INDEBTEDNESS

Total borrowings outstanding are summarized as follows (in millions):



			June 30, 2018			December 31, 2017
Term loans
	2018 Term loan due March 8, 2020⁽¹⁾		$	383.5		$	—
	2014 Term loan due December 5, 2019⁽¹⁾		—			420.0
	Total term loans		383.5			420.0
Notes and Bonds
	Coupon	Due
	5.000%	May 23, 2019⁽¹⁾	140.2			144.0
	3.500%	March 15, 2021	280.4			280.4
	3.500%	December 15, 2021	309.6			309.6
	5.105%	July 19, 2023⁽¹⁾	157.8			162.0
	4.000%	November 15, 2023	215.6			215.6
	3.900%	December 15, 2024	700.0			700.0
	4.375%	March 15, 2026	700.0			700.0
	5.300%	November 15, 2043	90.5			90.5
	4.900%	December 15, 2044	303.9			303.9
	Total notes and bonds		2,898.0			2,906.0
Other financing			3.0			11.7
Unamortized premium (discount), net			16.6			21.4
Deferred financing fees			(18.1		)	(17.9		)
Total borrowings outstanding			3,283.0			3,341.2
	Current indebtedness		(197.7		)	(70.4		)
Total long-term debt less current portion			$	3,085.3		$	3,270.8


⁽¹⁾	Debt denominated in euros subject to fluctuations in the euro-to-U.S. dollar exchange rate.

We are in compliance with all covenants under our debt agreements as of June 30, 2018.

Revolving Credit Agreements

On December 5, 2014, Perrigo Finance entered into a $600.0 million revolving credit agreement, which increased to $1.0 billion on March 30, 2015 (the "2014 Revolver"). On March 8, 2018, we terminated the 2014 Revolver and entered into a $1.0 billion revolving credit agreement maturing on March 8, 2023 (the "2018 Revolver"). There were no borrowings outstanding under the 2018 Revolver as of June 30, 2018 or under the 2014 Revolver as of December 31, 2017.

Term Loans

On December 5, 2014, Perrigo Finance entered into a term loan agreement consisting of a €500.0 million ($614.3 million) tranche, maturing December 5, 2019. On March 8, 2018, we refinanced the €350.0 million outstanding under the term loan with the proceeds of a new €350.0 million ($431.0 million) term loan, maturing March 8, 2020. In addition, as a result of the refinancing during the three months ended March 31, 2018, we recorded a loss of $0.5 million, consisting of the write-off of deferred financing fees in Loss on extinguishment of debt on the Condensed Consolidated Statements of Operations. During the six months ended June 30, 2018, we made $26.3 million in scheduled principal payments.

Other Financing

Overdraft Facilities

We have overdraft facilities available that we use to support our cash management operations. We report any balances outstanding in the above table under "Other financing". There were no borrowings outstanding at June 30, 2018. The balance outstanding under the overdraft facilities was $6.9 million at December 31, 2017.

Debt Extinguishment

As a result of early redemption and tender offer transactions during the three months ended July 1, 2017, we recorded a loss of $135.2 million in Loss on extinguishment of debt on our Condensed Consolidated Statements of Operations (in millions):



Premium on debt repayment	$	116.1
Transaction costs	3.8
Write-off of deferred financing fees	10.6
Write-off of remaining discount on bond	4.7
Total loss on extinguishment of debt	$	135.2