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Debt
3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Debt Debt
The following table summarizes our long-term debt obligations, net of unamortized debt issuance costs and current maturities. The interest rates shown in parentheses are as of March 31, 2023.
($ in millions)March 31,
2023
December 31,
2022
Term Loan, due December 31, 2024 (5.87%)
$82.6 $83.2 
Series B notes, due July 5, 2024 (3.82%)
53.0 53.0 
Series C notes, due July 5, 2027 (4.02%)
73.0 73.0 
208.6 209.2 
Less: unamortized debt issuance costs for Term Loan and Series Notes0.3 0.3 
Total debt208.3 208.9 
Less: current portion of long-term debt2.2 2.2 
Long-term debt, net$206.1 $206.7 

Credit Facility

At March 31, 2023, the borrowing capacity available under our $500.0 million multi-currency revolving credit facility, including outstanding letters of credit of $2.4 million, was $497.6 million.

Term Loan

At March 31, 2023, we had $82.6 million in borrowings under the Term Loan, of which $2.2 million was classified as current and $80.4 million was classified as long-term. Please refer to Note 9, Derivative Financial Instruments, for a discussion of the foreign currency hedge associated with the Term Loan.

Pursuant to the financial covenants in our debt agreements, we are required to maintain established interest coverage ratios and to not exceed established leverage ratios. In addition, the agreements contain other customary covenants, none of which we consider restrictive to our operations. At March 31, 2023, we were in compliance with all of our debt covenants.

Please refer to Note 10, Debt, to the consolidated financial statements in our 2022 Annual Report for additional details regarding our debt agreements.