Debt and Credit Facilities |
Debt and Credit Facilities Our total debt outstanding consisted of: | | | | | | | | | | (In millions) | | June 30, 2018 | | December 31, 2017 | Short-term borrowings(1) | | $ | 117.1 |
| | $ | 25.3 |
| Current portion of long-term debt | | 1.5 |
| | 2.2 |
| Total current debt | | 118.6 |
| | 27.5 |
| Term Loan A due July 2019 | | 222.7 |
| | 222.7 |
| 6.50% Senior Notes due December 2020 | | 423.8 |
| | 423.6 |
| 4.875% Senior Notes due December 2022 | | 420.7 |
| | 420.4 |
| 5.25% Senior Notes due April 2023 | | 420.8 |
| | 420.4 |
| 4.50% Senior Notes due September 2023 | | 459.6 |
| | 474.3 |
| 5.125% Senior Notes due December 2024 | | 421.0 |
| | 420.7 |
| 5.50% Senior Notes due September 2025 | | 396.9 |
| | 396.7 |
| 6.875% Senior Notes due July 2033 | | 445.5 |
| | 445.4 |
| Other | | 6.1 |
| | 6.3 |
| Total long-term debt, less current portion(3) | | 3,217.1 |
| | 3,230.5 |
| Total debt(2) | | $ | 3,335.7 |
| | $ | 3,258.0 |
|
| | (1) | Short-term borrowings of $117.1 million at June 30, 2018 are comprised of $62.4 million under our European securitization program and $54.7 million of short-term borrowings from various lines of credit. Short-term borrowings of $25.3 million at December 31, 2017 were comprised $2.1 million of Diversey accounts payable obligations under financing arrangements which Sealed Air was fully reimbursed for as part of the sale of Diversey as well as $23.2 million of short-term borrowings from various lines of credit. |
| | (2) | As of June 30, 2018, our weighted average interest rate on our short-term borrowings outstanding was 2.4% and on our long-term debt outstanding was 5.4%. As of December 31, 2017, our weighted average interest rate on our short-term borrowings outstanding was 5.4% and on our long-term debt outstanding was 5.3%. |
| | (3) | Amounts are net of unamortized discounts and issuance costs of $26.7 million as June 30, 2018 and $29.5 million as of December 31, 2017. |
Credit Facility On July 12, 2018, we executed the Third Amended and Restated Syndicated Credit Facility ("Amended Credit Facility"). We refinanced the term loan A facilities and revolving credit facilities with a new U.S. dollar term loan A facility in an aggregate principal amount of approximately $186.5 million, a new pounds sterling term loan A facility in an aggregate principal amount of approximately £29.4 million, and increased our revolving credit facilities from $700 million to $1.0 billion (including revolving facilities available in U.S. dollars, euros, pounds sterling, Canadian dollars, Australian dollars, Japanese yen, New Zealand dollars and Mexican pesos). The expiration date was extended for term loan A facilities and revolving credit commitment to July 11, 2023. 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. | | | | | | | | | | (In millions) | | June 30, 2018 | | December 31, 2017 | Used lines of credit(1) | | $ | 117.1 |
| | $ | 23.2 |
| Unused lines of credit | | 958.3 |
| | 1,108.6 |
| Total available lines of credit(2) | | $ | 1,075.4 |
| | $ | 1,131.8 |
|
| | (1) | Includes total borrowings under the accounts receivable securitization programs, the revolving credit facility and borrowings under lines of credit available to several subsidiaries. |
| | (2) | Of the total available lines of credit, $846.8 million was committed as of June 30, 2018. |
Covenants
Each issue of our outstanding senior notes imposes limitations on our operations and those of specified subsidiaries. The 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 June 30, 2018.
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