DEBT

3 Months Ended

Mar. 31, 2019

NOTE 6 – DEBT

Long-term debt consisted of the following:

In millions
	March 31, 2019		December 31, 2018
$1.2 billion senior credit facility, due in 2022	$	633.9	$	583.3
$950 million term loan, due in 2022		890.6		902.5
$125 million private placement notes, due in 2019		125.0		125.0
$225 million private placement notes, due in 2020		225.0		225.0
$150 million private placement notes, due in 2021		150.0		150.0
$125 million private placement notes, due in 2022		125.0		125.0
$200 million private placement notes, due in 2022		200.0		200.0
$100 million private placement notes, due in 2023		100.0		100.0
$150 million private placement notes, due in 2023		150.0		150.0
Promissory notes and deferred consideration weighted average maturity 2.6 years at 2019 and 2.7 years at 2018		114.3		120.9
Foreign bank debt weighted average maturity 1.6 years at 2019 and 1.9 years at 2018		82.8		76.7
Obligations under capital leases		18.7		20.3
Total debt		2,815.3		2,778.7
Less: current portion of total debt		101.9		104.3
Less: unamortized debt issuance costs		11.0		10.5
Long-term portion of total debt	$	2,702.4	$	2,663.9

Our senior credit facility, term loan, and the private placement notes all require us to comply with the same financial, reporting and other covenants and restrictions, including a restriction on dividend payments. At March 31, 2019, we were in compliance, at an elevated level, with all of our financial debt covenants, although the Company’s level of leverage is higher than anticipated. Based upon the Company’s current financial projections, it is reasonably likely that the Company could exceed a Debt/EBITDA leverage threshold (leverage covenant) under these facilities at some point in 2019. This risk can be mitigated and potentially managed through appropriate spending controls, divestitures, restructuring the Company’s existing indebtedness, amending the Company’s credit facilities, or seeking temporary relief from the leverage covenant from our lenders. Our senior credit facility, term loan, and private placement notes rank pari passu to each other and all other unsecured debt obligations.

The Company has the ability and intent to use some of its availability under the revolving credit facility to refinance the $125 million private placement notes due in 2019, and accordingly has presented the balance of these notes within the long-term portion of total debt as of March 31, 2019.

Amounts committed to outstanding letters of credit, the unused portion of our senior credit facility and other letters of credit outstanding as of March 31, 2019 and December 31, 2018, were as follows:

In millions
	March 31, 2019		December 31, 2018
Outstanding letters of credit under senior credit facility	$	50.4	$	63.1
Unused portion of the revolving credit facility		515.7		553.6
Other letters of credit outstanding		52.2		52.2