Note 5 — Debt

(In millions)		June 30, 2015		December 31, 2014
Working capital line of credit — China	.................................	$	—	$	1.3
Short-term borrowings	..................................................		—		1.3
Senior unsecured credit facility — revolving loan due 2019	.		508.0		415.0
Long-term debt	..............................................................		508.0		415.0
Total debt	......................................................................	$	508.0	$	416.3

At June 30, 2015, total borrowings under our $700 million Senior Unsecured Revolving Credit Facility (the “Facility”) were $508 million, which approximates fair value. The Facility permits us to issue letters of credit up to an aggregate amount of $40 million. Outstanding letters of credit reduce the amount available for borrowing under our revolving loan. As of June 30, 2015 we had issued letters of credit under the Facility totaling $2.1 million, resulting in undrawn availability under the Facility as of June 30, 2015 of $189.9 million.

The 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. The average interest rate on the Facility was 1.45% for 2014 and the first six months of 2015.