Financing Agreements

3 Months Ended

Dec. 31, 2020

Short-Term Borrowings

Securitization Facilities

We have our 364-day accounts receivable securitization program (the " Securitization Facility ") with certain financial institutions for borrowings up to $110.0 million. Additionally, we have our 364-day facility for borrowings up to $90.0 million (the " Note Securitization Facility"). Both facilities mature in April 2021. As of December 31, 2020, outstanding borrowings were $82.2 million on the Securitization Facility and $90.0 million on the Note Securitization Facility. See Note 5. Financing Agreements within the 2020 Form 10-K for the fiscal year ended September 30, 2020 for further information.

Long-Term Debt

As of December 31, 2020 and September 30, 2020, there were no outstanding borrowings on the Revolving Credit Facility, and available borrowing capacity was $1,191.0 million after giving effect to the $9.0 million of outstanding standby letters of credit.

Long-Term Debt Redemption

On October 7, 2019, we redeemed the senior unsecured 5.75% notes due September 2023 for $425.0 million and paid the prepayment premium of $12.2 million using the net proceeds from the senior unsecured 4.375% notes of $425.0 million maturing September 2027 that were issued in September 2019, along with funds borrowed from the Revolving Credit Facility. For the three months ended December 31, 2019, we recorded a loss on extinguishment of debt of $15.6 million, which was comprised of a $12.2 million prepayment premium and $3.4 million of debt issuance costs previously capitalized. See Note 5. Financing Agreements included within our 2020 Form 10-K for the fiscal year ended September 30, 2020 for further information.

Fair Value

The fair value of our debt is estimated based on the quoted market prices for the same or similar issues or on the current rates offered to us for debt of the same remaining maturities. The book values of our Securitization Facility, Note Securitization Facility, Term Loan A facility (“TLA Facility”) maturing in August 2024, and Revolving Credit Facility approximate fair value.

The estimated fair values of our long-term debt instruments are described in the table below:


	December 31, 2020		September 30, 2020
Senior unsecured 5.00% notes due on February 15, 2025	$	309.3	$	310.1
Senior unsecured 4.375% notes due on September 15, 2027	450.0		441.2
Unsecured debentures	47.9		48.0
Total	$	807.2	$	799.3

The estimated fair values of our long-term unsecured debentures were based on observable inputs such as quoted prices in markets that are not active. The estimated fair values of the Senior Notes were based on quoted prices for similar liabilities. These fair value measurements were classified as Level 2.

Debt Covenants

As of December 31, 2020, we were in compliance with all debt covenants under our financing agreements.