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Debt
9 Months Ended
Sep. 30, 2020
Debt  
Debt

NOTE 6—DEBT

Refer to the Annual Report for definitions of capitalized terms not included herein and further background on the Company’s debt structure discussed below. The Company was in compliance with all debt related covenants as of September 30, 2020 and December 31, 2019.

As of September 30, 2020 and December 31, 2019, debt consisted of the following:

September 30, 2020

December 31, 2019

   

Interest Rate as of
September 30, 2020

   

Maturity Date

   

Carrying Amount

   

Unamortized Deferred Financing Fees(1)

    

Total Debt, Less Unamortized Deferred Financing Fees

   

Carrying Amount

   

Unamortized Deferred Financing Fees(1)

   

Total Debt, Less
Unamortized Deferred
Financing Fees

Senior Credit Facility

2024 Term Loan B

2.147%

September 2024

$

679.1

$

(11.5)

$

667.6

$

684.3

$

(13.7)

$

670.6

2022 Revolving Facility(2)

Various

September 2022

2025 Senior Notes

5.375%

September 2025

500.0

(6.5)

493.5

500.0

(7.3)

492.7

Accounts Receivable Securitization Facility(3)

Various

September 2021

Other indebtedness

Various

Various

11.1

11.1

10.4

10.4

Total debt

$

1,190.2

$

(18.0)

$

1,172.2

$

1,194.7

$

(21.0)

$

1,173.7

Less: current portion(4)

(12.5)

(11.1)

Total long-term debt, net of unamortized deferred financing fees

$

1,159.7

$

1,162.6

(1)This caption does not include deferred financing fees related to the Company’s revolving facilities, which are included within “Deferred charges and other assets” on the condensed consolidated balance sheets.
(2)On April 3, 2020, the Company drew down $100.0 million from the 2022 Revolving Facility, which it repaid on July 24, 2020. As of September 30, 2020, under the 2022 Revolving Facility, the Company had a capacity of $375.0 million and funds available for borrowing of $360.1 million (net of $14.9 million outstanding letters of
credit). Additionally, the Company is required to pay a quarterly commitment fee in respect of any unused commitments under this facility equal to 0.375% per annum.
(3)As of September 30, 2020, this facility had a borrowing capacity of $150.0 million, and the Company had approximately $126.7 million of accounts receivable available to support this facility, based on the pool of eligible accounts receivable. In regard to outstanding borrowings, fixed interest charges are 1.95% plus variable commercial paper rates, while for available, but undrawn commitments, fixed interest charges are 1.00%.
(4)As of September 30, 2020 and December 31, 2019, the current portion of long-term debt was primarily related to $7.0 million of the scheduled future principal payments on the 2024 Term Loan B.