Debt and Finance Lease Obligations

12 Months Ended

Dec. 31, 2019

DEBT AND FINANCE LEASE OBLIGATIONS

Debt, including finance lease obligations, consisted of:



	December 31,
	2019		2018
	(Amounts in thousands)
1.25% EUR Senior Notes due March 17, 2022, net of unamortized discount and debt issuance costs of $2,653 and $3,914 at December 31, 2019 and 2018, respectively	$	557,847	$	569,536
3.50% USD Senior Notes due September 15, 2022, net of unamortized discount and debt issuance costs of $1,924 and $2,589 at December 31, 2019 and 2018, respectively	498,076		497,411
4.00% USD Senior Notes due November 15, 2023, net of unamortized discount and debt issuance costs of $1,777 and $2,192 at December 31, 2019 and 2018, respectively	298,223		297,808
Term Loan Facility, interest rate of 4.30% at December 31, 2018, net of debt issuance costs of $249	—		104,751
Finance lease obligations and other borrowings	23,103		13,541
Debt and finance lease obligations	1,377,249		1,483,047
Less amounts due within one year	11,272		68,218
Total debt due after one year	$	1,365,977	$	1,414,829

Scheduled maturities of our Senior Notes and other debt, are (amounts in thousands):




2020	$	11,272
2021	11,831
2022	1,055,923
2023	298,223
Total	$	1,377,249

Senior Notes

On March 17, 2015, we completed a public offering of €500.0 million of Euro senior notes in aggregate principal amount due March 17, 2022 ("2022 EUR Senior Notes"). The 2022 EUR Senior Notes bear an interest rate of 1.25% per year, payable each year on March 17. The 2022 EUR Senior Notes were priced at 99.336% of par value, reflecting a discount to the aggregate principal amount.

On November 1, 2013 we completed the public offering of $300.0 million in aggregate principal amount of senior notes due November 15, 2023 ("2023 Senior Notes"). The 2023 Senior Notes bear an interest rate of 4.00% per year, payable on May 15 and November 15 of each year. The 2023 Senior Notes were priced at 99.532% of par value, reflecting a discount to the aggregate principal amount.

On September 11, 2012, we completed the public offering of $500.0 million in aggregate principal amount of senior notes due September 15, 2022 ("2022 Senior Notes"). The 2022 Senior Notes bear an interest rate of 3.50% per year, payable on March 15 and September 15 of each year. The 2022 Senior Notes were priced at 99.615% of par value, reflecting a discount to the aggregate principal amount.

We have the right to redeem the 2022 Senior Notes and 2023 Senior Notes at any time prior to June 15, 2022 and August 15, 2023, respectively, in whole or in part, at our option, at a redemption price equal to the greater of: (1) 100% of the principal amount of the senior notes being redeemed; or (2) the sum of the present values of the remaining scheduled payments of principal and interest in respect of the Senior Notes being redeemed discounted to the redemption date on a semi-annual basis, at the applicable Treasury Rate plus 30 basis points for the 2022 Senior Notes and plus 25 basis points for the 2023 Senior Notes. In addition, at any time on or after June 15, 2022 for the 2022 Senior Notes and August 15, 2023 for the 2023 Senior Notes, we may redeem the Senior Notes at a redemption price equal to 100% of the principal amount of the Senior Notes being redeemed. In each case, we will also pay the accrued and unpaid interest on the principal amount being redeemed to the redemption date. Similarly, we have the right to redeem the 2022 EUR Senior Notes at any time prior to December 17, 2021, in whole or in part, at our option, at a redemption price equal to the greater of: (1) 100% of the principal amount of the senior notes being redeemed; or (2) the sum of the present values of the remaining scheduled payments of principal and interest in respect of the Senior Notes being redeemed (exclusive of interest accrued to, but excluding, the date of redemption) discounted to the redemption date on an annual basis, at the Comparable German Government Bond Rate plus 25 basis points. At any time on or after December 17, 2021, we may redeem the 2022 EUR Senior Notes, in whole or in part from time to time, at our option, at a redemption price equal to 100% of the principal amount of the notes to be redeemed. In each case, we will also pay the accrued and unpaid interest on the principal amount being redeemed to the redemption date.

Senior Credit Facility

On July 16, 2019, we entered into a new credit agreement ("Credit Agreement”) with Bank of America, N.A., as administrative agent, and the other lenders party thereto. The Credit Agreement provides for a $800.0 million unsecured senior credit facility with a maturity date of July 16, 2024 (“Senior Credit Facility”). The Senior Credit Facility includes a $750.0 million sublimit for the issuance of letters of credit and a $30.0 million sublimit for swing line loans. We have the right to increase the amount of the Senior Credit Facility by an aggregate amount not to exceed $400.0 million, subject to certain conditions, including each Lender's approval providing any increase. On July 16, 2019, approximately $75.0 million was borrowed under the Senior Credit Facility to repay all outstanding indebtedness under the previous senior credit facility. In connection with this repayment, our outstanding letters of credit under the previous senior credit facility were transferred to the Senior Credit Facility, and we terminated the previous senior credit facility. On September 16, 2019, the $75.0 million borrowed under the Senior Credit Facility was paid in full.

The interest rates per annum applicable to the Senior Credit Facility (other than with respect to swing line loans) are LIBOR plus between 1.000% to 1.750%, depending on our debt rating by either Moody’s Investors Service, Inc. or Standard & Poor’s Financial Services LLC ("S&P") Ratings, or, at our option, the Base Rate (as defined in the Senior Credit Agreement) plus between 0.000% to 0.750% depending on our debt rating by either Moody’s Investors Service, Inc. or S&P Global Ratings. As of December 31, 2019, the interest rate on the Senior Credit Facility was LIBOR plus 1.375% in the case of LIBOR loans and the Base Rate plus 0.375% in the case of Base Rate loans. In addition, a commitment fee is payable quarterly in arrears on the daily unused portions of the Senior Credit Facility. The commitment fee will be between 0.090% and 0.300% of unused amounts under the Senior Credit Facility depending on our debt rating by either Moody’s Investors Service, Inc. or S&P’s Ratings. The commitment fee was 0.20% (per annum) during the period ended December 31, 2019.

As of December 31, 2019, and December 31, 2018, we had no revolving loans outstanding under the Senior Credit Facility. We had outstanding letters of credit of $88.5 million and $92.9 million at December 31, 2019, and December 31, 2018, respectively. The amount available for borrowings under our Senior Credit Facility was $711.5 million at December 31, 2019. As of December 31, 2018, due to a financial covenant in the previous senior credit facility, the amount available for borrowings under that facility was effectively limited to $513.7 million.

Repayment of Obligations — During the year ended December 31, 2019, we paid the $105.0 million outstanding principal balance on our previous senior credit facility, including $30.0 million of scheduled principal repayments. During both 2018 and 2017, we paid $60.0 million of scheduled principal repayments on the previous senior credit facility.

Financial Covenants — Our compliance with the financial covenants under the Senior Notes and Senior Credit Facility are tested quarterly. We were in compliance with all covenants as of December 31, 2019.