December 31 December 31
2015 2016
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Borrowings under the Revolving Facility $ 25.0 $ 15.0
Term Loan 237.5 212.5
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Total borrowings under credit facility 262.5 227.5
Less: unamortized debt issuance costs (1) (1.8) (1.2)
Finance lease obligations (note 5) (2) 19.0 18.4
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$ 279.7 $ 244.7
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Comprised of:
Current portion of borrowings under credit
facility and finance lease obligations (2) $ 29.1 $ 56.0
Long-term portion of borrowings under credit
facility and finance lease obligations 250.6 188.7
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$ 279.7 $ 244.7
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(1) We incurred debt issuance costs in connection with the amendment of the credit facility in 2015, which we recorded as an offset against the proceeds from the Term Loan. Such costs are deferred and amortized over the term of the Term Loan using the effective interest rate method.
(2) At December 31, 2016, $15.3 of our finance lease obligations relate to manufacturing equipment for our solar panel business. As a result of our exit from this business, we intend to terminate and settle these lease obligations in 2017 and have recorded all remaining payments thereunder as current liabilities on our consolidated balance sheet as at December 31, 2016. See note 5.
The amounts outstanding under the Revolving Facility are due upon maturity of the facility in May 2020. We are permitted to repay amounts prior to maturity. Prepayments are also required under certain circumstances.
The Term Loan requires quarterly principal repayments until its maturity. At December 31, 2016, the remaining mandatory principal repayments of the Term Loan were as follows:
Years ending December 31 Amount
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2017 $ 25.0
2018 25.0
2019 25.0
2020 (to maturity in May 2020) 137.5
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$ 212.5
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