DEBT AND BANK CREDIT FACILITIES

9 Months Ended

Sep. 26, 2020

The following table presents the Company’s indebtedness as of September 26, 2020 and December 28, 2019 (in millions):


	September 26, 2020		December 28, 2019
Term Facility	$	670.0	$	720.0
Senior Notes	400.0		400.0
Multicurrency Revolving Facility	—		17.7



Other	4.3		4.5
Less: Debt Issuance Costs	(3.5)		(4.7)
Total	1,070.8		1,137.5
Less: Current Maturities	230.6		0.6
Long-Term Debt	$	840.2	$	1,136.9

Credit Agreement

On August 27, 2018 the Company entered into an Amended and Restated 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 $900.0 million (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 $50.0 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 August 27, 2018 with the proceeds settling the amounts owed under prior borrowings. The Term Facility requires quarterly amortization at a rate starting at 5.0% per annum, increasing to 7.5% per annum after three years and further increasing to 10.0% per annum for the last year of the Term Facility, unless previously prepaid. The weighted average interest rate on the Term Facility for the three months ended September 26, 2020 and September 28, 2019 was 1.5% and 3.6%, respectively. The weighted average interest rate on the Term Facility for the nine months ended September 26, 2020 and September 28, 2019 was 2.1% and 3.8%, respectively. The Credit Agreement requires that 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 September 26, 2020, the Company had no borrowings under the Multicurrency Revolving Facility, $0.2 million of standby letters of credit issued under the facility, and $499.8 million of available borrowing capacity. For the three months ended September 26, 2020 and September 28, 2019 under the Multicurrency Revolving Facility, the average daily balance in borrowings was $51.4 million and $127.1 million, respectively, and weighted average interest rate of 1.5% and 3.6%, respectively. For the nine months ended September 26, 2020 and September 28, 2019 under the Multicurrency Revolving Facility, the average daily balance in borrowings was $189.7 million and $91.3 million, respectively, and the weighted average interest rate of 2.1% and 3.7%, respectively. 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 September 26, 2020, the Company had $400.0 million of senior notes (the “Notes”) outstanding. The Notes consist of $400.0 million in senior notes in a private placement which were issued in five tranches with maturities from ten to twelve years and carry fixed interest rates. As of September 26, 2020, $230.0 million and $170.0 million of the Notes are included in Current Maturities of Long-Term Debt and Long-Term Debt, respectively, on the Condensed Consolidated Balance Sheets.

The following table presents details on the Notes at September 26, 2020 (in millions):

Principal

Interest Rate

Maturity

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

400.0

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 September 26, 2020.

Other Notes Payable

At September 26, 2020, other notes payable of approximately $4.3 million were outstanding with a weighted average interest rate of 4.9%. At December 28, 2019, other notes payable of approximately $4.5 million were outstanding with a weighted average rate of 5.0%.

Other Disclosures

Based on rates for instruments with comparable maturities and credit quality, which are classified as Level 2 inputs (see also Note 15), the approximate fair value of the Company's total debt was $1,087.3 million and $1,162.1 million as of September 26, 2020 and December 28, 2019, respectively.