Debt

Outstanding debt balances were as follows:



	March 31, 2017			December 31, 2016
Notes payable
Uncommitted lines of credit	$	42.9		$	9.4
Term Loan A Facility	18.7			17.3
Term Loan B Facility - USD	10.0			10.0
Term Loan B Facility - Euro	3.7			3.7
European Investment Bank	—			63.1
Other	2.4			3.4
	$	77.7		$	106.9
Long-term debt
Term Loan A Facility	$	195.5		$	201.3
Term Loan B Facility - USD	785.0			787.5
Term Loan B Facility - Euro	367.6			363.5
2024 Senior Notes	400.0			400.0
Other	0.7			0.8
	1,748.8			1,753.1
Long-term deferred financing fees	(59.1		)	(61.7		)
	$	1,689.7		$	1,691.4

As of March 31, 2017, the Company had various international short-term uncommitted lines of credit with borrowing limits of $226.5. The weighted-average interest rate on outstanding borrowings on the short-term uncommitted lines of credit as of March 31, 2017 and December 31, 2016 was 5.83 percent and 9.87 percent, respectively. The decrease in the weighted-average interest rate is attributable to a change in mix of borrowings of foreign entities. Short-term uncommitted lines mature in less than one year. The amount available under the short-term uncommitted lines at March 31, 2017 was $183.6.

The cash flows related to debt borrowings and repayments were as follows:



	Three Months Ended
	March 31,
	2017			2016
Revolving credit facility borrowings (repayments), net	$	20.0		$	73.1

Other debt borrowings
International short-term uncommitted lines of credit borrowings	$	19.1		$	17.3

Other debt repayments
Payments on 2006 Senior Notes	$	—		$	(175.0	)
Payments on Term Loan A Facility under the Credit Agreement	(4.3		)	(2.9		)
Payments on Term Loan B Facility - USD under the Credit Agreement	(2.5		)	—
Payments on Term Loan B Facility - Euro under the Credit Agreement	(1.0		)	—
Payments on European Investment Bank	(63.1		)	—
International short-term uncommitted lines of credit and other repayments	(13.1		)	(20.1		)
	$	(84.0	)	$	(198.0	)

The Company entered into a revolving and term loan credit agreement (the Credit Agreement), dated as of November 23, 2015, among the Company and certain of the Company's subsidiaries, as borrowers, JPMorgan Chase Bank, N.A., as Administrative Agent, and the lenders named therein. The Credit Agreement included, among other things, mechanics for the Company’s existing revolving and term loan A facilities to be refinanced under the Credit Agreement. On December 23, 2015, the Company entered into a Replacement Facilities Effective Date Amendment, which amended the Credit Agreement, among the Company, certain of the Company’s subsidiaries, the lenders identified therein and JPMorgan Chase Bank, N.A., as Administrative Agent, pursuant to which the Company refinanced its $520.0 revolving and $230.0 term loan A senior unsecured credit facilities (which have been terminated and repaid in full) with, respectively, a new unsecured revolving facility (the Revolving Facility) in an amount of up to $520.0 and a new (non-delayed draw) unsecured term loan A facility (the Term Loan A Facility) on substantially the same terms as the Delayed Draw Term Facility (as defined in the Credit Agreement) in the amount of up to $230.0. The Delayed Draw Term Facility of $250.0 may be drawn up to one year after the closing date of the Acquisition. The Revolving Facility and Term Loan A Facility are subject to the same maximum consolidated net leverage ratio and minimum consolidated interest coverage ratio as the Delayed Draw Term Facility. On December 23, 2020, the Term Loan A Facility will mature and the Revolving Facility will automatically terminate. The weighted-average interest rate on outstanding revolving credit facility borrowings as of March 31, 2017 and December 31, 2016 was 2.75 percent and 2.56 percent, respectively, which is variable based on the London Interbank Offered Rate (LIBOR). The amount available under the revolving credit facility as of March 31, 2017 was $520.0.

On April 19, 2016, the Company issued the 2024 Senior Notes in an offering exempt from the registration requirements of the Securities Act in connection with the Acquisition. The 2024 Senior Notes are and will be guaranteed by certain of the Company’s existing and future domestic subsidiaries.

Also in April 2016, allocation and pricing of the term loan B facility (the Term Loan B Facility) provided under the Credit Agreement (which the Term Loan B Facility was used to provide part of the financing for the Acquisition) was completed. The Term Loan B Facility consists of a $1,000.0 U.S. dollar-denominated tranche that bears interest at LIBOR plus an applicable margin of 4.50 percent (or, at the Company’s option, prime plus an applicable margin of 3.50 percent), and a €350.0 euro-denominated tranche that will bear interest at the Euro Interbank Offered Rate (EURIBOR) plus an applicable margin of 4.25 percent. Each tranche was funded during the second quarter of 2016 at 99 percent of par.

On May 6, and August 16, 2016, the Company entered into the Second and Third Amendments to the Credit Agreement, which re-denominated a portion of the Term Loan B Facility into euros and guaranteed the prompt and complete payment and performance of the obligations when due under the Credit Agreement.

The Amended and Restated Credit Agreement financial covenant ratios at March 31, 2017 are as follows:


•	a maximum total net debt to adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) leverage ratio of 4.50 for the three months ended March 31, 2017 (reducing to 4.25 on December 31, 2017, further reduced to 4.00 on December 31, 2018, and further reduced to 3.75 on June 30, 2019); and


•	a minimum adjusted EBITDA to net interest expense coverage ratio of not less than 3.00

Below is a summary of financing and replacement facilities information:



Financing and Replacement Facilities	Interest Rate Index and Margin	Maturity/Termination Dates	Term (Years)
Credit Agreement facilities
Revolving Facility	LIBOR + 1.75%	December 2020	5
Term Loan A Facility	LIBOR + 1.75%	December 2020	5
Delayed Draw Term Loan A	LIBOR + 1.75%	December 2020	5
Term Loan B Facility ($1,000.0)	LIBOR⁽ⁱ⁾ + 4.50%	November 2023	7.5
Term Loan B Facility (€350.0)	EURIBOR⁽ⁱⁱ⁾ + 4.25%	November 2023	7.5
2024 Senior Notes	8.5%	April 2024	8


⁽ⁱ⁾	LIBOR with a floor of 0.75%.


⁽ⁱⁱ⁾	EURIBOR with a floor of 0.75%.

Following the close of the Acquisition, the debt facilities under the Credit Agreement are secured by substantially all assets of the Company and its domestic subsidiaries that are borrowers or guarantors under the Credit Agreement, subject to certain exceptions and permitted liens.

In March 2006, the Company issued senior notes (2006 Senior Notes) in an aggregate principal amount of $300.0. The Company funded the repayment of $75.0 aggregate principal amount of the 2006 Senior Notes at maturity in March 2013 using borrowings under its revolving credit facility and the repayment of $175.0 aggregate principal amount of the 2006 Senior Notes that matured in March 2016, through the use of proceeds from the divestiture of the Company's North America (NA) electronic security business. Prepayment of the remaining $50.0 aggregate principal amount of the 2006 Senior Notes were paid in full on May 2, 2016. The prepayment included a make-whole premium of $3.9, which was paid in addition to the principal and interest of the 2006 Senior Notes.

The Company’s financing agreements contain various restrictive financial covenants, including net debt to capitalization, net debt to EBITDA and net interest coverage ratios. As of March 31, 2017, the Company was in compliance with the financial and other covenants within its debt agreements.