Debt

Debt and the average interest rates on debt outstanding were as follows:



In millions	Average interest rate at March 28, 2015	Maturity Year	March 28, 2015			December 31, 2014
Commercial paper	0.890%	2019	$	1,394.1		$	987.6
Revolving credit facilities	1.428%	2019	9.3			9.8
Senior notes - fixed rate	1.350%	2015	350.0			350.0
Senior notes - fixed rate	1.875%	2017	350.0			350.0
Senior notes - fixed rate	2.650%	2019	250.0			250.0
Senior notes - fixed rate	5.000%	2021	500.0			500.0
Senior notes - fixed rate	3.150%	2022	550.0			550.0
Capital lease obligations	6.085%	2015	5.6			6.7
Total debt			3,409.0			3,004.1
Less: Current maturities and short-term borrowings			(5.6		)	(6.7		)
Long-term debt			$	3,403.4		$	2,997.4

Effective upon the Redomicile, the 1.35% Senior Notes due 2015, 1.875% Senior Notes due 2017, 2.65% Senior Notes due 2019, $373.0 million of the 5.00% Senior Notes due 2021 and 3.15% Senior Notes due 2022 issued by Pentair Finance S.A. ("PFSA") and $127.0 million of the 5.00% Senior Notes due 2021 issued by Pentair, Inc. (collectively, the "Notes") are guaranteed as to payment by Pentair plc and Pentair Investments Switzerland GmbH ("PISG"), a 100-percent owned subsidiary of Pentair plc and the 100-percent owner of PFSA. Prior to the Redomicile, the Notes were guaranteed as to payment by Pentair Ltd.

Pentair, Inc. had a credit agreement providing for an unsecured, committed revolving credit facility (the "Prior Credit Facility") pursuant to which Pentair Ltd. was the guarantor and PFSA and certain other of our subsidiaries were affiliate borrowers. In October 2014, Pentair plc, PISG, PFSA and Pentair, Inc. entered into an amended and restated credit agreement related to the Prior Credit Facility (the "Amended Credit Facility"), with Pentair plc and PISG as guarantors and PFSA and Pentair, Inc. as borrowers. The Amended Credit Facility increased the maximum aggregate availability to $2,100.0 million and extended the maturity date to October 3, 2019. Borrowings under the Amended Credit Facility generally bear interest at a variable rate equal to the London Interbank Offered Rate ("LIBOR") plus a specified margin based upon PFSA's credit ratings. PFSA must pay a facility fee ranging from 9.0 to 25.0 basis points per annum (based upon PFSA's credit ratings) on the amount of each lender's commitment and letter of credit fee for each letter of credit issued and outstanding under the Amended Credit Facility.

PFSA is authorized to sell short-term commercial paper notes to the extent availability exists under the Amended Credit Facility. PFSA uses the Amended Credit Facility as back-up liquidity to support 100% of commercial paper outstanding. As of March 28, 2015 and December 31, 2014, we had $1,394.1 million and $987.6 million, respectively, of commercial paper outstanding, all of which was classified as long-term as we have the intent and the ability to refinance such obligations on a long-term basis under the Amended Credit Facility.

Total availability under the Amended Credit Facility was $696.6 million as of March 28, 2015, which was not limited by any covenants contained in the Amended Credit Facility’s credit agreement.

Our debt agreements contain certain financial covenants, the most restrictive of which are in the Amended Credit Facility, including that we may not permit (i) the ratio of our consolidated debt plus synthetic lease obligations to our consolidated net income (excluding, among other things, non-cash gains and losses) before interest, taxes, depreciation, amortization, non-cash share-based compensation expense, and up to a lifetime maximum $25.0 million of costs, fees and expenses incurred in connection with certain acquisitions, investments, dispositions and the issuance, repayment or refinancing of debt, ("EBITDA") for the four consecutive fiscal quarters then ended (the "Leverage Ratio") to exceed 3.50 to 1.00 on the last day of each fiscal quarter, and (ii) the ratio of our EBITDA for the four consecutive fiscal quarters then ended to our consolidated interest expense, including consolidated yield or discount accrued as to outstanding securitization obligations (if any), for the same period to be less than 3.00 to 1.00 as of the end of each fiscal quarter. For purposes of the Leverage Ratio, the Amended Credit Facility provides for the calculation of EBITDA giving pro forma effect to certain acquisitions, divestitures and liquidations during the period to which such calculation relates. As of March 28, 2015, we were in compliance with all financial covenants in our debt agreements.

In addition to the Amended Credit Facility, we have various other credit facilities with an aggregate availability of $65.7 million, of which none was outstanding at March 28, 2015. Borrowings under these credit facilities bear interest at variable rates.

We have $350.0 million of fixed rate senior notes maturing in December 2015. We classified this debt as long-term as of March 28, 2015 as we have the intent and ability to refinance such obligation on a long-term basis under the Amended Credit Facility.

Debt outstanding at March 28, 2015 matures on a calendar year basis as follows:



	Q2-Q4
In millions	2015		2016		2017		2018		2019		2020		Thereafter		Total
Contractual debt obligation maturities	$	—	$	—	$	350.0	$	—	$	2,003.4	$	—	$	1,050.0	$	3,403.4
Capital lease obligations	5.6		—		—		—		—		—		—		5.6
Total maturities	$	5.6	$	—	$	350.0	$	—	$	2,003.4	$	—	$	1,050.0	$	3,409.0

Capital lease obligations relate primarily to land and buildings and consist of total future minimum lease payments of $5.7 million, less the imputed interest of $0.1 million as of March 28, 2015.

As of March 28, 2015 and December 31, 2014, assets under capital lease were $18.0 million and $19.5 million, respectively, less accumulated amortization of $2.5 million and $2.4 million, respectively, all of which were included in Property, plant and equipment, net on the Condensed Consolidated Balance Sheets.