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Senior Bank Debt
12 Months Ended
Dec. 31, 2018
Debt Disclosure [Abstract]  
Senior Bank Debt
Senior Bank Debt
The Company has a senior unsecured multicurrency revolving credit facility and a senior unsecured term loan facility. As of December 31, 2018, the borrowing capacity under the revolver was $1.45 billion, with the ability, subject to certain conditions, to further increase commitments by up to $350.0 million. During 2018, the Company amended its term loan to increase the borrowings to $450.0 million, with the ability to borrow an additional $75.0 million, subject to certain conditions. The credit facilities contain financial covenants with respect to leverage and interest coverage, as well as customary affirmative and negative covenants, including limitations on priority indebtedness, asset dispositions and fundamental corporate changes, and certain customary events of default. The revolver matures on September 30, 2020 and the term loan matures on May 31, 2021.
As of December 31, 2017 and 2018, the Company had outstanding borrowings under the revolver of $425.0 million and $330.0 million, respectively, and the weighted-average interest rate on outstanding borrowings was 2.76% and 3.92%, respectively. As of December 31, 2017 and 2018, the Company had outstanding borrowings under the term loan of $385.0 million and $450.0 million, and the weighted-average interest rate on outstanding borrowings was 2.69% and 3.33%, respectively. The Company pays commitment fees on the unused portion of its revolver. For the years ended December 31, 2017 and 2018, these fees amounted to $1.5 million and $1.6 million, respectively.