Debt

Outstanding debt balances were as follows:



	September 30, 2018			December 31, 2017
Notes payable
Uncommitted lines of credit	$	23.5		$	16.2
Term Loan A Facility	—			23.0
Delayed Draw Term Loan A Facility	—			17.2
Term Loan A-1 Facility	16.3			—
Term Loan B Facility - USD	4.8			4.8
Term Loan B Facility - Euro	4.8			5.0
Other	3.3			0.5
	$	52.7		$	66.7
Long-term debt
Revolving Facility	$	260.0		$	75.0
Term Loan A Facility	126.3			178.3
Delayed Draw Term Loan A Facility	160.5			226.6
Term Loan A-1 Facility	633.7			—
Term Loan B Facility - USD	414.3			466.7
Term Loan B Facility - Euro	418.8			489.5
2024 Senior Notes	400.0			400.0
Other	3.0			1.4
	2,416.6			1,837.5
Long-term deferred financing fees	(79.6		)	(50.4		)
	$	2,337.0		$	1,787.1

As of September 30, 2018, the Company had various international short-term uncommitted lines of credit with borrowing limits of $67.6. The weighted-average interest rate on outstanding borrowings on the short-term uncommitted lines of credit as of September 30, 2018 and December 31, 2017 was 5.89 percent and 9.17 percent, respectively, and primarily relate to short-term uncommitted lines of credit in India and Brazil. Short-term uncommitted lines mature in less than one year. The amount available under the short-term uncommitted lines at September 30, 2018 was $44.1.

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



	Nine Months Ended
	September 30,
	2018			2017
Revolving credit facility (repayments) borrowings, net	$	185.0		$	120.0

Other debt borrowings
Proceeds from Delayed Draw Term Loan A Facility under the Credit Agreement	$	—		$	250.0
Proceeds Term Loan A-1 Facility under the Credit Agreement	650.0			—
Proceeds from Term Loan B Facility - Euro under the Credit Agreement	—			73.3
International short-term uncommitted lines of credit borrowings	56.0			57.7
	$	706.0		$	381.0

Other debt repayments
Payments on Term Loan A Facility under the Credit Agreement	$	(75.0	)	$	(12.9	)
Payments on Delayed Draw Term Loan A Facility under the Credit Agreement	(83.2		)	(3.1		)
Payments on Term Loan B Facility - USD under the Credit Agreement	(52.3		)	(324.9		)
Payments on Term Loan B Facility - Euro under the Credit Agreement	(54.9		)	(3.4		)
Payments on European Investment Bank	—			(63.1		)
International short-term uncommitted lines of credit and other repayments	(41.3		)	(26.1		)
	$	(306.7	)	$	(433.5	)

The Company has a revolving and term loan credit agreement (the Credit Agreement), with a revolving facility of up to $500.0 (the Revolving Facility) and a secured term loan A facility (the Term Loan A Facility) in the amount of up to $230.0 as of September 30, 2018. 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 September 30, 2018 and December 31, 2017 was 4.38 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 September 30, 2018 was $240.0.

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 August 30, 2018, the Company entered into a sixth amendment and incremental amendment (the Sixth Amendment) to its Credit Agreement. The Amendment amended the financial covenants and established a new senior secured incremental term A-1 facility in an aggregate principal amount of $650.0 (Term Loan A-1 Facility) and makes certain other changes to the Credit Agreement.

The interest rate with respect to the Term Loan A-1 Facility is based on, at the Company’s option, either the alternative base rate (ABR) plus 8.25% or a eurocurrency rate plus 9.25%. The Term A-1 Facility will mature in August 2022, the fourth anniversary of the Sixth Amendment. The Term Loan A-1 Facility is subject to a maximum consolidated net leverage ratio, a minimum consolidated interest coverage ratio and certain covenant reset triggers (Covenant Reset Triggers) as described in the Sixth Amendment. Upon the occurrence of any Covenant Reset Trigger, the financial covenant levels will automatically revert to previous financial covenant levels in effect prior to the Sixth Amendment.

A portion of the proceeds of the Term Loan A-1 Facility are restricted to fund the purchase of the remaining shares of Diebold Nixdorf AG not owned by the Company. The proceeds were used to make optional prepayments of existing term A loans in the amount of $130.0 and to permanently reduce revolving credit commitments in an amount of $20.0 and to make a purchase pursuant to an offer open to all term B lenders on a pro rata basis for $100.0 in face principal amount of term B loans. Any remaining proceeds were used for general corporate and working capital purposes.

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 Credit Agreement financial covenant rations at September 30, 2018 are as follows:


•	a maximum allowable total net debt to trailing twelve month's adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) leverage ratio (Leverage Ratio) of 7.00 to 1.00 as of September 30, 2018 (reducing to 6.50 on June 30, 2020, further reduced to 6.25 on December 31, 2020, further reduced to 6.00 on June 30, 2021 and further reduced to 5.75 on December 31, 2021); and


•	a minimum adjusted EBITDA to net interest expense coverage ratio of not less than 1.38 to 1.00 (increasing to 1.50 on December 31, 2020 and further increased to 1.63 on December 31, 2021)

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 + 3.50%	December 2020	5
Term Loan A Facility	LIBOR + 3.50%	December 2020	5
Delayed Draw Term Loan A Facility	LIBOR + 3.50%	December 2020	5
Term Loan A-1 Facility	LIBOR + 9.25%	August 2022	4
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. Under the Sixth Amendment, the Term Loan A-1 Facility is under a covenant holiday period until the earlier of any covenant reset trigger or April 1, 2019. As of September 30, 2018, the Company was in compliance with the financial and other covenants in its debt agreements.