INDEBTEDNESS

9 Months Ended

Sep. 30, 2020

The following table summarizes the Company’s long-term debt as of the dates presented (in millions):


	September 30, 2020		December 31, 2019
Revolving credit facility	$	59.0	$	138.5
U.S. term loans	199.0		228.1
Multi-currency term loans	54.2		83.7
Total long-term debt	312.2		450.3
Less: Current maturities of long-term debt	14.5		17.1
Less: Unamortized debt issuance costs	3.7		4.3
Long-term debt, net	$	294.0	$	428.9

Credit Facility

The commitments and available borrowing capacity under the revolving credit facility (the “Revolver”) were as follows as of the dates presented (in millions):


	Commitments		Outstanding Borrowings		Letters of Credit Outstanding		Borrowing Capacity
September 30, 2020	$	400.0	$	59.0	$	5.1	$	335.9
December 31, 2019	$	400.0	$	138.5	$	5.1	$	256.4

On August 21, 2020, the Company entered into the Second Amendment to the Third Amended and Restated Credit Agreement (the “Credit Agreement Amendment”), dated as of January 23, 2018, as previously amended by the First Amendment to the Third Amended and Restated Credit Agreement, dated as of August 26, 2019 (together, as amended, the “Credit Agreement”). The Credit Agreement Amendment, among other things, relaxed certain requirements or constraints under which affirmative covenants related to net leverage ratios are determined. In connection with the closing of the Credit Agreement Amendment, a covenant was added requiring the Company to make partial prepayments of term-loan principal in the amount of $50.0 million, all of which were made as of September 30, 2020.

The Company incurred approximately $0.3 million of debt issuance costs in connection with the Credit Agreement Amendment, which were capitalized and will be amortized over the remaining term of the Credit Facility. In connection with the prepayment of the $50.0 million in term-loan principal, the Company recorded a non-cash charge of approximately $0.2 million for loss on extinguishment of debt.

At September 30, 2020, borrowings under the Revolver include $59.0 million at a LIBOR rate of 1.90%. At December 31, 2019, borrowings under the Revolver included $10.0 million at a base rate of 5.25% and $128.5 million at a weighted-average LIBOR rate of 3.27%. As of September 30, 2020 and December 31, 2019, letters of credit issued under the Revolver incurred interest at the rate of 1.75% and 1.50%, respectively.

At September 30, 2020, the U.S. term loan and multi-currency term loan incurred interest at 1.90% and 1.75%, respectively. At December 31, 2019, the U.S. term loan and multi-currency term loan incurred interest at 3.30% and 1.50%, respectively. The Eurocurrency rates used for the U.S. dollar-denominated term loan and the Euro-denominated term loan are one-month LIBOR and three-month Euribor, respectively. Borrowings under the term loan facilities amortize in equal quarterly installments, with the remaining balance due upon maturity.