81 The Revolving Credit Facility has a maturity date of July 21, 2017 , and provides for a committed revolving credit line of up to $700 million , $630 million of which may be borrowed by the U.S. borrower under the Revolving Credit Facility and $ 70 million of which may be borrowed by the Canadian borrower under the Revolving Credit Facility . The Revolving Credit Facility includes a springing maturity concept which is generally applicable only if the Company's $355 million convertible notes due 2013 or the Company's $125 million Senior Floating Rate Notes due 2015 are not repaid or refinanced within 90 days of their maturity unless, if such notes are not repaid or refinanced, there is at least $ 100 million of availability and the fixed char ge coverage ratio is not less than 1.15 to 1.00 , in each case after giving pro forma ef fect to the repayment of such notes. The commitment amount under the Revolving Credit Facility may be increased by an additional $100 million , subject to certain conditions and approvals as set forth in the credit agreement. The Company capitalized $ 4.8 million in deferred financing costs in connection with the Revolving Credit Facility in the third quarter of 201 1 . Also, in the third quarter the Company expensed $ 1.3 million in unamortized fees and expenses related to the T erminated Credit Facility . The Revolving Credit Facility requires maintenance of a minimum fixed char ge coverage ratio of one to one if availability under the Revolving Credit Facility is less than $ 70 million or 10% of the then existing aggregate lender commitment under the facility . At December 31, 2012 and 201 1 , the Company was in compliance with all material covenants under the facility . The Revolving Credit Facility may be used for refinancing certain existing indebtedness and will continue to be used for working capital and general corporate purposes. Indebtedness under the Revolving Credit Facility is secured by (a) for US borrowings under the facility , a first priority security interest in substantially all of the Company's domestic assets and, (b) for Canadian borrowings, a first priority security interest in substantially all of the Company's domestic and Canadian assets.   In addition, the lenders under the Revolving Credit Facility have received a pledge of (i) 100% of the equity interests in substantially all of the Company's domestic subsidiaries, and (ii) 65% of the voting equity interests in and 100% of the non-voting equity interests in certain of the Company's foreign subsidiaries, including the Company's Canadian subsidiaries. Borrowings under the Revolving Credit Facility bear interest at interest rate bases elected by the Company plus an applicable mar gin calculated quarterly based on the Company's average availability as set forth in the credit agreement. The Revolving Credit Facility also carries a commitment fee equal to the available but unused commitments multiplied by an applicable mar gin of either 0.375% or 0.50% based on the average daily unused commitments. The Company's Revolving Credit Facility as of the respective dates are summarized in the table below: Revolving Credit Facility (in millions) Dec 31, 2012 Dec 31, 2011 Outstanding borrowings $ — $ 34.9 Total credit under facility 700.0 400.0 Undrawn availability 515.3 336.0 Interest rate 1.5 % 2.9 % Outstanding letters of credit $ 18.3 $ 20.2 Original issuance Jul 2011 Jul 2011 Maturity date Jul 2017 Jul 2016 Spanish T erm Loans The table below provides a summary of the Company’ s term loans and corresponding fixed interest rate swaps. The proceeds from the Spanish T erm Loans were used to partially fund the acquisition of Enica Biskra and for general working capital purposes. There is no remaining availability under these Spanish T erm Loans.   Spanish T erm Loans (1) (in millions) Dec 31, 2012 Dec 31, 2011 Outstanding borrowings $ 14.6 $ 31.4 Fair Value (Level 2) 14.8 32.0 Interest rate — weighted average (2) 3.7 % 3.7 % (1) The terms of the Spanish T erm Loans are as follows: T able of Contents