Debt

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



In millions	Average interest rate at	Maturity year	December 31
In millions	December 31, 2017	Maturity year	2017			2016
Commercial paper	2.340%	2019	$	34.0		$	398.7
Revolving credit facilities	3.064%	2019	28.4			576.8
Senior notes - fixed rate ⁽¹⁾	1.875%	2017	—			350.0
Senior notes - fixed rate ⁽¹⁾	2.900%	2018	255.3			500.0
Senior notes - fixed rate ⁽¹⁾	2.650%	2019	250.0			250.0
Senior notes - fixed rate - Euro ⁽¹⁾	2.450%	2019	594.4			520.7
Senior notes - fixed rate ⁽¹⁾	3.625%	2020	74.0			400.0
Senior notes - fixed rate ⁽¹⁾	5.000%	2021	103.8			500.0
Senior notes - fixed rate ⁽¹⁾	3.150%	2022	88.3			550.0
Senior notes - fixed rate ⁽¹⁾	4.650%	2025	19.3			250.0
Other	N/A	N/A	—			0.8
Unamortized issuance costs and discounts	N/A	N/A	(6.8		)	(17.8		)
Total debt			1,440.7			4,279.2
Less: Current maturities and short-term borrowings			—			(0.8		)
Long-term debt			$	1,440.7		$	4,278.4

⁽¹⁾Senior notes guaranteed as to payment by Pentair plc and PISG ("the Notes")

In October 2014, Pentair plc, Pentair Investments Switzerland GmbH ("PISG"), Pentair Finance S.à r.l. ("PFSA") and Pentair, Inc. entered into an amended and restated credit agreement (the "Credit Facility"), with Pentair plc and PISG as guarantors and PFSA and Pentair, Inc. as borrowers. The Credit Facility had a maximum aggregate availability of $2,100.0 million and a maturity date of October 3, 2019. Borrowings under the 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 Credit Facility.

In August 2015, Pentair plc, PISG and PFSA entered into a First Amendment to the Credit Facility (the "First Amendment"), which, among other things, increased the Leverage Ratio (as defined below). In September 2015, Pentair plc, PISG and PFSA entered into a Second Amendment to the Credit Facility (the "Second Amendment"), which, among other things, increased the maximum aggregate availability to $2,500.0 million. Additionally, in September 2016, Pentair plc, PISG and PFSA entered into a Third Amendment to the Credit Facility (the "Third Amendment," and collectively with the First Amendment and Second Amendment, the "Amendments"), which, among other things, increased the Leverage Ratio to the amounts specified below, and amended the definition of EBITDA to include earnings from discontinued operations subject to a sale agreement until such disposition actually occurs.

In May 2017, we repurchased aggregate principal of certain series of outstanding notes totaling $1,659.3 million. All costs associated with the repurchases were recorded as Loss on early extinguishment of debt, including $6.5 million of unamortized deferred financing costs.

PFSA is authorized to sell short-term commercial paper notes to the extent availability exists under the Credit Facility. PFSA uses the Credit Facility as back-up liquidity to support 100% of commercial paper outstanding. As of December 31, 2017 and 2016, we had $34.0 million and $398.7 million, respectively, of commercial paper outstanding, all of which was classified as long-term as we have the intent and ability to refinance such obligations on a long-term basis under the Credit Facility.

Our debt agreements contain certain financial covenants, the most restrictive of which are in the Credit Facility (as updated for the Amendments), 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, 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 as of the last day of the period of four consecutive fiscal quarters 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 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 December 31, 2017, we were in compliance with all financial covenants in our debt agreements.

Total availability under the Credit Facility was $2,437.6 million as of December 31, 2017, which was limited to $1,897.5 million by the Leverage Ratio in the Credit Facility's credit agreement.

In addition to the Credit Facility, we have various other credit facilities with an aggregate availability of $30.0 million, of which there were no outstanding borrowings at December 31, 2017. Borrowings under these credit facilities bear interest at variable rates.

We have $255.3 million of fixed rate senior notes maturing in September 2018. We classified this debt as long-term as of December 31, 2017 as we have the intent and ability to refinance such obligation on a long-term basis under the Credit Facility.

Debt outstanding, excluding unamortized issuance costs and discounts, at December 31, 2017 matures on a calendar year basis as follows:



In millions	2018		2019		2020		2021		2022		Thereafter		Total
Contractual debt obligation maturities	$	—	$	1,162.1	$	74.0	$	103.8	$	88.3	$	19.3	$	1,447.5