Debt

3 Months Ended

Mar. 31, 2019

On January 11, 2019, the Company entered into a credit agreement with a syndicate of banks. The agreement provides a credit facility of up to $1,650 million. This amount is comprised of a 5-year revolving credit facility in the amount of $900 million, a 364-day revolving credit facility in the amount of $250 million, a 5-year term loan in the amount of $250 million, and a 7-year term loan in the amount of $250 million. The 5-year revolving credit facility replaced the $800 million revolving line of credit. A portion of the term loan was used to pay down debt assumed in the LTG acquisition. Interest rates for the term loans are based on LIBOR plus an applicable spread. Payments on the term loans will be made on a quarterly basis. As of March 31, 2019, $3.12 million has been paid down on the 5-year term loan and $3.12 million has been paid down on the 7-year term loan. The Company was in compliance with all financial covenants as of March 31, 2019.

On January 11, 2019, the Company entered into a credit agreement of $25 million, with a maturity date of January 11, 2020. The interest rate for the line of credit equals the LIBOR Daily Floating Rate plus an applicable spread. As of March 31, 2019, there was no borrowing against the line of credit.

Total borrowing capacity for the Company under all revolving lines of credit, including those discussed above, is currently at $1,625 million including $70 million for ELEMENT LLC, $200 million for The Andersons Railcar Leasing Company LLC, and $179.6 million for Thompsons Limited ("Thompsons"). At March 31, 2019, the Company had a total of $1,029 million available for borrowing under its lines of credit. The Company's borrowing capacity is reduced by a combination of outstanding borrowings and letters of credit. The Company was in compliance with all financial covenants as of March 31, 2019.

In conjunction with the recent acquisition, the Company also assumed Thompsons' revolving line of credit and a term loan with a syndicate of banks, which are non-recourse to the Company. The credit agreement provides the Company with a maximum availability of $179.6 million and had $90.9 million available for borrowing on this line of credit as of March 31, 2019. Any borrowings under the line of credit bear interest at variable rates, which are based on LIBOR or Bankers’ Acceptances plus an applicable spread. The maturity date for the revolving line of credit is June 26, 2023. The term loan had a balance of $33.8 million at March 31, 2019. Interest rates for the term loans are based on LIBOR plus an applicable spread. Payments of $0.6 million are made on a quarterly basis.

The Company’s short-term and long-term debt at March 31, 2019, December 31, 2018 and March 31, 2018 consisted of the following:



(in thousands)	March 31, 2019		December 31, 2018		March 31, 2018
Short-term Debt – Non-Recourse	$	97,304	$	—	$	—
Short-term Debt – Recourse	337,000		205,000		489,000
Total Short-term Debt	$	434,304	$	205,000	$	489,000

Current Maturities of Long-term Debt – Non-Recourse	$	7,147	$	4,842	$	2,922
Current Maturities of Long-term Debt – Recourse	42,006		16,747		11,212
Finance lease liability (a)	6,007		—		—
Total Current Maturities of Long-term Debt	$	55,160	$	21,589	$	14,134

Long-term Debt, Less: Current Maturities – Non-Recourse	$	177,233	$	146,353	$	72,977
Long-term Debt, Less: Current Maturities – Recourse	781,734		349,834		365,651
Finance lease liability (a)	23,058		—		—
Total Long-term Debt, Less: Current Maturities	$	982,025	$	496,187	$	438,628

(a) See Note 14, Leases, for additional information. March 31, 2019 balances include the former build-to-suit lease that was reclassed from other current liabilities and other long-term liabilities as a result of the new lease standard.