Note 7 – Debt

The following table provides details of the carrying values of debt as of the dates indicated (in millions):



Description	Maturity Date	September 30, 2018			December 31, 2017
Senior secured credit facility:	February 22, 2022
Revolving loans		$	815.1		$	377.7
Term loan		381.9			396.9
4.875% Senior Notes	March 15, 2023	400.0			400.0
Capital lease obligations, weighted average interest rate of 3.8%	In installments through August 1, 2023	173.9			181.2
Other debt obligations	Varies	12.2			25.8
Total long-term debt obligations		$	1,783.1		$	1,381.6
Less unamortized deferred financing costs		(10.8		)	(13.0		)
Total debt, net of deferred financing costs		$	1,772.3		$	1,368.6
Current portion of long-term debt		83.5			87.9
Long-term debt		$	1,688.8		$	1,280.7

Senior Secured Credit Facility

The Company has a senior secured credit facility (the “Credit Facility”). Under the Credit Facility, aggregate borrowing commitments totaled approximately $1.5 billion as of September 30, 2018, composed of $1.1 billion of revolving commitments and a term loan of approximately $0.4 billion. The term loan is subject to amortization in quarterly principal installments. An initial installment of $3.1 million was paid in December 2017, and quarterly installments of $5.0 million commenced in the first quarter of 2018. Quarterly principal installments on the term loan are subject to adjustment, if applicable, for certain prepayments.

As of September 30, 2018 and December 31, 2017, outstanding revolving loans, which included $111 million and $117 million, respectively, of borrowings denominated in foreign currencies, accrued interest at weighted average rates of approximately 4.29% and 3.69% per annum, respectively. The term loan accrued interest at a rate of 3.99% and 3.07% as of September 30, 2018 and December 31, 2017, respectively. Letters of credit of approximately $89.0 million and $157.1 million were issued as of September 30, 2018 and December 31, 2017, respectively. As of September 30, 2018 and December 31, 2017, letters of credit fees accrued at 0.875% and 0.625% per annum, respectively, for performance standby letters of credit, and at 1.75% and 1.50% per annum, respectively, for financial standby letters of credit. Outstanding letters of credit mature at various dates and most have automatic renewal provisions, subject to prior notice of cancellation. As of September 30, 2018 and December 31, 2017, availability for revolving loans totaled $196.0 million and $565.2 million, respectively, or up to $196.0 million and $492.9 million, respectively, for new letters of credit. Revolving loan borrowing capacity included $83.3 million and $183.4 million of availability in either Canadian dollars or Mexican pesos as of September 30, 2018 and December 31, 2017, respectively. The unused facility fee as of September 30, 2018 and December 31, 2017 accrued at a rate of 0.35% and 0.25%, respectively.

The Credit Facility is guaranteed by certain subsidiaries of the Company (the “Guarantor Subsidiaries”) and the obligations under the Credit Facility are secured by substantially all of the Company’s and the Guarantor Subsidiaries’ respective assets, subject to certain exceptions.

Other Credit Facilities. The Company has other credit facilities that support: (i) the working capital requirements of its foreign operations, and (ii) certain letter of credit issuances. Borrowings under the Company’s foreign credit facilities, which have varying dates of maturity and are generally renewed on an annual basis, are denominated in Canadian dollars. As of both September 30, 2018 and December 31, 2017, maximum borrowing capacity totaled Canadian $20.0 million, or approximately $15.5 million and $15.9 million, respectively. As of September 30, 2018 and December 31, 2017, outstanding borrowings totaled approximately $10.3 million and $10.4 million, respectively, and accrued interest at a weighted average rate of approximately 4.5% and 4.0%, respectively. Outstanding borrowings that are not renewed are repaid with borrowings under the Credit Facility. Accordingly, the carrying amounts of the Company’s borrowings under its other credit facilities, which are included within other debt obligations in the table above, are classified within long-term debt in the Company’s consolidated balance sheets. Additionally, the Company has a separate credit facility, under which it may issue up to $50.0 million of performance standby letters of credit. As of September 30, 2018, letters of credit issued under this facility totaled $17.1 million and accrued fees at 0.75% per annum.

The Company’s other credit facilities are subject to customary provisions and covenants.

Debt Guarantees and Covenants

The 4.875% Senior Notes are senior unsecured unsubordinated obligations and rank equal in right of payment with existing and future unsubordinated debt, and rank senior in right of payment to existing and future subordinated debt and are fully and unconditionally guaranteed on an unsecured, unsubordinated, joint and several basis by certain of the Company’s existing and future 100%-owned direct and indirect domestic subsidiaries that are each guarantors of the Credit Facility or other outstanding indebtedness. See Note 16 - Supplemental Guarantor Condensed Unaudited Consolidating Financial Information.

MasTec was in compliance with the provisions and covenants of its outstanding debt instruments as of September 30, 2018 and December 31, 2017.

Additional Information

As of September 30, 2018 and December 31, 2017, accrued interest payable, which is recorded within other accrued expenses in the consolidated balance sheets, totaled $3.2 million and $7.4 million, respectively. For additional information pertaining to the Company’s debt instruments, including its 4.875% Senior Notes, see Note 7 - Debt in the Company’s 2017 Form 10-K.