INDEBTEDNESS

3 Months Ended

Mar. 31, 2021

NOTE 8. INDEBTEDNESS

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


	March 31, 2021		December 31, 2020
Revolving credit facility	$	41.0	$	61.0
U.S. term loans	193.3		196.2
Multi-currency term loans	52.7		56.0
Total long-term debt	287.0		313.2
Less: Current maturities of long-term debt	14.5		14.6
Less: Unamortized debt issuance costs	3.2		3.4
Long-term debt, net	$	269.3	$	295.2

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 (1)
March 31, 2021	$	400.0	$	41.0	$	5.1	$	353.9
December 31, 2020	$	400.0	$	61.0	$	5.1	$	333.9

(1) The Company's actual borrowing availability under the Revolver as of March 31, 2021 is constrained by certain financial covenants.

At March 31, 2021, borrowings under the Revolver are comprised of $41.0 million of loans at a LIBOR rate of 1.61%. At December 31, 2020, borrowings under the Revolver were comprised of $61.0 million of loans at a weighted-average LIBOR rate of 1.65%. As of March 31, 2021 and December 31, 2020, letters of credit issued under the Revolver incurred interest at the rate of 1.50%, while commitments fees on the undrawn portion of the Revolver were charged at a rate of 0.225%.

At March 31, 2021, the U.S. term loan (“USTL”) and multi-currency term loan (“MCTL”) incurred interest at 1.61% and 1.50%, respectively. At December 31, 2020, the U.S. term loan and multi-currency term loan incurred interest at 1.65% 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 one-month or three-month Euribor, respectively. Quarterly principal amortization payments on the USTL and MCTL are required in the approximate fixed amounts of $2.8 million and €0.7 million, respectively, with the remaining balance due upon maturity.