Borrowings:

Debt consists of the following:



(DOLLARS IN THOUSANDS)	Rate		Maturities	June 30, 2017			December 31, 2016
Senior notes - 2007 ⁽¹⁾	6.40	%	2017-27	499,735			499,676
Senior notes - 2013 ⁽¹⁾	3.20	%	2023	298,519			297,986
Euro Senior notes - 2016 ⁽¹⁾	1.75	%	2024	563,981			512,764
Senior notes - 2017 ⁽¹⁾	4.38	%	2047	492,877			—
Credit facility	1.13	%	2021	28,445			—
Bank overdrafts and other				10,275			13,599
Deferred realized gains on interest rate swaps				379			1,346
				1,894,211			1,325,371
Less: Current portion of debt				(257,873		)	(258,516		)
				$	1,636,338		$	1,066,855

⁽¹⁾ Amount is net of unamortized discount and debt issuance costs.

On May 18, 2017, the Company issued $500.0 million face amount of 4.375% Senior Notes ("Senior Notes - 2017") due 2047 at a discount of $1.8 million. The Company received proceeds related to the issuance of these Senior Notes - 2017 of $493.9 million which was net of the $1.8 million discount and $4.4 million in underwriting fees (recorded as deferred financing costs). In addition, the Company incurred $0.9 million in legal and professional costs associated with the issuance and such costs were recorded as deferred financing costs. In connection with the debt issuance, the Company entered into pre-issuance hedging transactions that were settled upon issuance of the debt and resulted in a loss of approximately $5.3 million. The discount, deferred financing costs and pre-issuance hedge loss are being amortized as interest expense over the 30 year term of the debt. The Senior Notes - 2017 bear interest at a rate of 4.375% per annum, with interest payable semi-annually on June 1 and December 1 of each year, commencing on December 1, 2017. The Senior Notes - 2017 will mature on June 1, 2047.

Upon 30 days’ notice to holders of the Senior Notes - 2017, the Company may redeem the Senior Notes - 2017 for cash in whole, at any time, or in part, from time to time, prior to maturity, at redemption prices that include accrued and unpaid interest and a make-whole premium, as specified in the Indenture governing the Senior Notes - 2017. However, no make-whole premium will be paid for redemptions of the Senior Notes - 2017 on or after December 1, 2046. The Indenture provides for customary events of default and contains certain negative covenants that limit the ability of the Company and its subsidiaries to grant liens on assets, or to enter into sale-leaseback transactions. In addition, subject to certain limitations, in the event of the occurrence of both (1) a change of control of the Company and (2) a downgrade of the Senior Notes - 2017 below investment grade rating by both Moody’s Investors Services, Inc. and Standard & Poor’s Ratings Services within a specified time period, the Company will be required to make an offer to repurchase the Senior Notes - 2017 at a price equal to 101% of the principal amount of the Senior Notes - 2017, plus accrued and unpaid interest to the date of repurchase.

Commercial Paper

Commercial paper issued by the Company generally has terms of 90 days or less. As of June 30, 2017, there was no commercial paper outstanding. The revolving credit facility is used as a backstop for the Company's commercial paper program. No commercial paper was issued during the six months ended June 30, 2016.