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Debt and Credit Facilities
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Debt and Credit Facilities Debt and Credit Facilities
Our total debt outstanding consisted of the amounts set forth on the following table:
 December 31,
(In millions)Interest rate20202019
Short-term borrowings (1)
$7.2 $98.9 
Current portion of long-term debt(2)
22.3 16.7 
Total current debt29.5 115.6 
Term Loan A due August 2022474.7 474.6 
Term Loan A due July 2023208.6 218.2 
Senior Notes due December 20224.875 %423.3 421.9 
Senior Notes due April 20235.250 %422.9 422.0 
Senior Notes due September 20234.500 %490.2 445.6 
Senior Notes due December 20245.125 %422.1 421.9 
Senior Notes due September 20255.500 %397.8 397.4 
Senior Notes due December 20274.000 %420.9 420.4 
Senior Notes due July 20336.875 %446.0 445.7 
Other(2)
24.9 30.9 
Total long-term debt, less current portion(3)
3,731.4 3,698.6 
Total debt(4)
$3,760.9 $3,814.2 
 
       
(1)Short-term borrowings at December 31, 2020 were comprised of $7.2 million in short-term borrowings from various lines of credit. Short-term borrowings at December 31, 2019 were comprised of $89.0 million under our revolving credit facility and $9.9 million of short-term borrowings from various lines of credit.
(2)The Current portion of long-term debt includes finance lease liabilities of $10.5 million and $10.4 million as of December 31, 2020 and 2019, respectively. The Other debt balance includes $23.9 million and $28.7 million for long-term liabilities associated with our finance leases as of December 31, 2020 and 2019, respectively. See Note 4, “Leases,” of the Notes for additional information on finance and operating lease liabilities.
(3)Amounts are net of unamortized discounts and issuance costs of $20.1 million and $24.6 million as of December 31, 2020 and 2019, respectively.
(4)As of December 31, 2020, our weighted average interest rate on our short-term borrowings outstanding was 2.2% and on our long-term debt outstanding was 4.4%. As of December 31, 2019, our weighted average interest rate on our short-term borrowings outstanding was 5.0% and on our long-term debt outstanding was 4.8%.
Debt Maturities
The following table summarizes the scheduled annual maturities for the next five years and thereafter of our long-term debt, including the current portion of long-term debt and finance leases. This schedule represents the principal portion amount outstanding of our debt, and therefore excludes debt discounts, effect of present value discounting for capital lease obligations, interest rate swaps and lender and finance fees.
Year
Amount
(in millions)
2021$23.7 
2022908.9 
20231,130.7 
2024427.2 
2025401.8 
Thereafter887.8 
Total$3,780.1 
Senior Notes
2019 Activity
On November 26, 2019, Sealed Air issued $425 million aggregate principal amount of 4.00% Senior Notes due December 1, 2027. The proceeds were used to repurchase and discharge the Company's $425 million 6.50% Senior Notes due 2020. The aggregate repurchase price was $452.0 million, which included the principal amount of $425 million, a premium of $15.5 million and accrued interest of $11.5 million. We recognized a pre-tax loss of $16.1 million on the extinguishment, including the premium mentioned above and $1.2 million of accelerated amortization of non-lender fees partially offset by a $0.6 million gain on the settlement of interest rate swaps. We also capitalized $3.5 million of non-lender fees incurred in connection with the 4.00% Senior Notes which are included in long-term debt, less current portion on our Consolidated Balance Sheets.
Amended and Restated Senior Secured Credit Facility
On August 1, 2019, Sealed Air Corporation, on behalf of itself and certain of its subsidiaries, and Sealed Air Corporation (US) entered into an amendment and incremental assumption agreement (“the Amendment”) further amending the Third Amended and Restated Credit Agreement, described below. The Amendment provides for a new incremental term facility in an aggregate principal amount of $475 million, to be used, in part, to finance the acquisition of Automated Packaging Systems. In addition, we incurred $0.4 million of lender and third-party fees included in carrying amounts of outstanding debt. See Note 5, “Acquisitions,” of the Notes for additional information related to the Automated Packaging Systems acquisition.
2018 Activity
On July 12, 2018, the Company and certain of its subsidiaries entered into a third amended and restated credit agreement and an amendment No. 1 thereto (the “Third Amended and Restated Agreement”) whereby its senior secured credit facility was amended and restated with Bank of America, N.A., as agent and the other financial institutions party thereto. The changes include: (i) the refinancing of 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 $700.0 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), (ii) increased flexibility to lower the interest rate margin for the term loan A facilities and revolving credit facilities, which will range from 125 to 200 basis points (bps) in the case of LIBOR loans, subject to the achievement of certain leverage tests, (iii) the extension of the final maturity of the term loan A facilities and revolving credit commitment to July 11, 2023, (iv) the removal of the requirement to prepay the loans with respect to excess cash flow, (v) adjustments to the financial maintenance covenant of Consolidated Net Debt to Consolidated EBITDA (in each case, as defined in the Third Amended and Restated Credit Agreement) and other covenants to provide additional flexibility to the Company, (vi) the release of certain non-U.S. asset collateral previously pledged by certain of the Company's subsidiaries and (vii) other amendments.
As a result of the Third Amended and Restated Credit Agreement, we recognized $1.9 million of loss on debt redemption in our Consolidated Statements of Operations in the year ended December 31, 2018. This amount includes $1.5 million of accelerated amortization of original issuance discount related to the term loan A and lender and non-lender fees related to the entire credit facility. Also included in the loss on debt redemption was $0.4 million of non-lender fees incurred in connection with the Third Amended and Restated Credit Agreement. In addition, we incurred $0.7 million of lender and third-party fees that are included in the carrying amounts of the outstanding debt under the credit facility. We also capitalized $4.9 million of fees that are included in other assets on our Consolidated Balance Sheets. The amortization expense related to original issuance discount and lender and non-lender fees is calculated using the effective interest rate method over the lives of the respective debt instruments.
Total amortization expense related to the senior secured credit facility was $2.0 million, $1.8 million and $3.2 million for the years ended December 31, 2020, 2019 and 2018, respectively, and is included in interest expense, net in our Consolidated Statements of Operations.
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.
 December 31,
(In millions)20202019
Used lines of credit(1)
$7.2 $98.9 
Unused lines of credit1,312.0 1,245.2 
Total available lines of credit(2)
$1,319.2 $1,344.1 
 
      
(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, $1,145.5 million were committed as of December 31, 2020.
Covenants
Each issue of our outstanding senior notes imposes limitations on our operations and those of specified subsidiaries. Our 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 leverage ratio to EBITDA. We were in compliance with the above financial covenants and limitations at December 31, 2020 and 2019.