Note 5 — Debt

(In millions)	September 30, 2014		December 31, 2013
Working capital line of credit — China	$	2.8	$	3.0
Short-term borrowings		2.8		3.0
Senior unsecured credit facility — revolving loan due 2019		430.0		—
Senior secured credit facility — revolving loan due 2018		—		292.0
Long-term debt		430.0		292.0
Total debt	$	432.8	$	295.0

In September 2014 we entered into a new $700 million senior unsecured revolving credit facility which matures in September 2019. The new facility replaces the Company’s previous senior secured credit facility (a $600 million revolving loan) that would have expired in June 2018. The initial interest rate for the revolver is LIBOR + 1.25%. In addition to the lower fees on undrawn balances, the new facility is unsecured and 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 incurring a pretax charge of $0.5 million in the third quarter of 2014.

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.