Long-Term Debt



Long-Term Debt (in millions):	December 30, 2018			December 31, 2017
$750.0 million revolving credit facility, due December 2020, weighted average rate of 5.50% at December 30, 2018 and 2.72% at December 31, 2017	$	29.0		$	165.0
Term Loans, weighted average rate of 2.94% at December 31, 2017	—			175.5
Term loan due October 2019, variable rate of 3.63% at December 30, 2018 and 2.8% at December 31, 2017, swapped to a Euro fixed rate of 0.7055% at December 31, 2017	100.0			100.0
2.61% Fixed Rate Senior Notes due December 2019	30.0			30.0
5.30% Fixed Rate Senior Notes due September 2020	75.0			75.0
2.81% Fixed Rate Senior Notes due November 2020	25.0			25.0
3.09% Fixed Rate Senior Notes due December 2021	95.0			95.0
3.28% Fixed Rate Senior Notes due November 2022	100.0			100.0
0.70% €50 Million Fixed Rate Senior Notes due April 2022	57.2			60.0
0.92% €100 Million Fixed Rate Senior Notes due April 2023	114.4			120.0
1.09% €100 Million Fixed Rate Senior Notes due April 2024	114.4			120.0
Other debt	8.8			2.7
Total long-debt	748.8			1,068.2
Current portion of long-term debt and debt issue costs	(138.7		)	(4.3		)
Total long-term debt, net of current portion	$	610.1		$	1,063.9

Future minimum principal payments on long-term debt are as follows: 2019 - $137.4 million; 2020 - $129.5 million; 2021 - $95.0 million; 2022 - $157.1 million; 2023 - $114.3 million; 2024 and beyond - $115.5 million. The Company has no sinking fund requirements.

In March 2017, Teledyne entered into a $100.0 million term loan with a maturity date of October 30, 2019. Subsequently, in March 2017, Teledyne entered into a cross currency swap to effectively convert the $100.0 million term loan to a €93.0 million denominated instrument with a fixed euro interest rate of 0.7055%. The proceeds from the term loan were used in connection with the acquisition of e2v. On April 18, 2017, Teledyne entered into a note purchase agreement for a private placement of €250.0 million of senior unsecured notes due through April 2024. Teledyne used the proceeds of the private placement, among other things, to repay indebtedness and for general corporate purposes.

The Company has a $750.0 million credit facility (“credit facility”) that matures in December 2020. The other material terms of the credit facility, including covenants, remain unchanged. Excluding interest and fees, no payments are due under the credit facility until it matures. The credit agreements require the Company to comply with various financial and operating covenants, including maintaining certain consolidated leverage and interest coverage ratios. Borrowings under our credit facility and term loans are at variable rates which are, at our option, tied to a Eurocurrency rate equal to LIBOR (London Interbank Offered Rate) plus an applicable rate or a base rate as defined in our credit agreements. Eurocurrency rate loans may be denominated in U.S. dollars or an alternative currency as defined in the agreement. Eurocurrency or LIBOR-based loans under the facility typically have terms of one, two, three or six months and the interest rate for each such loan is subject to change if the loan is continued or converted following the applicable maturity date. The Company has not drawn any loans with a term longer than three months under the credit facility. Base rate loans have interest rates that primarily fluctuate with changes in the prime rate. Interest rates are also subject to change based on our consolidated leverage ratio as defined in the credit agreement. The credit agreement also provides for facility fees that vary between 0.12% and 0.25% of the credit line, depending on our consolidated leverage ratio as calculated from time to time. Available borrowing capacity under the credit facility, which is reduced by borrowings and certain outstanding letters of credit, was $686.3 million at December 30, 2018. The credit agreement and term loans requires the Company to comply with various financial and operating covenants and at December 30, 2018, the Company was in compliance with these covenants. At year-end 2018, Teledyne had $41.3 million in outstanding letters of credit.

Total interest expense including credit facility fees and other bank charges was $29.2 million in 2018, $35.5 million in 2017 and $23.6 million in 2016.

Teledyne estimates the fair value of its long-term debt based on debt of similar type, rating and maturity and at comparable interest rates. The Company’s long-term debt was considered a level 2 fair value hierarchy and is valued based on observable market data. The estimated fair value of Teledyne’s long-term debt at December 30, 2018, and December 31, 2017, approximated the carrying value.