interest coverage ratio and a leverage ratio. In accordance with the terms of the new facility, we are required to maintain a minimum interest coverage ratio of 3.50 (based on the ratio of EBITDA, as defined in the credit agreement, to interest expense) and may not exceed a maximum leverage ratio of 3.50 (based on the ratio of total debt to EBITDA) throughout the term of the new facility. In addition, the new facility contains other terms and conditions such as customary representations and warranties, additional covenants and customary events of default.