Debt and Credit Facilities

12 Months Ended

Dec. 31, 2019

DEBT AND CREDIT FACILITIES

As of December 31, 2019 and 2018, debt included the following:



(in millions)	December 31, 2019			December 31, 2018
Unsecured senior notes: principal payable at maturities ranging from 2020 through 2025; interest payable in semiannual installments through the same timeframe; weighted-average interest rate of 3.42% and 3.36% for 2019 and 2018, respectively	$	360.0		$	400.0
Equipment financing notes: paid in full during 2019; weighted average interest rate of 3.61% and 3.72% for 2019 and 2018, respectively	—			5.0
Total principal outstanding	360.0			405.0
Current maturities	(55.0		)	(45.0		)
Debt issuance costs	(0.4		)	(0.6		)
Long-term debt	$	304.6		$	359.4

Scheduled principal payments of debt subsequent to December 31, 2019 are as follows:



(in millions)	December 31, 2019
2020	$	55.0
2021	40.0
2022	60.0
2023	70.0
2024	40.0
2025 and thereafter	95.0
Total	$	360.0

Our Credit Agreement (the “2018 Credit Facility”) provides borrowing capacity of $250.0 million and allows us to request an increase in total commitment by up to $150.0 million, for a total potential commitment of $400.0 million through August 2023. The agreement also provides a sublimit of $100.0 million to be used for the issuance of letters of credit. We had no outstanding borrowings under this agreement as of December 31, 2019 or 2018. Standby letters of credit under this agreement amounted to $3.8 million and $3.9 million at December 31, 2019 and 2018, respectively, and were primarily related to the requirements of certain of our real estate leases.

We also have a Receivables Purchase Agreement (the “2018 Receivables Purchase Agreement”) that allows us to borrow funds against qualifying trade receivables at rates based on one-month LIBOR up to $200.0 million and provides for the issuance of standby letters of credit through September 2021. We had no outstanding borrowings under this facility at December 31, 2019 or 2018. At December 31, 2019 and 2018, standby letters of credit under this agreement amounted to $70.3 million and $65.3 million, respectively, and were primarily related to the requirements of certain of our insurance obligations.

The credit agreements contain various financial and other covenants, including required minimum consolidated net worth, consolidated net debt, limitations on indebtedness, transactions with affiliates, shareholder debt, and restricted payments. The credit agreements and senior notes contain change of control provisions pursuant to which a change of control is defined to mean the Schneider family no longer owns more than 50% of the combined voting power of our capital shares. A change of control event causes an immediate termination of unused commitments under the credit agreements and requires repayment of all outstanding borrowings plus accrued interest and fees. The senior notes require us to provide notice to the note holders offering prepayment of the outstanding principal along with interest accrued to the date of prepayment. The prepayment date is required to be within 20 to 60 days from the date of notice. At December 31, 2019, the Company was in compliance with all financial covenants.