DEBT

Long-term debt consisted of the following:



(In millions)	March 31, 2018			December 31, 2017
Revolving credit facility	$	—		$	—
Bilateral credit facilities	—			—
Commercial paper	1,356.7			1,450.4
Synthetic bonds due 2021	519.9			502.4
3.45% Senior Notes due 2022	500.0			500.0
5.00% Notes due 2020	246.9			239.9
3.40% Notes due 2022	185.2			179.9
3.15% Notes due 2023	160.5			155.9
3.15% Notes due 2023	154.3			149.9
4.00% Notes due 2027	92.6			89.9
4.00% Notes due 2032	123.5			119.9
3.75% Notes due 2033	123.5			119.9
Bank borrowings	337.8			332.5
Other	35.6			28.2
Unamortized debt issuance costs and discounts	(13.5		)	(13.8		)
Total debt	3,823.0			3,855.0
Less: current borrowings	87.2			77.1
Long-term debt	$	3,735.8		$	3,777.9

Revolving credit facility - On January 17, 2017, we acceded to a new $2.5 billion senior unsecured revolving credit facility agreement (“facility agreement”) among FMC Technologies, Inc. and Technip Eurocash SNC (the “Borrowers”) with JPMorgan Chase Bank, National Association (“JPMorgan”), as agent and an arranger, SG Americas Securities LLC as an arranger, and the lenders party thereto.

The facility agreement provides for the establishment of a multicurrency, revolving credit facility, which includes a $1.5 billion letter of credit subfacility. Subject to certain conditions, the Borrowers may request the aggregate commitments under the facility agreement be increased by an additional $500.0 million. The facility expires in January 2022.

Borrowings under the facility agreement bear interest at the following rates, plus an applicable margin, depending on currency:


•	U.S. dollar-denominated loans bear interest, at the Borrowers’ option, at a base rate or an adjusted rate linked to the London interbank offered rate (“Adjusted LIBOR”);


•	sterling-denominated loans bear interest at Adjusted LIBOR; and


•	euro-denominated loans bear interest at the Euro interbank offered rate (“EURIBOR”).

Depending on the credit rating of TechnipFMC, the applicable margin for revolving loans varies (i) in the case of Adjusted LIBOR and EURIBOR loans, from 0.820% to 1.300% and (ii) in the case of base rate loans, from 0.000% to 0.300%. The “base rate” is the highest of (a) the prime rate announced by JPMorgan, (b) the greater of the Federal Funds Rate and the Overnight Bank Funding Rate plus 0.5% or (c) one-month Adjusted LIBOR plus 1.0%.

The facility agreement contains usual and customary covenants, representations and warranties and events of default for credit facilities of this type, including financial covenants requiring that our total capitalization ratio not exceed 60% at the end of any financial quarter. The facility agreement also contains covenants restricting our ability and our subsidiaries ability to incur additional liens and indebtedness, enter into asset sales or, make certain investments.

As of March 31, 2018, we were in compliance with all restrictive covenants under our revolving credit facility.

Bilateral credit facilities - We have access to four bilateral credit facilities in the aggregate of €340.0 million. The bilateral credit facilities consist of:


•	two credit facilities of €80.0 million each expiring in May 2019;


•	a credit facility of €80.0 million expiring in June 2019; and


•	a credit facility of €100.0 million expiring in May 2021.

Each bilateral credit facility contains usual and customary covenants, representations and warranties and events of default for credit facilities of this type.

Commercial paper - Under our commercial paper program, we have the ability to access $1.5 billion and €1.0 billion of short-term financing through our commercial paper dealers, subject to the limit of unused capacity of our facility agreement. As we have both the ability and intent to refinance these obligations on a long-term basis, our commercial paper borrowings were classified as long-term in the consolidated balance sheets as of March 31, 2018 and December 31, 2017. Commercial paper borrowings are issued at market interest rates. As of March 31, 2018, our commercial paper borrowings had a weighted average interest rate of 2.44% on the U.S. dollar denominated borrowings and (0.32)% on the Euro denominated borrowings.