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Debt
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
DEBT DEBT
Outstanding debt balances were as follows:
December 31,
20212020
Notes payable – current
Uncommitted lines of credit$1.6 $0.2 
2022 Revolving Facility35.9 — 
Term Loan A-1 Facility— — 
Term Loan B Facility - USD4.8 4.8 
Term Loan B Facility - Euro4.7 5.1 
Other0.3 0.6 
47.3 10.7 
Short-term deferred financing fees(0.2)— 
$47.1 $10.7 
Long-term debt
2023 Revolving Facility$25.0 $60.1 
Term Loan B Facility - USD381.0 385.7 
Term Loan B Facility - Euro375.6 412.1 
2024 Senior Notes400.0 400.0 
2025 Senior Secured Notes - USD700.0 700.0 
2025 Senior Secured Notes - EUR396.4 429.5 
Other4.2 3.1 
2,282.2 2,390.5 
Long-term deferred financing fees(36.6)(54.8)
$2,245.6 $2,335.7 
Senior and Senior Secured Notes

On July 20, 2020, Diebold Nixdorf, Incorporated issued $700.0 aggregate principal amount of 9.375 percent Senior Secured Notes due 2025 (the 2025 Senior Secured Notes - USD) and its wholly-owned subsidiary, Diebold Nixdorf Dutch Holding B.V., issued €350.0 aggregate principal amount of 9.0 percent Senior Secured Notes due 2025 (the 2025 Senior Secured Notes - EUR and, together with the 2025 Senior Secured Notes - USD, the 2025 Senior Secured Notes) in private offerings exempt from registration under the Securities Act of 1933. The 2025 Senior Secured Notes - USD were issued at a price of 99.031 percent of their principal amount, and the 2025 Senior Secured Notes - EUR were issued at a price of 99.511 percent of their principal amount.
The 2025 Senior Secured Notes are or will be, as applicable, guaranteed on a senior secured basis by (i) all of Diebold Nixdorf, Incorporated’s existing and future direct and indirect U.S. subsidiaries that guarantee the obligations under the credit agreement (the Credit Agreement) governing the Company's revolving credit facility (the Revolving Facility) and (ii) all of Diebold Nixdorf, Incorporated’s existing and future direct and indirect U.S. subsidiaries (other than securitization subsidiaries, immaterial subsidiaries and certain other subsidiaries) that guarantee any of the Diebold Nixdorf Dutch Holding B.V.’s, Diebold Nixdorf, Incorporated’s or its subsidiary guarantors’ indebtedness for borrowed money (collectively, the U.S. subsidiary guarantors). Additionally, the 2025 Senior Secured Notes - USD and the 2025 Senior Secured Notes - EUR are guaranteed on a senior secured basis by Diebold Nixdorf Dutch Holdings B.V. and Diebold Nixdorf, Incorporated, respectively. The 2025 Senior Secured Notes are secured by first-priority liens on substantially all of the tangible and intangible assets of Diebold Nixdorf, Incorporated, Diebold Nixdorf Dutch Holding B.V. and the U.S. subsidiary guarantors, in each case subject to permitted liens and certain exceptions. The first-priority liens on the collateral securing the 2025 Senior Secured Notes - USD and the related guarantees and the 2025 Senior Secured Notes - EUR and the related guarantees are shared ratably among the 2025 Senior Secured Notes and the obligations under the Credit Agreement.

The net proceeds from the offerings of the 2025 Senior Secured Notes, along with cash on hand, were used to repay a portion of the amounts outstanding under the Credit Agreement, including all amounts outstanding under the Term Loan A Facility and Term Loan A-1 Facility and $193.8 of revolving credit loans, including all of the revolving credit loans due in December 2020, and for the payment of all related fees and expenses.

In addition to the 2025 Senior Secured Notes, the Company also has an outstanding $400.0 aggregate principal amount of 8.5 percent Senior Notes due 2024 (the 2024 Senior Notes). The 2024 Senior Notes were issued by Diebold Nixdorf, Incorporated and are guaranteed on a senior unsecured basis by the U.S. subsidiary guarantors and Diebold Nixdorf Dutch Holding B.V., and mature in April 2024.

Credit Agreement - Term Loan and Revolving Facilities

On November 6, 2020, the Company entered into the tenth and most recent amendment to the Credit Agreement, pertaining to the Term Loan B and revolving credit facilities, to amend the definition of “Interest Coverage Ratio” for certain time periods and Covenant Reset Triggers (as defined in the Credit Agreement). The Interest Coverage Ratio calculation now excludes specific make-whole premiums, write-offs and expenses paid by the Company in relation to the Term A Loans and Term A-1 Loans.

On July 20, 2020, the Company entered into the ninth amendment to the Credit Agreement (the Ninth Amendment). The Ninth Amendment amended the Credit Agreement to, among other things, extend the maturity of $330.0 of revolving credit commitments from April 30, 2022 to July 20, 2023 and amend the financial covenants in the Credit Agreement in connection with the extension of such maturities and, effective as of the date of the Ninth Amendment, the Company terminated its other revolving credit commitments under the Revolving Facility.

As of December 31, 2021, the debt facilities under the Credit Agreement were secured by substantially all assets of Diebold Nixdorf, Incorporated and its domestic subsidiaries that are borrowers and guarantors under the Credit Agreement, subject to certain exceptions and permitted liens.

On March 11, 2022, the Company entered into the eleventh and most recent amendment to its Credit Agreement, to amend the financial covenants with respect to its "Total Net Leverage Ratio" (as defined in the Credit Agreement).

Uncommitted Line of Credit

As of December 31, 2021, the Company had various international, short-term uncommitted lines of credit with borrowing limits aggregating to $29.1. The weighted-average interest rate on outstanding borrowings on the short-term uncommitted lines of credit as of December 31, 2021 and 2020 was 3.24 percent and 7.61 percent, respectively. Short-term uncommitted lines mature in less than one year. The remaining amount available under the short-term uncommitted lines at December 31, 2021 was $27.5.
The cash flows related to debt borrowings and repayments were as follows:
December 31,
20212020
Revolving credit facility borrowings$590.9 $765.2 
Revolving credit facility repayments$(590.1)$(705.1)
Proceeds from 2025 Senior Secured Notes - USD$— $693.2 
Proceeds from 2025 Senior Secured Notes - EUR— 394.6 
International short-term uncommitted lines of credit borrowings11.2 20.0 
Other debt borrowings$11.2 $1,107.8 
Payments on Term Loan A Facility under the Credit Agreement$— $(370.3)
Payments on Term Loan A-1 Facility under the Credit Agreement— (618.9)
Payments on Term Loan B Facility - USD under the Credit Agreement(4.8)(18.2)
Payments on Term Loan B Facility - Euro under the Credit Agreement(4.8)(17.7)
International short-term uncommitted lines of credit and other repayments(9.8)(24.8)
Other debt repayments$(19.4)$(1,049.9)

The interest rates with respect to the Revolving Facility are based on, at the Company’s option, adjusted LIBOR or an alternative base rate, in each case plus an applicable margin tied to the Company’s then applicable total net leverage ratio. Such applicable margins range from LIBOR-based Revolving Loans, 1.25 percent to 4.25 percent, and for base-rate Revolving Loans, 1.00 percent less than in the case of LIBOR-based loans.

Below is a summary of financing and replacement facilities information:
Financing and Replacement FacilitiesInterest Rate
Index and Margin		Maturity/Termination DatesInitial Term (Years)
Credit Agreement facilities
2022 Revolving Credit Facility(i)
LIBOR + 4.25%April 20223.2
2023 Revolving Credit Facility(ii)
LIBOR + 4.25%July 20233
Term Loan B Facility - USD(i)
LIBOR + 2.75%November 20237.5
Term Loan B Facility - Euro(iii)
EURIBOR + 3.00%November 20237.5
2024 Senior Notes8.5%April 20248
2025 Senior Secured Notes - USD9.375%July 20255
2025 Senior Secured Notes - EUR9.0%July 20255
(i)LIBOR with a floor of 0.0 percent
(ii)LIBOR with a floor of 0.5 percent
(iii)EURIBOR with a floor of 0.0 percent

The Company's debt agreements contain various financial covenants, including net debt to EBITDA and net interest coverage ratio, along with certain negative covenants that, among other things, limit dividends, acquisitions and the use of proceeds from divestitures. The Credit Agreement financial ratios are as follows:

•a maximum allowable total net debt to adjusted EBITDA leverage ratio of 5.75 to 1.00 for the quarter ended December 31, 2021 (increasing based on the eleventh amendment to the Credit Agreement to 6.75 for the quarters ended March 31, 2022 and June 30, 2022, and thereafter decreasing to 6.50 for the quarter ended September 30, 2022, 5.50 for the quarter ended December 31, 2022, and 5.25 for the quarter ended March 31, 2023); and
•a minimum adjusted EBITDA to net interest expense coverage ratio of not less than 1.63 to 1.00 (increasing to 1.75 on September 30, 2022 and thereafter).

As of December 31, 2021, the Company was in compliance with the financial covenants in its debt agreements.
Maturities of long-term debt as of December 31, 2021 are as follows:
Maturities of Debt
2022$47.3 
2023782.7 
2024401.1 
20251,097.4 
20261.0 
$2,329.5 

Interest expense on the Company’s debt instruments for the years ended December 31, 2021, 2020 and 2019 was $180.0, $269.7 and $173.2, respectively.
The Company incurred $0.0 and $26.4 of debt issuance costs in the years ended December 31, 2021 and 2020, respectively, related to the Credit Agreement, which are amortized as a component of interest expense over the terms.