Debt

Outstanding debt balances were as follows:



	June 30, 2018			December 31, 2017
Notes payable
Uncommitted lines of credit	$	9.6		$	16.2
Term Loan A Facility	25.9			23.0
Delayed Draw Term Loan A Facility	18.8			17.2
Term Loan B Facility - USD	4.8			4.8
Term Loan B Facility - Euro	4.8			5.0
Other	4.6			0.5
	$	68.5		$	66.7
Long-term debt
Revolving Facility	$	140.0		$	75.0
Term Loan A Facility	163.9			178.3
Delayed Draw Term Loan A Facility	218.8			226.6
Term Loan B Facility - USD	464.3			466.7
Term Loan B Facility - Euro	474.0			489.5
2024 Senior Notes	400.0			400.0
Other	1.7			1.4
	1,862.7			1,837.5
Long-term deferred financing fees	(46.1		)	(50.4		)
	$	1,816.6		$	1,787.1

As of June 30, 2018, the Company had various international short-term uncommitted lines of credit with borrowing limits of $198.3. The weighted-average interest rate on outstanding borrowings on the short-term uncommitted lines of credit as of June 30, 2018 and December 31, 2017 was 8.25 percent and 9.17 percent, respectively, and primarily relate to short-term uncommitted lines of credit in India. Short-term uncommitted lines mature in less than one year. The amount available under the short-term uncommitted lines at June 30, 2018 was $188.7.

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



	Six Months Ended
	June 30,
	2018			2017
Revolving credit facility (repayments) borrowings, net	$	65.0		$	119.1

Other debt borrowings
Proceeds from Delayed Draw Term Loan A Facility under the Credit Agreement	$	—		$	250.0
Proceeds from Term Loan B Facility - Euro under the Credit Agreement	—			73.3
International short-term uncommitted lines of credit borrowings	34.2			47.0
	$	34.2		$	370.3

Other debt repayments
Payments on Term Loan A Facility under the Credit Agreement	$	(11.5	)	$	(8.6	)
Payments on Delayed Draw Term Loan A Facility under the Credit Agreement	(6.3		)	—
Payments on Term Loan B Facility - USD under the Credit Agreement	(2.4		)	(323.7		)
Payments on Term Loan B Facility - Euro under the Credit Agreement	(2.5		)	(2.1		)
Payments on European Investment Bank	—			(63.1		)
International short-term uncommitted lines of credit and other repayments	(34.9		)	(19.0		)
	$	(57.6	)	$	(416.5	)

The Company has a revolving and term loan credit agreement (the Credit Agreement), with a revolving facility of up to $520.0 (the Revolving Facility) and a secured term loan A facility (the Term Loan A Facility) in the amount of up to $230.0. 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 Facility borrowings as of June 30, 2018 and December 31, 2017 was 4.13 percent and 3.63 percent, respectively, which is variable based on the London Interbank Offered Rate (LIBOR). The amount available under the Revolving Facility as of June 30, 2018 was $380.0.

The Company has $400.0 aggregate principal amount of senior notes due 2024 (the 2024 Senior Notes), which are and will be guaranteed by certain of the Company’s existing and future domestic subsidiaries and mature in April 2024.

On May 9, 2017, the Company entered into an incremental amendment to its Credit Agreement (the Incremental Agreement) which reduced the initial term loan B facility (the Term Loan B Facility) of a $1,000.0 U.S. dollar-denominated tranche to $475.0. The reduction was funded using the $250.0 proceeds drawn from the Delayed Draw Term Loan A Facility, a replacement of $70.0 with Term Loan B Facility - Euro and previous principal payments.

The interest rate with respect to the Term Loan B Facility - USD is based on, at the Company’s option, adjusted LIBOR plus 2.75 percent (with a floor of 0.00 percent) or Alternate Base Rate (ABR) plus 1.75 percent (with an ABR floor of 1.00 percent) and the interest rate with respect to the Term Loan B Facility - Euro is based on adjusted Euro Interbank Offered Rate (EURIBOR) plus 3.00 percent (with a floor of 0.00 percent).

The Incremental Agreement also renewed the repricing premium of 1.00 percent in relation to the Term Loan B Facility, removed the requirement to prepay the Repriced Dollar Term Loan and the repriced Euro Term Loan upon any asset sale or casualty event if the Company is below a Total Net Leverage Ratio of 2.5:1.0 on a pro forma basis for such asset sale or casualty event and provides additional restricted payments and investment carveouts in regards to certain assets acquired. All other material provisions under the Credit Agreement were unchanged.

On April 17, 2018, the Company entered into an amendment to its Credit Agreement which modified its calculation of total net debt and its maximum allowable total net debt to the trailing twelve month's adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) leverage ratio (Leverage Ratio). The Credit Agreement financial covenant ratios at June 30, 2018 are as follows:


•	a maximum leverage ratio of 4.75 to 1.00 as of June 30, 2018 (reducing to 4.50 on December 31, 2018, and then further reduced to 4.25 on December 31, 2019); and


•	a minimum adjusted EBITDA to net interest expense coverage ratio (Coverage Ratio) of not less than 3.00 to 1.00

Below is a summary of financing and replacement facilities information:



Financing and Replacement Facilities	Interest Rate Index and Margin	Maturity/Termination Dates	Initial Term (Years)
Credit Agreement facilities
Revolving Facility	LIBOR + 2.00%	December 2020	5
Term Loan A Facility	LIBOR + 2.00%	December 2020	5
Delayed Draw Term Loan A Facility	LIBOR + 2.00%	December 2020	5
Term Loan B Facility - USD	LIBOR⁽ⁱ⁾ + 2.75%	November 2023	7.5
Term Loan B Facility - Euro	EURIBOR⁽ⁱⁱ⁾ + 3.00%	November 2023	7.5
2024 Senior Notes	8.5%	April 2024	8


⁽ⁱ⁾	LIBOR with a floor of 0.0%.


⁽ⁱⁱ⁾	EURIBOR with a floor of 0.0%.

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.

The Company's financing agreements contain various financial covenants, including net debt to capitalization, net debt to EBITDA and net interest coverage ratio. As of June 30, 2018, the Company was in compliance with the financial and other covenants in its debt agreements. However, the Company’s current operating performance has been below expectations that existed at the time that the financial covenant levels were established, and if financial performance does not improve, we anticipate noncompliance with the net debt to EBITDA financial covenant at the end of the third quarter of 2018. The Company is in process of seeking an amendment to that covenant or obtaining a waiver thereof from our lenders. There can be no assurance that the Company will be successful in obtaining an amendment or waiver on commercially reasonable terms or at all.