4. Debt

Long-term Debt

Long-term debt consisted of the following unsecured obligations at December 31:

(in thousands)	2018			2017
3.66% senior notes due November 2023	$	75,000		$	75,000
3.65% senior notes due May 2024		27,000			27,000
4.19% senior notes due November 2025		25,000			-
1.27% Euro-denominated senior notes due May 2024		57,333			60,024
1.71% Euro-denominated senior notes due May 2027		45,866			48,019
3.06% Euro-denominated senior notes due November 2023		43,856			45,914
1.85% Euro-denominated senior notes due November 2022		76,662			80,260
4.47% senior notes due November 2018		-			25,000
2.53% British Pound-denominated notes due November 2023		31,884			-
2.76% British Pound-denominated notes due November 2025		31,884			-
Term loan		132,313			141,375
Long-term revolving credit facility		142,061			100,712
Various other notes		923			1,068
		689,782			604,372
Less debt fees		(229	)		(213	)
Total long-term debt	$	689,553		$	604,159

In June 2018, the Company amended its accounts receivable securitization program with Wells Fargo & Company (Wells Fargo). The program was further amended on October 1, 2018, to increase the amount from $60 million to $70 million. In connection with the amendments, the Company entered into conforming amendments to its revolving credit facility and outstanding note purchase agreements. Under the amended program, Wells Fargo has extended a secured loan (Secured Loan) of up to $70 million to the Company secured by Wells Fargo’s undivided interests in certain of the Company’s trade accounts receivables. The interest rate on the Secured Loan is LIBOR plus 0.75%. The Company has the intent and ability either to repay the Secured Loan with available funds from the Company’s existing long-term revolving credit facility, or to extend its accounts receivable program with Wells Fargo when it matures. Accordingly, the Secured Loan has been classified as long-term debt on the Company’s Consolidated Balance Sheet. As of December 31, 2018, the amount was fully drawn.

In July 2018, the Company borrowed 50 million British Pounds and 45 million Euros under its revolving credit facility to act as a partial hedge of the Company’s net asset positions in British Pounds and Euros. See Note 5, Derivatives and Hedging Activity, for additional information. The proceeds of these borrowings were used to repay the U.S. dollar denominated borrowings under the Company’s revolving credit facility.

In November 2018, the Company replaced the 50 million British Pounds revolver borrowing with 50 million British Pounds of private placement notes. The two notes were issued for 25 million British Pounds each, maturing in November 2023 and November 2025, and bearing interest rates of 2.53% and 2.76%, respectively. At the same time, the Company issued $25 million of private placement notes, maturing in November 2025, and bearing an interest rate of 4.19%, the proceeds of which were used to repay maturing private placement debt.

The borrowings under the Term Loan had an average interest rate of 3.48% and 2.58% for the years ended December 31, 2018 and 2017, respectively.

The borrowings under the long-term revolving credit facility had an average interest rate of 2.08% and 1.77% for the years ended December 31, 2018 and 2017, respectively.

The aggregate amounts of contractual maturities on long-term debt for the five years subsequent to December 31, 2018, are as follows: 2019, $11.0 million; 2020, $12.8 million; 2021, $14.6 million; 2022, $313.1 million; and 2023, $150.9 million.

The Company has approximately $11.0 million of long-term debt that matures in 2019. The Company is able and intends to refinance these maturities under the long-term revolving credit facility. Accordingly, that maturing debt has been classified as long-term debt in the Consolidated Balance Sheet.

The Company had $264.5 million available under the revolving credit facility and $121.8 million available under other lines of credit from several banks at December 31, 2018.

Substantially all of the senior loan agreements contain restrictions concerning interest coverage, borrowings, and investments. The Company is in compliance with all of these restrictions at December 31, 2018. The following table summarizes the Company’s most restrictive loan covenants calculated in accordance with the applicable agreements as of December 31, 2018:

	Actual		Required
Debt to EBITDA⁽¹⁾ (Maximum)		2.79		<3.50
Interest Coverage (Minimum)		6.15		>2.00

⁽¹⁾

Debt to EBITDA is defined in the Company’s debt covenants as total funded debt divided by the Company’s consolidated operating income excluding non-operating gains and losses and depreciation and amortization.

The Company had stand-by and trade letters of credit outstanding of $6.4 million and $5.9 million as of December 31, 2018 and 2017, respectively.

Short-term Borrowings

The Company’s short-term borrowings consisted of the following items at December 31:

(in thousands)	2018		2017
Uncommitted loans	$	19,768	$	19,192
Loans of foreign subsidiaries		278		938
Total	$	20,046	$	20,130

The weighted average interest rates on short-term borrowings were 3.24 % and 2.46% at December 31, 2018 and 2017, respectively.