DEBT AND BANK CREDIT FACILITIES

The following table presents the Company’s indebtedness as of June 30, 2018 and December 30, 2017 (in millions):



	June 30, 2018			December 30, 2017
Term Facility	$	621.1		$	621.1
Senior Notes	500.0			500.0
Multicurrency Revolving Facility	213.7			19.7
Other	5.0			5.7
Less: Debt Issuance Costs	(4.2		)	(5.4		)
Total	1,335.6			1,141.1
Less: Current Maturities	100.5			101.2
Non-Current Portion	$	1,235.1		$	1,039.9

The Credit Agreement

In connection with the Company's acquisition of the Power Transmission Solutions business of Emerson Electric Co. (the "PTS Acquisition"), on January 30, 2015, the Company entered into a Credit Agreement (the “Credit Agreement”) with JPMorgan Chase Bank, N.A., as Administrative Agent and the lenders named therein, providing for a (i) 5-year unsecured term loan facility in the principal amount of $1.25 billion (the “Term Facility”) and (ii) a 5-year unsecured multicurrency revolving facility in the principal amount of $500.0 million (the “Multicurrency Revolving Facility”), including a $100.0 million letter of credit sub facility, available for general corporate purposes. Borrowings under the Credit Agreement bear interest at floating rates based upon indices determined by the currency of the borrowing, plus an applicable margin determined by reference to the Company's consolidated funded debt to consolidated EBITDA ratio or at an alternative base rate.

The Term Facility was drawn in full on January 30, 2015 in connection with the closing of the PTS Acquisition. The loan under the Term Facility requires quarterly amortization at a rate starting at 5.0% per annum, increasing to 7.5% per annum after two years and further increasing to 10.0% per annum for the last two years of the Term Facility, unless previously prepaid. The weighted average interest rate on the Term Facility was 3.3% and 3.2% for the three and six months ended June 30, 2018, respectively and 2.5% and 2.4% for the three and six months ended July 1, 2017, respectively. The Credit Agreement requires the Company prepay the loans under the Term Facility with 100% of the net cash proceeds received from specified asset sales and borrowed money indebtedness, subject to certain exceptions.

At June 30, 2018, the Company had borrowings under the Multicurrency Revolving Facility in the amount of $213.7 million, $0.2 million of standby letters of credit issued under the facility, and $286.1 million of available borrowing capacity. The average daily balance in borrowings under the Multicurrency Revolving Facility was $241.0 million and $185.9 million, and the weighted average interest rate on the Multicurrency Revolving Facility was 3.2% and 3.1% for the three and six months ended June 30, 2018, respectively. The average daily balance in borrowings under the Multicurrency Revolving Facility was $114.8 million and $109.2 million and the weighted average interest rate on the Multicurrency Revolving Facility was 2.5% and 2.4% for the three and six months ended July 1, 2017. The Company pays a non-use fee on the aggregate unused amount of the Multicurrency Revolving Facility at a rate determined by reference to its consolidated funded debt to consolidated EBITDA ratio.

Senior Notes

At June 30, 2018, the Company had $500.0 million of senior notes (the “Notes”) outstanding. The Notes consist of $500.0 million in senior notes (the “2011 Notes”) in a private placement which were issued in seven tranches with maturities from seven to twelve years and carry fixed interest rates. As of June 30, 2018, $400.0 million of the 2011 Notes are included in Long-Term Debt and $100.0 million of the 2011 Notes are included in Current Maturities of Long-Term Debt on the Condensed Consolidated Balance Sheets.

The following table presents details on the Notes at June 30, 2018 (in millions):



	Principal		Interest Rate	Maturity
Fixed Rate Series 2011A	$	100.0	4.1%	July 14, 2018
Fixed Rate Series 2011A	230.0		4.8 to 5.0%	July 14, 2021
Fixed Rate Series 2011A	170.0		4.9 to 5.1%	July 14, 2023
	$	500.0

The Company has an interest rate swap agreement to manage fluctuations in cash flows resulting from interest rate risk (see also Note 13 of Notes to the Condensed Financial Statements).

Compliance with Financial Covenants

The Credit Agreement and the Notes require the Company to meet specified financial ratios and to satisfy certain financial condition tests. The Company was in compliance with all financial covenants contained in the Notes and the Credit Agreement as of June 30, 2018.

Other Notes Payable

At June 30, 2018, other notes payable of approximately $5.0 million were outstanding with a weighted average interest rate of 4.9%. At December 30, 2017, other notes payable of approximately $5.7 million were outstanding with a weighted average rate of 5.7%.

Based on rates for instruments with comparable maturities and credit quality, which are classified as Level 2 inputs (see also Note 14 of Notes to the Condensed Consolidated Financial Statements), the approximate fair value of the Company's total debt was $1,351.0 million and $1,165.4 million as of June 30, 2018 and December 30, 2017, respectively.