Debt

The Company’s debt instruments at December 31 consist primarily of term notes, revolving lines of credit and a Securitization Facility as follows (in thousands):



	2018		2017
Term Loan A note payable (a), net of discounts	$	2,515,519	$	2,646,255
Term Loan B note payable (a), net of discounts	344,180		347,412
Revolving line of credit A Facility(a)	655,000		635,000
Revolving line of credit B Facility(a)	345,446		28,334
Revolving line of credit C Facility(a)	35,000		—
Revolving line of credit B Facility —foreign swing line(a)	—		6,879
Other debt(c)	37,902		43,736
Total notes payable and other obligations	3,933,047		3,707,616
Securitization Facility(b)	886,000		811,000
Total notes payable, credit agreements and Securitization Facility	$	4,819,047	$	4,518,616
Current portion	$	2,070,616	$	1,616,512
Long-term portion	2,748,431		2,902,104
Total notes payable, credit agreements and Securitization Facility	$	4,819,047	$	4,518,616

_____________________

(a)

The Company has a Credit Agreement, which has been amended multiple times and provides for senior secured credit facilities consisting of a revolving credit facility in the amount of $1.285 billion, a term loan A facility in the amount of $2.53 billion and a term loan B facility in the amount of $350 million as of December 31, 2018. The revolving credit facility consists of (a) a revolving A facility in the amount of $800 million, with sublimits for letters of credit and swing line loans, (b) a revolving B facility in the amount of $450 million with multi-currency borrowings and a sublimit for foreign swing line loans and, (c) a revolving C facility in the amount of $35 million with borrowings in U.S. Dollars,

Australian Dollars or New Zealand Dollars. The Credit Agreement also includes an accordion feature for borrowing an additional $750 million in term A, term B, revolver A or revolver B debt. Proceeds from the credit facilities may be used for working capital purposes, acquisitions, and other general corporate purposes. On August 30, 2018, the Credit Agreement was amended to change the consolidated leverage ratio definition and the negative covenant related to indebtedness. On December 19, 2018, we entered into the fifth amendment to the Credit Agreement, which modified

the term A loan and revolver pricing grid and extended the maturity date of the term A loan and revolving credit facilities to December 19, 2023. The maturity date for the term B loan is August 2, 2024.

Interest on amounts outstanding under the Credit Agreement (other than the term B loan) accrues based on the British Bankers Association LIBOR Rate (the Eurocurrency Rate), plus a margin based on a leverage ratio, or our option, the Base Rate (defined as the rate equal to the highest of (a) the Federal Funds Rate plus 0.50%, (b) the prime rate announced by Bank of America, N.A., or (c) the Eurocurrency Rate plus 1.00%) plus a margin based on a leverage ratio. Interest on the term B loan facility accrues based on the Eurocurrency Rate plus 2.00% for Eurocurrency Loans and at the Base Rate plus 1.00% for Base Rate Loans. In addition, the Company pays a quarterly commitment fee at a rate per annum ranging from 0.20% to 0.40% of the daily unused portion of the credit facility.

At December 31, 2018, the interest rate on the term A loan and the revolving A facility was 4.02%, the interest rate on the revolving B facility US Dollar borrowings ($220 million) was 3.97%, the interest rate on the revolving B facility GBP Borrowings ($125 million) was 2.23%, the interest rate on the term B loan was 4.52% and the interest rate on the revolving C facility was 4.00%. The unused credit facility fee was 0.30% for all revolving facilities at December 31, 2018.

The term loans are payable in quarterly installments due on the last business day of each March, June, September, and December with the final principal payment due on the respective maturity date. Borrowings on the revolving line of credit are repayable at the option of one, two, three or six months after borrowing, depending on the term of the borrowing on the facility. Borrowings on the foreign swing line of credit are due no later than ten business days after such loan is made.

The Company has unamortized debt issuance costs of $8.3 million related to the revolving credit facility as of December 31, 2018. The Company has unamortized debt discounts of $9.5 million related to the term A facility and $0.6 million related to the term B facility and deferred financing costs of $0.9 million related to the term B facility at December 31, 2018. The effective interest rate incurred on term loans was 2.15% and 2.69% during 2018 and 2017, respectively, related to the discount on debt. Principal payments of $498.3 million were made on the term loans during 2018.

(b)

The Company is party to a $1.2 billion receivables purchase agreement (Securitization Facility) that was amended on August 30, 2018. There is a program fee equal to one month LIBOR plus 0.90% or the Commercial Paper Rate plus 0.80% as of December 31, 2018 and 2017. The program fee was 2.52% plus 0.89% as of December 31, 2018 and 1.55% plus 0.86% as of December 31, 2017. The unused facility fee is payable at a rate of 0.40% as of December 31, 2018 and 2017. The Company has unamortized debt issuance costs of $1.3 million related to the Securitization Facility as of December 31, 2018 recorded within other assets in the consolidated balance sheet.

The Securitization Facility provides for certain termination events, which includes nonpayment, upon the occurrence of which the administrator may declare the facility termination date to have occurred, may exercise certain enforcement rights with respect to the receivables, and may appoint a successor servicer, among other things.


(c)	Other includes the long-term portion of deferred payments associated with business acquisitions, deferred rent and deferred revenue.

The Company was in compliance with all financial and non-financial covenants at December 31, 2018.

The contractual maturities of the Company’s notes payable and other obligations at December 31, 2018 are as follows (in thousands):



2019	$	1,184,616
2020	138,784
2021	128,236
2022	128,357
2023	2,022,265
Thereafter	330,789