XML 33 R17.htm IDEA: XBRL DOCUMENT v3.22.2
Debt
6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
Debt
9.    Debt
The following table presents information about our debt:
(dollars in millions)
June 30, 2022
December 31, 2021
Interest termsRateAmount
Receivables facility
LIBOR plus 0.90%
2.51%
$210.0 $— 
Senior secured credit facilities:
Euro term loans B-3
EURIBOR plus 2.50%
2.50%
— 133.9 
Euro term loans B-4
EURIBOR plus 2.75%
2.75%
627.3 684.9 
Euro term loans B-5
EURIBOR plus 2.25%
2.25%
337.0 367.9 
U.S. dollar term loans B-4
LIBOR plus 2.00%
3.06%
— 229.3 
U.S. dollar term loans B-5
LIBOR plus 2.25%
3.31%
1,903.6 2,063.9 
2.625% secured notesfixed rate
2.625%
680.8 739.6 
3.875% unsecured notesfixed rate
3.875%
800.0 800.0 
3.875% unsecured notesfixed rate
3.875%
418.9 455.1 
4.625 % unsecured notesfixed rate
4.625%
1,550.0 1,550.0 
Finance lease liabilities69.1 71.2 
Other14.8 17.4 
Total debt, gross6,611.5 7,113.2 
Less: unamortized deferred financing costs(72.4)(90.0)
Total debt$6,539.1 $7,023.2 
Classification on balance sheets:
Current portion of debt$246.4 $45.2 
Debt, net of current portion6,292.7 6,978.0 
Credit facilities
The following table presents availability under our credit facilities:
(in millions)
June 30, 2022
Receivables facilityRevolving credit facilityTotal
Capacity$300.0 $515.0 $815.0 
Undrawn letters of credit outstanding(13.9)— (13.9)
Outstanding borrowings(210.0)— (210.0)
Unused availability$76.1 $515.0 $591.1 
Capacity under the receivables facility depends upon maintaining a sufficient borrowing base of eligible accounts receivable. At June 30, 2022, $577.2 million of accounts receivable were available as collateral under the facility. The receivables facility is with a commercial bank, functions like a line of credit and matures on March 27, 2023. The revolving credit facility under the senior secured credit facilities matures on July 14, 2025.
Senior secured credit facilities
During the quarter ended June 30, 2022, we fully repaid our U.S. dollar term loan B-4 and our Euro term loan B-3. We also made prepayments of $150.0 million on our U.S. dollar term loan B-5. In connection with these prepayments, we expensed $6.1 million of previously unamortized deferred financing costs related to these term loans as a loss on extinguishment of debt.
Debt covenants
Our debt agreements include representations and covenants that we consider usual and customary, and our receivables facility and senior secured credit facilities include a financial covenant that becomes applicable for periods in which we have drawn more than 35% of our revolving credit facility under the senior secured credit facilities. In this circumstance, we are not permitted to have combined borrowings on our senior secured credit facilities and secured notes in excess of a pro forma net leverage ratio, as defined in our credit agreements. As we had not drawn more than 35% of our revolving credit facility in this period, this covenant was not applicable at June 30, 2022.