Note 5 - Debt

(In millions)	December 31, 2014		December 31, 2013
Working capital line of credit-China	$	1.3	$	3.0
Short-term borrowings		1.3		3.0
Senior unsecured credit facility — due 2019		415.0		—
Senior secured credit facility — due 2018		—		292.0
Long-term debt		415.0		292.0
Total debt	$	416.3	$	295.0

Senior Credit Facility

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%. 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.

Other Credit Facility

We have a $10.0 million borrowing facility for working capital needs of our Chinese entity with an outstanding balance of $1.3 million on December 31, 2014. The facility contains a $10.0 million revolving credit line. These funds can only be used locally, and accordingly, we do not include this facility in our borrowing capacity disclosures. The facility is guaranteed by Hexcel Corporation, but is uncommitted and cancellable by the lender at any time.

Aggregate Maturities of Debt

The table below reflects aggregate scheduled maturities of debt as of December 31, 2014.

Payable during the years ending December 31:	(In millions)
2015	$	1.3
2016		—
2017		—
2018		—
2019		415.0
Total debt	$	416.3