Debt

12 Months Ended

Sep. 30, 2019

The detail of long-term debt was as follows:



	September 30,
	2019			2018
Senior Secured Term Loan A Facility due 2021	$	77.5		$	—
Senior Secured Term Loan B Facility due 2025	982.5			—
5.50% Senior Notes due 2025	600.0			600.0
6.375% Senior Notes due 2026	500.0			—
4.625% Senior Notes due 2026 (Euro Notes of €650.0)	708.4			—
7.750% Senior Notes due 2027	600.0			—
Senior Secured Term Loan B Facility due 2022	—			388.0
Capital lease obligations	46.9			—
Total gross long-term debt, including current maturities	$	3,515.3		$	988.0
Less current portion	(1.6		)	(4.0		)
Less unamortized debt discount and debt issuance fees	(52.1		)	(7.9		)
Total long-term debt	$	3,461.6		$	976.1

6.375% Senior Notes due 2026	$	—		$	500.0
4.625% Senior Notes due 2026 (Euro Notes of €650.0)	—			754.2
Total gross long-term debt held in escrow	$	—		$	1,254.2
Less unamortized debt issuance fees	—			(23.5		)
Total long-term debt held in escrow	$	—		$	1,230.7

Long-term debt - On December 17, 2018, the Company entered into a credit agreement which provided for a 5-year $400.0 revolving credit facility (2018 Revolving Facility) and which provided for a $200.0 3-year term loan A facility and $1,000.0 7-year term loan B facility (2018 Term Loans). The borrowings under the term loan A require quarterly principal payments at a rate of 6.25% of the original principal balance, or $12.5. The borrowings under the term loan B require quarterly principal payments at a rate of 0.25% of the original principal balance, or $2.5. The borrowings bear interest at a rate per annum equal to, at the option of the Company, LIBOR or the Base Rate (as defined) plus the applicable margin based on total Company leverage. The new credit agreement also contains customary affirmative and restrictive covenants. The new 2018 Term Loans began to accrue ticking fees in July 2018 and interest in December 2018 upon funding the Term Loans into escrow. The funds were released from escrow and used to fund the closing of the Battery Acquisition on January 2, 2019.

Obligations under the 2018 Revolving Facility and 2018 Term Loan are jointly and severally guaranteed by certain of its existing and future direct and indirectly wholly-owned U.S. subsidiaries. There is a first priority perfected lien on substantially all of the assets and property of the Company and guarantors and proceeds therefrom excluding certain excluded assets.

During the twelve months ended September 30, 2019, the Company paid down $122.5 of the Term Loan A facility and $17.5 on the Term Loan B facilities. As of September 30, 2019, the Company had $25.0 of outstanding borrowings under the Revolving Facility and had $4.8 of outstanding letters of credit. Taking into account outstanding letters of credit, $370.2 remained available as of September 30, 2019. As of September 30, 2019 and September 30, 2018, our weighted average interest rate on short-term borrowings was 3.8% and 4.3%, respectively.

On January 17, 2019, the Company finalized pricing of $600.0 in senior notes due in 2027 at 7.750% (2027 Notes). The 2027 Notes priced at 100% of the principal amount and the offering closed concurrently with the Auto Care Acquisition on January 28, 2019 and the proceeds were utilized to fund the acquisition. The 2027 Notes were sold to qualified institutional buyers and will not be registered under federal or applicable state securities laws. Interest is payable semi-annually on the 2027 Notes in January and July. The 2027 Notes are jointly and severally guaranteed on an unsecured basis by certain of the Company's domestic restricted subsidiaries that guarantee indebtedness of the Company under its 2018 Revolving Facility.

Debt issuance fees paid related to the new bonds and the new credit agreement, including the 2018 Revolving Credit Facility, were $40.1 during the twelve months ended September 30, 2019.

In June 2018, the Company finalized the pricing of two senior note offerings due in 2026 of $500.0 at 6.375% (USD Notes) and €650.0 at 4.625% (Euro Notes and collectively with the USD Notes, the 2026 Notes), which were issued by wholly-owned subsidiaries. The 2026 Notes priced at 100% of the principal amount and the offering closed in July 2018. The 2026 Notes were sold to qualified institutional buyers and will not be registered under federal or applicable state securities laws. Interest is payable semi-annually on the 2026 Notes in January and July. The 2026 Notes are jointly and severally guaranteed on an unsecured basis by the Company's domestic restricted subsidiaries that guarantee indebtedness of the Company under its 2018 Revolving Facility.

On January 2, 2019, the proceeds of the 2018 Term Loans and the 2026 Notes were released from escrow and utilized to fund the Battery Acquisition, repay borrowings under the Term Loan due in 2022 and amounts drawn on the 2015 Revolving Facility, and pay acquisition related costs, including debt issuance costs.

Interest Rate Swaps - In March 2017, the Company entered into an interest rate swap agreement with one major financial institution that fixed the variable benchmark component (LIBOR) on $200.0 of Energizer's variable rate debt through June 2022 at an interest rate of 2.03%.

In February 2018, the Company entered into a forward starting interest rate swap with an effective date of October 1, 2018, with one major financial institution that fixed the variable benchmark component (LIBOR) on additional variable rate debt at an interest rate of 2.47%. At the effective date, the swap had a notional value of $400.0. Beginning April 1, 2019, the notional amount decreases $50.0 each quarter, and continues to decrease until its termination date of December 31, 2020. The notional value of the swap was $300.0 at September 30, 2019.

Notes Payable - The notes payable balance was $31.9 at September 30, 2019 and $247.3 at September 30, 2018. The 2019 balance is comprised of $25.0 outstanding borrowings on the 2018 Revolving Facility as well as $6.9 of other borrowings, including those from foreign affiliates. The 2018 balance consists of $240.0 outstanding borrowings on the 2015 Revolving Facility as well as $7.3 of other borrowings, including those from foreign affiliates. On January 2, 2019, the outstanding borrowings on the 2015 Revolving Facility were paid with the proceeds from the 2018 Term Loans and 2026 Notes.

Debt Covenants - The agreements governing the Company's debt contain certain customary representations and warranties, affirmative, negative and financial covenants, and provisions relating to events of default. If the Company fails to comply with these covenants or with other requirements of these credit agreements, the lenders may have the right to accelerate the maturity of the debt. Acceleration under one of these facilities would trigger cross defaults to other borrowings. As of September 30, 2019, the Company was, and expects to remain, in compliance with the provisions and covenants associated with its debt agreements.

The counterparties to long-term committed borrowings consist of a number of major financial institutions. The Company consistently monitors positions with, and credit ratings of, counterparties both internally and by using outside ratings agencies.

Debt Maturities - Aggregate maturities of long-term debt, including capital leases acquired with the Battery and Auto Care Acquisitions, at September 30, 2019 were as follows:



	Long-term debt		Capital leases
2020	$	—	$	9.5
2021	12.5		9.4
2022	85.0		9.4
2023	10.0		8.1
2024	10.0		7.7
Thereafter	3,350.9		74.3
Total long-term debt payments due	$	3,468.4	$	118.4

Less: Interest on capital leases			$	(71.5	)
Present value of capital lease payments (1)			$	46.9

(1) Includes capital lease obligation of $1.6 recorded in Current portion of capital leases and $45.3 in Long-term debt on the

Consolidated Balance Sheet.