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DEBT
9 Months Ended
Sep. 30, 2018
DEBT  
DEBT

6.          DEBT

 

Debt at September 30, 2018 and December 31, 2017 consisted of the following:

 

 

 

 

 

 

 

 

 

 

 

September 30, 

 

December 31, 

 

(In millions)

    

2018

    

2017

    

Private Placement Term Loans:

 

 

 

 

 

 

 

5.79 %, payable through 2020

 

$

14.0

 

$

17.5

 

3.66 %, payable through 2023

 

 

45.6

 

 

50.1

 

4.16 %, payable through 2027

 

 

47.1

 

 

49.8

 

3.37 %, payable through 2027

 

 

75.0

 

 

75.0

 

3.14 %, payable through 2031

 

 

200.0

 

 

200.0

 

4.31 %, payable through 2032

 

 

33.9

 

 

35.1

 

4.35 %, payable through 2044

 

 

100.0

 

 

100.0

 

3.92 %, payable through 2045

 

 

73.2

 

 

73.2

 

Title XI Bonds:

 

 

 

 

 

 

 

5.34 %, payable through 2028

 

 

22.0

 

 

24.2

 

5.27 %, payable through 2029

 

 

24.2

 

 

26.4

 

Revolving credit facility

 

 

273.0

 

 

205.0

 

Capital leases

 

 

0.1

 

 

0.8

 

Total Debt

 

 

908.1

 

 

857.1

 

Less: Current portion

 

 

(42.1)

 

 

(30.8)

 

Total Long-term Debt

 

$

866.0

 

$

826.3

 

 

The Company’s debt is described in Note 8 to the Consolidated Financial Statements included in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2017.  Borrowings under the revolving credit facility are classified as long-term debt in the Condensed Consolidated Balance Sheets, as principal payments are not required until the maturity date of June 29, 2022. 

 

As of September 30, 2018, the Company had $243.2 million of remaining availability under the revolving credit facility.  The interest rate on borrowings under the revolving credit facility approximated 3.52 percent during the three months ended September 30, 2018.