Note 5 –– Debt

	March 31,			December 31,
(In millions)	2017			2016
Current portion of capital lease	$	0.4		$	0.5
Current portion of Euro term loan		3.8			3.8
Current portion of debt	$	4.2		$	4.3
Non-current portion of Euro term loan		60.3			22.6
Senior unsecured credit facility- revolving loan due 2021		85.0			365.0
4.7% senior unsecured notes due 2025		300.0			300.0
Senior notes due 2025 - original issue discount and deferred financing costs		(3.1	)		(3.2	)
3.95% senior unsecured notes due 2027		400.0		―
Senior notes due 2027 - original issue discount and deferred financing costs		(5.4	)	―
Other debt		0.2		―
Long-term debt		837.0			684.4
Total debt	$	841.2		$	688.7

In February 2017, the Company issued $400 million aggregate principal amount of 3.95% Senior Unsecured Notes due in 2027. The interest rate on these senior notes may be increased by 0.25% each time a credit rating applicable to the notes is downgraded. The maximum rate is 5.95%. The net proceeds of approximately $394.6 million were initially used to repay, in part, $350 million of our Senior Unsecured Revolving Credit Facility (the “Facility”) and the remainder was used for general purposes including share repurchase. The conditions and covenants related to the senior notes are less restrictive than those of our Facility. The effective interest rate for the outstanding period in the first quarter was 3.80% inclusive of the approximately 0.25% benefit of the treasury locks. The fair value of the senior notes due in 2027 based on quoted prices utilizing level 2 inputs was $403.2 million at March 31, 2017.

In August 2015, the Company issued $300 million aggregate principal amount of 4.7% Senior Unsecured Notes due in 2025. The interest rate on these senior notes may be increased by 0.25% each time a credit rating applicable to the notes is downgraded. The maximum rate is 6.7%. The net proceeds of approximately $296.4 million were initially used to repay, in part, our Senior Unsecured Revolving Credit Facility (the “Facility”). The conditions and covenants related to the senior notes are less restrictive than those of our Facility. The effective interest rate for the outstanding period in the first quarter was 4.85%. The fair value of the notes due in 2025 based on quoted prices utilizing level 2 inputs was $318.9 million at March 31, 2017.

As of March 31, 2017, total borrowings under our $700 million Facility were $85 million, which approximates fair value using level 2 inputs. The Company utilized its Facility at various borrowing levels with $430 million and $440 million representing the highest amounts borrowed within the three months ended March 31, 2017 and 2016, respectively. 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 March 31, 2017, we had issued letters of credit under the Facility totaling $0.2 million, resulting in undrawn availability under the Facility as of March 31, 2017 of $614.8 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 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 Facility. In addition, the 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 2.75% for the first quarter of 2017. The average interest rate was 2.16% for 2016.

In June 2016, we entered into a €60 million term loan. The loan has two tranches of which the first tranche for €25 million had a six month availability period at a rate of Euribor +1.2% and a final maturity date of June 30, 2023. The second tranche for €35 million has a one year availability period at a rate of Euribor +1.25% and a final maturity date of June 30, 2024. There is a zero percent floor on the Euribor. The loans are payable in annual installments, beginning on June 30, 2017 and June 30, 2019, respectively. We had drawn the entire available amount of €60 million, or $64.1 million outstanding under this loan at March 31, 2017, which approximates fair value. The facility is guaranteed by Hexcel Corporation.