Indebtedness

9 Months Ended

Sep. 28, 2019

INDEBTEDNESS

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



			September 28, 2019			December 31, 2018
Term loan
	2018 Term loan due March 8, 2020⁽¹⁾		$	—		$	351.3
	2019 Term loan due August 15, 2022		600.0			—

Notes and Bonds
	Coupon	Due
	5.000%	May 23, 2019	—			137.6
	3.500%	March 15, 2021	280.4			280.4
	3.500%	December 15, 2021	309.6			309.6
	5.105%	July 28, 2023⁽¹⁾	147.7			154.9
	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		2,747.7			2,892.5
Other financing			24.1			2.8
Unamortized premium (discount), net			7.6			12.2
Deferred financing fees			(14.8		)	(16.4		)
Total borrowings outstanding			3,364.6			3,242.4
	Current indebtedness		(3.1		)	(190.2		)
Total long-term debt less current portion			$	3,361.5		$	3,052.2

(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 September 28, 2019.

Revolving Credit Agreements

On March 8, 2018, we terminated the revolving credit agreement entered into on December 5, 2014 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 September 28, 2019 or December 31, 2018.

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 on 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 on March 8, 2020 (the "2018 Term Loan"). 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 nine months ended September 28, 2019, we made $24.7 million in scheduled principal repayments on the 2018 Term Loan.

On August 15, 2019, we refinanced the €284.4 million ($317.1 million) outstanding under the 2018 Term Loan with the proceeds of a new $600.0 million term loan, maturing on August 15, 2022. As a result of the refinancing, during the three months ended September 28, 2019, we recorded a loss of $0.2 million, consisting of the write-off of deferred financing fees in Loss on extinguishment of debt on the Condensed Consolidated Statements of Operations.

Notes and Bonds

In connection with the Omega acquisition, on March 30, 2015, we assumed a 5.000% retail bond due in 2019 in the amount of €120.0 million ($130.7 million). On May 23, 2019 we repaid the bond in full.

Other Financing

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 under the facilities as of September 28, 2019 or December 31, 2018.

We have financing leases that are reported in the above table under "Other financing" (refer to Note 9).