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LONG TERM DEBT
12 Months Ended
Dec. 31, 2018
Debt Disclosure [Abstract]  
LONG TERM DEBT
LONG TERM DEBT

Third-party long-term debt consists of the following at December 31 (in millions):
 
 
2018
 
2017
Term Loans due July 2021
 
$
828.9

 
$
837.4

Revolving Credit Facility due July 2021
 
197.0

 
168.9

4.875% Senior Notes due July 2024
 
250.0

 
250.0

Banco Rabobank Loan due November 2019
 
18.1

 
21.1

Banco Itaú Loans due May 2019 to April 2020
 
0.8

 
1.9

Financiadora de Estudos e Projetos Loan due November 2023
 
9.3

 
13.1

Banco do Brasil Loan due February 2018
 

 
0.2

Banco Santander Loan due September 2019
 

 
19.6

Banco Santander Loan due November 2019
 

 
24.1

Banco Itaú Loan due March 2019
 
2.5

 
12.4

Banco Scotiabank Loan due September 2019
 
10.3

 
20.5

3.7% Banco Itaú loan due March 2020
 
15.4

 

Banco Santander loan due September 2020
 
20.6

 

Banco Santander loan due October 2020
 
16.8

 

Other
 
1.7

 

 
 
1,371.4

 
1,369.2

Less unamortized debt issuance costs
 
(6.7
)
 
(6.7
)
Total debt
 
1,364.7

 
1,362.5

Less current portion
 
(43.5
)
 
(32.1
)
Long-term debt
 
$
1,321.2

 
$
1,330.4



The Company’s credit agreement consists of two senior secured term loans and a senior secured revolving credit facility which mature July 1, 2021. Interest on the Company’s outstanding credit agreement borrowings is variable based on either the LIBOR or a base rate (defined as the greater of a specified U.S. or Canadian prime lending rate or the federal funds effective rate, increased by 0.5%) plus a margin, which is dependent upon the Company’s leverage ratio and the type of term loan borrowing. As of December 31, 2018, the weighted average interest rate was 4.4% on all borrowings outstanding under the credit agreement. The outstanding term loans are payable in quarterly installments of interest and principal and can be prepaid at any time without penalty. The credit agreement requires the Company to maintain certain financial ratios, including a minimum interest coverage ratio and a maximum total leverage ratio. In September 2017, the Company entered into an amendment to its credit agreement, which increased the maximum allowed leverage ratio under the credit agreement through September 2018.
Under the revolving credit facility, $40 million may be drawn in Canadian dollars and $10 million may be drawn in British pounds sterling. Additionally, the revolving credit facility includes a sub-limit for short-term letters of credit in an amount not to exceed $50 million. As of December 31, 2018, there was $197.0 million outstanding under the revolving credit facility, and, after deducting outstanding letters of credit totaling $10.6 million, the Company’s borrowing availability was $92.4 million. The Company incurs participation fees related to its outstanding letters of credit and commitment fees on its available borrowing capacity. The rates vary depending on the Company’s leverage ratio. Bank fees are not material.
In December 2018, the Company entered into an amendment to its credit agreement, which eased restrictions in certain covenants contained in the agreement. In connection with this amendment, the Company paid fees totaling $1.4 million ($1.4 million was capitalized as deferred financing costs with less than $0.1 million recorded as an expense).
The Company’s credit agreement borrowings are secured by substantially all existing and future U.S. assets of the Company, the Goderich mine in Ontario, Canada, and capital stock of certain subsidiaries. As of December 31, 2018, the Company was in compliance with each of its covenants under the credit agreement.
The 4.875% Senior Notes due July 2024 (the "4.875% Notes") are subordinate to the credit agreement borrowings. Interest on the 4.875% Notes is due annually in January and July. The credit agreement and the agreements governing the 4.875% Notes and other indebtedness contain covenants that limit the Company’s ability, among other things, to incur additional indebtedness or contingent obligations or grant liens; pay dividends or make distributions to stockholders; repurchase or redeem the Company’s stock; make investments or dispose of assets; prepay, or amend the terms of certain junior indebtedness; engage in sale and leaseback transactions; make changes to the Company’s organizational documents or fiscal periods; enter into third-party agreements that limit the Company’s ability to grant liens on the Company’s assets or make certain intercompany dividends, investments or asset transfers; enter into new lines of business; enter into transactions with the Company’s stockholders and affiliates; and acquire the assets of or merge or consolidate with other companies.
The loans related to the Company’s Produquímica business in Brazil have maturity dates ranging from March 2019 through November 2023 and bear interest at rates at either a percentage of CDI, an overnight inter-bank lending rate in Brazil, or LIBOR plus a margin. A portion of the loans are denominated in U.S. dollars and a portion of the loans are denominated in Brazilian reais, Produquímica’s functional currency. The Company has entered into foreign currency swap agreements in relation to some of these loans whereby the Company agreed to swap interest and principal payments on loans denominated in U.S. dollars for principal and interest payments denominated in Brazilian reais (see Note 11 for further discussion). In September and November 2017, the Company refinanced $54.3 million of loans it assumed in the Produquímica acquisition using proceeds from approximately $87 million of new loans. The new loans bear interest rates ranging from 108.7% and 118.0% of CDI and mature in November 2019.
In the first quarter of 2018, the Company entered into a new U.S. dollar denominated loan which matures in March 2020. No material fees were paid in connection with these transactions. A portion of the loans are denominated in U.S. dollars and a portion of the loans are denominated in Brazilian reais. The Company has also entered into foreign currency agreements whereby the Company agreed to swap interest and principal payments on the loans denominated in U.S. dollars for principal and interest payments denominated in Brazilian reais, Produquímica’s functional currency (see Note 11 for further discussion).
During the the third quarter of 2018, the Company paid off approximately $36 million of its Brazilian loans and entered into a new $20.0 million Brazilian loan. The new variable rate loan bears interest of 117.5% of CDI and matures in September 2020.
In the fourth quarter of 2018, the Company entered into $18.4 million of loans in Brazil which bear interest at 133.1% of CDI and mature in June and October of 2019.
Future maturities of long-term debt for the years ending December 31, are as follows (in millions):

Debt Maturity
2019
$
43.7

2020
63.3

2021
1,010.8

2022
1.9

2023
1.7

Thereafter
250.0

Total
$
1,371.4