NOTE 12. DEBT

As of June 30, 2017 and December 31, 2016, our long-term debt included borrowings outstanding under our $1,050.0 million credit facility, which is comprised of a $200.0 million revolving credit facility (with a $150.0 million sublimit for letters of credit), a $600.0 million Term Loan A and a $250.0 million Term Loan B. We also have a $25.0 million letter of credit facility, also known as our bi-lateral facility.

As of June 30, 2017, the outstanding balance on our revolving credit facility, classified as Short-term debt on our Condensed Consolidated Balance Sheets, was $15.0 million. As of December 31, 2016, there were no borrowings outstanding on our revolving credit facility.

As of June 30, 2017 and December 31, 2016, our outstanding long-term debt included a $35.0 million variable rate, tax-exempt industrial development bond that financed the construction of a U.S. plant in prior years.

We utilize lines of credit and other commercial commitments in order to ensure that adequate funds are available to meet operating requirements. Letters of credit are currently arranged through our revolving credit facility, our bi-lateral facility and our securitization facility. In addition, our foreign subsidiaries’ available lines of credit are available for letters of credit and guarantees. Letters of credit are issued to third party suppliers, insurance institutions and financial institutions and typically can only be drawn upon in the event of AWI’s failure to pay its obligations to the beneficiary. The following table presents details related to our letters of credit:

	As of June 30, 2017
Financing Arrangements	Limit		Used		Available
Revolving credit facility	$	150.0	$	-	$	150.0
Bi-lateral facility		25.0		19.2		5.8
Accounts receivable securitization facility		40.0		36.2		3.8
Foreign lines of credit		0.2		-		0.2
Total	$	215.2	$	55.4	$	159.8

As of December 31, 2016, $4.0 million of letters of credits issued under our accounts receivable securitization facility in excess of our maximum limit were classified as restricted cash and reported as a component of Cash and cash equivalents on our Condensed Consolidated Balance Sheets. As of June 30, 2017, no amounts were classified as restricted cash.

In February 2017, we repriced the interest rate on our Term Loan B borrowing, resulting in a lower LIBOR spread (2.75% vs. 3.25%). The maturity date and all other terms and conditions remained unchanged. In connection with the refinancing, we paid $0.6 million of bank, legal and other fees, the majority of which were capitalized.