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Debt
 6 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
Debt DEBT
Debt consisted of the following:
(DOLLARS IN THOUSANDS)Effective Interest RateJune 30, 2020December 31, 2019
2020 Notes(1)
3.69 %$299,816  $299,381  
2021 Euro Notes(1)
0.82 %336,274  334,561  
2023 Notes(1)
3.30 %299,156  299,004  
2024 Euro Notes(1)
1.88 %560,644  558,124  
2026 Euro Notes(1)
1.93 %893,879  890,183  
2028 Notes(1)
4.57 %396,845  396,688  
2047 Notes(1)
4.44 %493,782  493,571  
2048 Notes(1)
5.12 %786,105  785,996  
Term Loan(1)
3.65 %239,723  239,621  
Amortizing Notes(1)
6.09 %59,513  82,079  
Bank overdrafts and other1,107  3,131  
Deferred realized gains on interest rate swaps57  57  
Total debt4,366,901  4,382,396  
Less: Short-term borrowings(2)
(185,200) (384,958) 
Total Long-term debt$4,181,701  $3,997,438  
_______________________ 
(1)Amount is net of unamortized discount and debt issuance costs.
(2)Includes bank borrowings, overdrafts and current portion of long-term debt.
2022 Term Loan
On May 15, 2020, the Company entered into a new Term Loan Agreement (the "2022 Term Loan") with China Construction Bank Corporation, New York Branch, as administrative agent (the "Administrative Agent"), and the lenders party thereto (the "Lenders").
Under the 2022 Term Loan, the Lenders have committed to provide a senior unsecured two year term loan facility in an aggregate principal amount of up to $200 million. The 2022 Term Loan bears interest, at the Company's option, at a per annum rate equal to either (x) an adjusted LIBOR rate plus an applicable margin varying from 1.225% to 2.475% or (y) a base rate plus an applicable margin varying from 0.225% to 1.475%, in each case depending on the public debt ratings for non-credit enhanced long-term senior unsecured debt issued by the Company. The Company may voluntarily prepay the term loans without premium or penalty, with the balance payable on the second anniversary of the funding date. There is no required amortization under the 2022 Term Loan.
The loans under the 2022 Term Loan will be available in a single draw between September 15, 2020 and September 25, 2020. The commitments under the 2022 Term Loan will terminate on the earlier of (i) September 25, 2020 or (ii) receipt by the Administrative Agent of written notice from the Company of its election to terminate all commitments under the 2022 Term Loan in full. As of June 30, 2020 the Company had no outstanding borrowings under the 2022 Term Loan.
The proceeds of borrowings under the 2022 Term Loan Agreement will be used to repay a portion of the outstanding principal amount of the Company's 2020 Senior Notes, plus accrued and unpaid interest and expenses in connection therewith. Accordingly, a portion of the 2020 Senior Notes payable in September 2020 has been classified as long-term.
The 2022 Term Loan contains various covenants, limitations and events of default customary for similar facilities for similarly rated borrowers, including a maximum ratio of net debt to EBITDA of 4.0x with step-downs over time and will be increased to 4.50x with step-downs over time, on and after the closing of the Company's pending acquisition of N&B.