Credit Facilities

The principal amounts of the Company’s borrowings subject to variable rates totaled approximately $1,176,477 and $1,690,000 at December 31, 2018 and 2017, respectively. The weighted average interest rate on the Company’s outstanding borrowings was approximately 2.71% and 2.70% at December 31, 2018 and 2017, respectively.

On October 30, 2017, the Company entered into a multi-currency Syndicated Facility Agreement (the "Syndicated Facility") with a consortium of financial institutions. The Syndicated Facility amended the $1,200,000 unsecured Revolving Credit Facility dated September 11, 2012 that was scheduled to mature in September 2022. The Syndicated Facility is for $2,600,000 and expires October 30, 2022. The Syndicated Facility includes a $1,500,000 multi-currency revolving credit facility and a $1,100,000 Term Loan A, which requires quarterly principal payments. The Syndicated Facility interest rate is based on LIBOR plus a margin based on the Company's debt to earnings before interest, tax, depreciation and amortization ("EBITDA") ratio (2.70 at December 31, 2018). The Syndicated Facility contains an uncommitted option to increase the borrowing capacity up to an additional $1,000,000, as well as an option to decrease the borrowing capacity or terminate the Syndicated Facility with appropriate notice. At December 31, 2018, the amounts outstanding under the Syndicated Facility and Term Loan A were $604,383 and $1,045,000, respectively. In addition to the Syndicated Facility, the Company has eight Senior Fixed Rate Notes with a number of investors. The notes vary in maturity with $50,000 maturing on July 29, 2021, $250,000 maturing on December 2, 2023, €225,000 maturing on October 30, 2024, $250,000 maturing on November 30, 2026, €250,000 maturing on October 30, 2027, $120,000 maturing on October 30, 2027, €125,000 maturing on October 30, 2029, and €100,000 maturing on October 30, 2032.

Certain borrowings require the Company to comply with a financial covenant with respect to a maximum debt to EBITDA ratio. At December 31, 2018, the Company was in compliance with all such covenants. Due to the workers’ compensation and insurance reserve requirements in certain states, the Company also had unused letters of credit of approximately $63,504 and $62,019 outstanding at December 31, 2018 and 2017, respectively.

Amounts outstanding under the Company’s credit facilities, net of debt issuance cost, consist of the following:



	December 31,
	2018			2017
Unsecured Revolving Credit Facility, $1,500,000, LIBOR plus 1.375% variable, due October 30, 2022	$	604,383		$	590,000
Unsecured Term Loan A, $1,100,000, LIBOR plus 1.375% variable, due October 30, 2022	1,045,000			1,100,000
Unsecured term notes:
July 29, 2016, Series G Senior Unsecured Notes, $50,000, 2.64% fixed, due July 29, 2021	50,000			50,000
December 2, 2013, Series F Senior Unsecured Notes, $250,000, 3.24% fixed, due December 2, 2023	250,000			250,000
October 30, 2017, Series J Senior Unsecured Notes, €225,000, 1.40% fixed, due October 30, 2024	257,468			269,955
November 30, 2016, Series H Senior Unsecured Notes, $250,000, 3.24% fixed, due November 30, 2026	250,000			250,000
October 30, 2017, Series K Senior Unsecured Notes, €250,000, 1.81% fixed, due October 30, 2027	286,075			299,950
October 30, 2017, Series I Senior Unsecured Notes, $120,000, 3.70% fixed, due October 30, 2027	120,000			120,000
October 30, 2017, Series L Senior Unsecured Notes, €125,000, 2.02% fixed, due October 30, 2029	143,038			149,975
October 30, 2017, Series M Senior Unsecured Notes, €100,000, 2.32% fixed, due October 30, 2032	114,430			119,980
Other unsecured debt	27,093			49,990
Total unsecured debt	3,147,487			3,249,850
Unamortized debt issuance costs	(4,207		)	(4,841		)
Total debt	3,143,280			3,245,009
Less debt due within one year	711,147			694,989
Long-term debt, excluding current portion	$	2,432,133		$	2,550,020

Approximate maturities under the Company’s credit facilities, net of debt issuance costs, are as follows:



2019	$	711,147
2020	111,562
2021	186,866
2022	714,366
2023	249,654
Thereafter	1,169,685
	$	3,143,280