Debt

9 Months Ended

Sep. 30, 2019

DEBT

Long-term debt consisted of the following:



(In millions)	September 30, 2019			December 31, 2018
Revolving credit facility	$	—		$	—
Bilateral credit facilities	—			—
Commercial paper	1,639.7			1,916.1
Synthetic bonds due 2021	476.1			490.9
3.45% Senior Notes due 2022	500.0			500.0
5.00% 2010 Private placement notes due 2020	218.2			229.0
3.40% 2012 Private placement notes due 2022	163.6			171.8
3.15% 2013 Private placement notes due 2023	141.8			148.9
3.15% 2013 Private placement notes due 2023	136.4			143.1
4.00% 2012 Private placement notes due 2027	81.8			85.9
4.00% 2012 Private placement notes due 2032	109.1			114.5
3.75% 2013 Private placement notes due 2033	109.1			114.5
Bank borrowings	312.1			265.2
Other	29.6			23.2
Unamortized issuing fees	(9.3		)	(11.4		)
Total debt	3,908.2			4,191.7
Less: current borrowings	299.4			67.4
Long-term debt	$	3,608.8		$	4,124.3

Bilateral credit facilities - We have access to a €100.0 million bilateral credit facility expiring in May 2021. Two bilateral credit facilities of €80.0 million each and a bilateral credit facility of €60.0 million expired in May and June 2019, respectively.

The 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 revolving 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 debt in the consolidated balance sheets as of September 30, 2019 and December 31, 2018. Commercial paper borrowings are issued at market interest rates. As of September 30, 2019, our commercial paper borrowings had a weighted average interest rate of 2.52% on the U.S. dollar denominated borrowings and (0.26)% on the Euro denominated borrowings.

Bank borrowings - In January 2019, we executed a sale-leaseback transaction to finance the purchase of a deepwater dive support vessel, Deep Discoverer (the “Vessel”) for the full transaction price of $116.8 million. The sale-leaseback agreement (“Charter”) was entered into with a French joint-stock company, owned by Credit Industrial et Commercial (“CIC”) which was formed for the sole purpose to purchase and act as the lessor of the Vessel. It is a variable interest entity, which is fully consolidated in our condensed consolidated financial statements. The transaction was funded through debt of $96.2 million which is primarily long-term, expiring on January 8, 2031.