Debt

The components of our borrowings were as follows:



	September 30, 2013		December 31, 2012
	(in thousands)
Credit facility:
USD denominated term loan	$	264,375	$	277,500
Multicurrency revolving line of credit	135,000		140,000
Total debt	399,375		417,500
Less: current portion of debt	24,375		18,750
Long-term debt	$	375,000	$	398,750

Credit Facility

Our credit facility is dated August 5, 2011. The credit facility consists of a $300 million U.S. dollar term loan (the term loan) and a multicurrency revolving line of credit (the revolver) with a principal amount of up to $660 million. Both the term loan and the revolver mature on August 8, 2016. Amounts borrowed under the revolver are classified as long-term, and, during the credit facility term, may be repaid and reborrowed until the revolver's maturity, at which time the revolver will terminate, and all outstanding loans, together with all accrued and unpaid interest, must be repaid. Unused borrowing capacity under the revolver is subject to a commitment fee, which is paid in arrears on the last day of each fiscal quarter, ranging from 0.20% to 0.40% per annum depending on our total leverage ratio as of the most recently ended fiscal quarter. Amounts repaid on the term loan may not be reborrowed. The multicurrency revolving line of credit permits us and certain of our foreign subsidiaries to borrow in U.S. dollars, euros, British pounds, or, with lender approval, other currencies readily convertible into U.S. dollars. All obligations under the credit facility are guaranteed by Itron, Inc. and material U.S. domestic subsidiaries and are secured by a pledge of substantially all of the assets of Itron, Inc. and material U.S. domestic subsidiaries, including a pledge of 100% of the capital stock of material U.S. domestic subsidiaries and up to 66% of the voting stock (100% of the non-voting stock) of their first-tier foreign subsidiaries. In addition, the obligations of any foreign subsidiary who is a foreign borrower, as defined by the credit facility, are guaranteed by the foreign subsidiary and by its direct and indirect foreign parents. The credit facility includes debt covenants, which contain certain financial ratio thresholds and place certain restrictions on the incurrence of debt, investments, and the issuance of dividends. We were in compliance with the debt covenants under the credit facility at September 30, 2013.

Scheduled principal repayments for the term loan are due quarterly in the amounts of $5.6 million through June 2014 and $7.5 million from September 2014 through June 2016, with the remainder due at maturity on August 8, 2016. The term loan may be repaid early in whole or in part, subject to certain minimum thresholds, without penalty.

Under the credit facility, we elect applicable market interest rates for both the term loan and any outstanding revolving loans. We also pay an applicable margin, which is based on our total leverage ratio (as defined in the credit agreement). The applicable rates per annum may be based on either: (1) the LIBOR rate, plus an applicable margin, or (2) the Alternate Base Rate, plus an applicable margin. The Alternate Base Rate election is equal to the greatest of three rates: (i) the prime rate, (ii) the Federal Reserve effective rate plus 1/2 of 1%, or (iii) one month LIBOR plus 1%. At September 30, 2013, the interest rate for both the term loan and the revolver was 1.68% (the LIBOR rate plus a margin of 1.50%).

Total credit facility repayments were as follows:



	Nine Months Ended September 30,
	2013		2012
	(in thousands)
Term loan	$	13,125	$	11,252
Multicurrency revolving line of credit ⁽¹⁾	40,000		90,000
Total credit facility repayments	$	53,125	$	101,252


⁽¹⁾	We borrowed $35.0 million and $70.0 million under the multicurrency revolving line of credit during the nine months ended September 30, 2013 and 2012.

At September 30, 2013, $135.0 million was outstanding under the credit facility revolver, and $50.1 million was utilized by outstanding standby letters of credit, resulting in $474.9 million available for additional borrowings.

Unamortized prepaid debt fees were as follows:



	September 30, 2013		December 31, 2012
	(in thousands)
Unamortized prepaid debt fees	$	4,198	$	5,367