Financing Arrangements

9 Months Ended

Sep. 30, 2022

Debt consists of the following:


				Carrying Value at
	Maturity Date	Interest Rate at September 30, 2022		September 30, 2022		December 31, 2021
				(In millions)
Senior Notes	April 15, 2027	6.625	%	$	350.0	$	350.0

Revolving credit facility	November 26, 2024	3.80	%	309.9		221.1


Finance Leases	Various	Various		13.0		17.5
Other	Various	Various		15.4		17.5
Total debt				688.3		606.1
Less: current portion of long-term debt and short-term debt				(10.6)		(10.7)

Less: unamortized debt issuance costs				(3.3)		(3.9)
Total long-term debt, net				$	674.4	$	591.5

Park-Ohio's Seventh Amended and Restated Credit Agreement (the “Credit Agreement”) provides for a revolving credit facility in the amount of $405.0 million, including a $40.0 million Canadian revolving subcommitment and a European revolving subcommitment in the amount of $30.0 million. Pursuant to the Credit Agreement, Park-Ohio has the option to increase the availability under the revolving credit facility by an aggregate incremental amount up to $70.0 million. The Credit Agreement matures on November 26, 2024. As of September 30, 2022, we had borrowing availability of $78.8 million under the Credit Agreement.

We had outstanding bank guarantees and letters of credit under the Credit Agreement of approximately $44.4 million at September 30, 2022 and $39.7 million at December 31, 2021.

In 2017, Park-Ohio completed the issuance, in a private placement, of $350.0 million aggregate principal amount of 6.625% Senior Notes due 2027 (the “Notes”). The Notes are unsecured senior obligations of Park-Ohio and are guaranteed on an unsecured senior basis by the 100% owned material domestic subsidiaries of Park-Ohio.

In 2015, the Company entered into a finance lease agreement (the “Lease Agreement”). The Lease Agreement provides the Company up to $50.0 million for finance leases. Finance lease obligations of $13.0 million were borrowed under the Lease Agreement to acquire machinery and equipment as of September 30, 2022.

In 2015, the Company, through its Southwest Steel Processing LLC subsidiary, entered into a financing agreement with the Arkansas Development Finance Authority, which matures in September 2025. The financing agreement provides the

Company the ability to borrow up to $11.0 million for expansion of its manufacturing facility in Arkansas. The Company had $4.7 million of borrowings outstanding under this agreement as of September 30, 2022, which is included in Other above.

The following table represents fair value information of the Notes, classified as Level 1 using estimated quoted market prices.


	September 30, 2022		December 31, 2021
	(In millions)
Carrying amount	$	350.0	$	350.0
Fair value	$	269.0	$	337.6