Debt

6 Months Ended

Jun. 30, 2021

Short-term and long-term debt at June 30, 2021, December 31, 2020 and June 30, 2020 consisted of the following:


(in thousands)	June 30, 2021		December 31, 2020		June 30, 2020
Short-term debt – non-recourse	$	120,020	$	93,192	$	43,284
Short-term debt – recourse	637,251		310,511		52,787
Total short-term debt	$	757,271	$	403,703	$	96,071

Current maturities of long-term debt – non-recourse	$	9,078	$	6,438	$	4,845
Current maturities of long-term debt – recourse	47,504		69,037		63,632
Total current maturities of long-term debt	$	56,582	$	75,475	$	68,477

Long-term debt, less: current maturities – non-recourse	$	116,219	$	143,406	$	325,819
Long-term debt, less: current maturities – recourse	750,235		773,134		650,154
Total long-term debt, less: current maturities	$	866,454	$	916,540	$	975,973

On February 4, 2021, the Company completed the second amendment to its credit agreement dated January 11, 2019. The amendment, which replaced an underwritten bridge loan received on January 21, 2021, provided for a short-term $250 million term note in which the entire stated principal is due on December 31, 2021. The term note bears interest at variable rates, which are based on LIBOR plus an applicable spread.

On May 6, 2021, the Company completed the third amendment to its credit agreement dated January 11, 2019. The amendment provides for a short term note of approximately $358 million in which the entire stated principal is due on March 31, 2022. The term note will bear interest at variable rates, which are based on LIBOR plus an applicable spread.

The total borrowing capacity of the Company's lines of credit at June 30, 2021 was $1,404.6 million of which the Company had a total of $1,173.5 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.

As of June 30, 2021, December 31, 2020 and June 30, 2020, the estimated fair value of long-term debt, including the current portion, was $946.8 million, $1,026.8 million and $1,090.1 million, respectively. The Company estimates the fair value of its long-term debt based upon the Company’s credit standing and current interest rates offered to the Company on similar bonds and rates currently available to the Company for long-term borrowings with similar terms and remaining maturities.

The Company is in compliance with all financial covenants as of June 30, 2021.