Note 10 Debt and Credit Facilities

Our total debt outstanding consisted of the amounts set forth on the following table:

	September 30,		December 31,
(In millions)	2015		2014
Short-term borrowings ⁽¹⁾	$	280.5	$	130.4
Current portion of long-term debt		34.7		1.1
Total current debt		315.2		131.5
Term Loan A due July 2017, less unamortized lender fees of $0.2 million in 2015 and $0.3 million in 2014		249.8		249.7
Term Loan A due July 2019, less unamortized lender fees of $8.8 million in 2015 and $10.6 million in 2014⁽²⁾		1,080.1		1,129.4
6.50% Senior Notes due December 2020		427.8		428.1
8.375% Senior Notes due September 2021		—		750.0
4.875% Senior Notes due December 2022		425.0		425.0
5.25% Senior Notes due April 2023		425.0		425.0
4.50% Senior Notes due September 2023		449.9		—
5.125% Senior Notes due December 2024		425.0		425.0
5.50% Senior Notes due September 2025		400.0		—
6.875% Senior Notes due July 2033, less unamortized discount of $1.3 million in 2015 and $1.3 million in 2014		448.7		448.7
Other		3.6		1.6
Total long-term debt, less current portion		4,334.9		4,282.5
Total debt⁽³⁾	$	4,650.1	$	4,414.0

⁽¹⁾

Short-term borrowings of $281 million at September 30, 2015 are comprised primarily of $67 million of borrowings outstanding under our U.S. accounts receivable securitization program, $40 million of borrowings outstanding under our European accounts receivable securitization program, $90 million outstanding under our revolving credit facility and $83 million short-term borrowing from various lines of credit. Short-term borrowings at December 31, 2014 are comprised primarily of $36 million of borrowings outstanding under our U.S. accounts receivable securitization program, $23 million outstanding under our revolving credit facility and $71 million short-term borrowings from various lines of credit.

⁽²⁾	Term Loan A facility due July 2019 has required prepayments which are due in 2016.

⁽³⁾	The weighted average interest rate on our total outstanding debt was 4.5% as of September 30, 2015 and 5.2% as of December 31, 2014.

Senior Notes

In the second quarter 2015, Sealed Air issued $400 million of 5.50% Senior Notes due September 15, 2025 and €400 million of 4.50% Senior Notes due September 15, 2023. The proceeds from these notes were used to repurchase the Company’s $750 million 8.375% Notes due September 2021. The aggregate repurchase price was $866 million, which included the principal amount of $750 million, a premium of $99 million and accrued interest of $17 million. We recognized a total pre-tax loss of $111 million on the repurchase, which included the premiums mentioned above. Also included in the loss on debt redemption was $11 million of accelerated amortization of original non-lender fees related to the 8.375% Senior Notes. We also capitalized $8 million of fees incurred in connection with the 5.50% Senior Notes and 4.50% Senior Notes that are included in other assets on our consolidated balance sheet.

Lines of Credit

The following table summarizes our available lines of credit and committed and uncommitted lines of credit, including the Revolving Credit Facility discussed above, and the amounts available under our accounts receivable securitization programs. We are not subject to any material compensating balance requirements in connection with our lines of credit.

	September 30,		December 31,
(In millions)	2015		2014
Used lines of credit⁽¹⁾	$	280.5	$	130.4
Unused lines of credit		977.8		1,101.7
Total available lines of credit⁽²⁾	$	1,258.3	$	1,232.1

⁽¹⁾	Includes total borrowings under the accounts receivable securitization programs, the revolving credit facility and borrowings under lines of credit available to several foreign subsidiaries.

⁽²⁾	Of the total available lines of credit, $887 million were committed as of September 30, 2015.

Covenants

Each issue of our outstanding senior notes imposes limitations on our operations and those of specified subsidiaries. The Second Amended and Restated Syndicated Credit Facility (“Amended Credit Facility”) contains customary affirmative and negative covenants for credit facilities of this type, including limitations on our indebtedness, liens, investments, restricted payments, mergers and acquisitions, dispositions of assets, transactions with affiliates, amendment of documents and sale leasebacks, and a covenant specifying a maximum permitted ratio of Consolidated Net Debt to Consolidated EBITDA (as defined in the Amended Credit Facility). We were in compliance with the above financial covenants and limitations at September 30, 2015.