Financing Arrangements

Long-term debt consists of the following:



				Carrying Value at
	Maturity Date	Interest Rate at March 31, 2018		March 31, 2018			December 31, 2017
				(In millions)
Senior Notes due 2027	April 15, 2027	6.625	%	$	350.0		$	350.0
Revolving credit facility	April 17, 2022	3.33	%	172.0			124.7
Industrial Equipment Group European Facilities	December 21, 2021	3.25	%	27.7			27.0
Capital Leases	Various	Various		19.3			20.3
Other	Various	Various		22.6			19.9
Gross debt				591.6			541.9
Less current portion of long-term and short-term debt				(14.5		)	(17.7		)
Less unamortized debt issuance costs				(8.4		)	(8.7		)
Total long-term debt, net				$	568.7		$	515.5

In April 2017, Park-Ohio Industries, Inc. (“Park-Ohio”), the operating subsidiary of Park-Ohio Holdings Corp., completed the issuance, in a private placement, of $350.0 million aggregate principal amount of 6.625% Senior Notes due 2027 (the “Notes”). The Notes are unsecured senior obligations of Park-Ohio and are guaranteed on an unsecured senior basis by the 100% owned material domestic subsidiaries of Park-Ohio.

In April 2017, Park-Ohio also entered into a seventh amended and restated credit agreement (the “Amended Credit Agreement”) with a group of banks to increase the revolving credit facility to $350.0 million and extend the maturity date of borrowings under the facility to April 17, 2022. Furthermore, Park-Ohio has the option, pursuant to the Amended Credit Agreement, to increase the availability under the revolving credit facility by an aggregate incremental amount up to $100.0 million.

In December 2016, the Company, through its subsidiary, IEGE Industrial Equipment Holding Company Limited, entered into a financing agreement with Banco Bilbao Vizcaya Argentaria, S.A. The financing agreement provides the Company a loan up to $27.7 million as of March 31, 2018, as well as a revolving credit facility for up to $12.4 million to fund working capital and general corporate needs. The full $27.7 million loan is outstanding as of March 31, 2018. No amounts have been drawn on the revolving credit facility as of March 31, 2018.

In August 2015, the Company entered into a Capital Lease Agreement (the “Lease Agreement”). The Lease Agreement provides the Company up to $50.0 million for capital leases. Capital lease obligations of $19.3 million were borrowed under the Lease Agreement to acquire machinery and equipment as of March 31, 2018.

In October 2015, the Company, through its Southwest Steel Processing LLC subsidiary, entered into a financing agreement with the Arkansas Development Finance Authority. The financing agreement provides the Company the ability to borrow up to $11.0 million for expansion of its manufacturing facility in Arkansas. The financing agreement matures in September 2025. The Company had $4.4 million of borrowings outstanding under this agreement as of March 31, 2018, which is included in Other above.

The following table represents fair value information of the Notes, classified as Level 1 using estimated quoted market prices.



	March 31, 2018		December 31, 2017
	(In millions)
Carrying amount	$	350.0	$	350.0
Fair value	$	360.2	$	380.6