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Debt | DEBT In fiscal year 2020, Air Products issued U.S. Dollar- and Euro-denominated fixed-rate notes in multiple tranches with aggregate principal amounts of $3.8 billion and €1.0 billion ($1.2 billion as of 30 September 2020), respectively. The U.S. Dollar-denominated notes were issued on 30 April 2020, and the Euro-denominated notes were issued on 5 May 2020. The proceeds from these notes were reduced by deferred financing charges and discounts of approximately $45, which are being amortized over the life of the underlying bonds. We intend to use the majority of the proceeds to fund growth projects and repay debt maturities through 2021. In August 2020, we repaid a 2.0% Eurobond of €300.0 million that had been previously reflected as long-term debt due to our intent to refinance as of 30 September 2019. Total Debt The table below summarizes our total outstanding debt as reflected on our consolidated balance sheets as of 30 September 2020 and 2019:
(A)Includes bank obligations with weighted average interest rates of 1.6% and 3.7% as of 30 September 2020 and 2019, respectively. (B)Our related party debt resulted from the 2018 acquisition of gasification and syngas clean-up assets from our joint venture partner, Lu'An, who partially funded the acquisition with a loan to the joint venture. (C)Includes current portions of long-term debt owed to Lu'An of $41.3 and $37.8 as of 30 September 2020 and 2019, respectively. Long-term Debt The coupon interest rates, maturities, and carrying amounts of our long-term debt as of 30 September 2020 and 2019 are summarized in the table below:
(A)We have entered into LIBOR-based interest rate swap arrangements with various counterparty financial institutions on the 3.0% Senior Note maturing in fiscal year 2022. These interest rate swaps have been designated as fair value hedges of the Note. Refer to Note 13, Financial Instruments, for additional information. Maturities of long-term debt, including principal amounts owed to related parties, in each of the next five years and thereafter are as follows:
Various debt agreements to which we are a party include financial covenants and other restrictions, including restrictions pertaining to the ability to create property liens and enter into certain sale and leaseback transactions. As of 30 September 2020, we are in compliance with all the financial and other covenants under our debt agreements. There were no additional commitments maintained by our foreign subsidiaries as of 30 September 2020. Cash paid for interest, net of amounts capitalized, was $67.2, $155.9, and $123.1 in fiscal years 2020, 2019, and 2018, respectively. Credit Agreement We have a $2,300 five-year revolving credit agreement maturing 31 March 2022 with a syndicate of banks (the “Credit Agreement”). Under the Credit Agreement, senior unsecured debt is available to us and certain of our subsidiaries. The Credit Agreement provides us a source of liquidity and supports our commercial paper program. Our only financial covenant under the Credit Agreement is a maximum ratio of total debt to total capitalization, or total debt plus total equity, no greater than 70%. No borrowings were outstanding under the Credit Agreement as of 30 September 2020.
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