Debt

9 Months Ended

Sep. 30, 2019

Short-term and long-term debt at September 30, 2019, December 31, 2018 and September 30, 2018 consisted of the following:



(in thousands)	September 30, 2019		December 31, 2018		September 30, 2018
Short-term Debt – Non-Recourse (a)	$	35,278	$	—	$	—
Short-term Debt – Recourse	102,971		205,000		132,000
Total Short-term Debt	$	138,249	$	205,000	$	132,000

Current Maturities of Long-term Debt – Non-Recourse (b)	$	9,835	$	4,842	$	3,772
Current Maturities of Long-term Debt – Recourse (c)	39,733		16,747		11,905
Finance lease liability (d)	17,331		—		—
Total Current Maturities of Long-term Debt	$	66,899	$	21,589	$	15,677

Long-term Debt, Less: Current Maturities – Non-Recourse (b)	$	242,895	$	146,353	$	77,114
Long-term Debt, Less: Current Maturities – Recourse (c)	703,297		349,834		360,166
Finance lease liability (d)	21,925		—		—
Total Long-term Debt, Less: Current Maturities	$	968,117	$	496,187	$	437,280

(a) In conjunction with the Lansing Trade Group ("LTG") acquisition, the Company assumed a 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 $181.2 million and had $146.0 million available for borrowing on this line of credit as of September 30, 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.

(b) In conjunction with the LTG acquisition, the Company also assumed a term loan with a syndicate of banks. The term loan had a balance of $32.9 million at September 30, 2019. Interest rates for the term loans were 4.45% as of September 30, 2019 and are based on LIBOR plus an applicable spread. Payments of $0.6 million are made on a quarterly basis.

(c) On January 11, 2019 the Company entered into a 5-year term loan in the amount of $250 million and a 7-year term loan of $250 million. A portion of the term loans were used to pay down debt assumed in the LTG acquisition. Interest rates are based on LIBOR plus an applicable spread. At September 30, 2019, the interest rates for the 5-year and 7-year term loan were 3.77% and 4.02%, respectively. Payments on the term loans will be made on a quarterly basis.

(d) See Note 14, Leases, for additional information. September 30, 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 adoption of ASC 842.

The total borrowing capacity of the Company's lines of credit at September 30, 2019 was $1,628.7 million of which the Company had a total of $1,207.7 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 is in compliance with all financial covenants as of September 30, 2019.