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Long-Term Debt and Capital Leases (Tables)
 9 Months Ended
Sep. 30, 2017
Long-Term Debt and Capital Leases  
Summary of the Company's long-term debt and capital leases

 

 

September 30, 2017

 

December 31,
2016

 

 

 

Available

 

Weighted

 

 

 

 

 

 

 

borrowing
capacity

 

average
interest rate (1)

 

Outstanding
balance

 

Outstanding
balance

 

 

 

(in millions)

 

Long-term debt:

 

 

 

 

 

 

 

 

 

Term B Loans (2)

 

$

—

 
4.55

%

$
2,266.5

 

$
2,048.3

 

Revolving Credit Facility (3)

 
112.1

 
4.29

%
180.0

 
10.0

 

Senior Notes

 

—

 

N/A

 

—

 
830.9

 

Total long-term debt

 

$
112.1

 
4.57

%
2,446.5

 
2,889.2

 

Capital lease obligations

 

 

 

 

 
3.2

 
4.9

 

Total long-term debt and capital lease obligations

 

 

 

 

 
2,449.7

 
2,894.1

 

Less debt issuance costs (4)

 

 

 

 

 
(13.6

)
(22.9

)

Sub-total

 

 

 

 

 
2,436.1

 
2,871.2

 

Less current portion

 

 

 

 

 
(24.1

)
(22.7

)

Long-term portion

 

 

 

 

 

$
2,412.0

 

$
2,848.5

 

 

 

(1)

Represents the weighted average effective interest rate in effect for all borrowings outstanding as of September 30, 2017 pursuant to each debt instrument including the applicable margin.

(2)

At September 30, 2017 includes $13.5 million of net discounts.

(3)

Available borrowing capacity at September 30, 2017 represents $300.0 million of total availability less outstanding letters of credit of $7.9 million and borrowing on revolving credit facility of $180.0 million. Letters of credit are used in the ordinary course of business and are released when the respective contractual obligations have been fulfilled by the Company.

(4)

At September 30, 2017, debt issuance costs include $9.8 million related to Term B Loans and $3.8 million related to Revolving Credit Facility.