LONG-TERM DEBT

9 Months Ended

Sep. 30, 2022


NOTE 5 — LONG-TERM DEBT

The Company’s long-term debt consisted of the following:


In millions
	September 30, 2022		December 31, 2021
$1.2 billion Credit Facility, due in 2026	$	317.5	$	247.0
$200 million Term Loan, due in 2026	200.0		200.0
$600 million Senior Notes, due in 2024	600.0		600.0
$500 million Senior Notes, due in 2029	500.0		500.0
Promissory notes and deferred consideration weighted average maturity of 3.5 years at 2022 and 3.7 years at 2021	44.1		54.6
Foreign bank debt weighted average maturity 5.2 years at 2022 and 6.0 years at 2021	0.4		0.7
Obligations under finance leases	18.8		21.4
Total debt	1,680.8		1,623.7
Less: current portion of total debt	17.2		19.9
Less: unamortized debt issuance costs	11.9		14.0
Long-term portion of total debt	$	1,651.7	$	1,589.8

The estimated fair value of our debt approximated $1.54 billion and $1.63 billion as of September 30, 2022 and December 31, 2021, respectively. These fair value amounts were estimated using an income approach by applying market interest rates for comparable instruments and developed based on inputs classified as Level 2.

The weighted average interest rates on long-term debt, excluding finance leases were as follows:


	Nine Months Ended September 30, 2022		Year Ended December 31, 2021
$1.2 billion Credit Facility, due in 2026 (variable rate)	4.91	%	1.76	%
$200 million term loan, due in 2026 (variable rate)	4.62	%	1.40	%
$600 million Senior Notes, due in 2024 (fixed rate)	5.38	%	5.38	%
$500 million Senior Notes, due in 2029 (fixed rate)	3.88	%	3.88	%
Promissory notes and deferred consideration (fixed rate)	3.41	%	3.19	%
Foreign bank debt (fixed rate)	9.80	%	9.80	%

On April 26, 2022, we entered into a First Amendment which amends, among other provisions, the Credit Agreement to modify the definition of Consolidated EBITDA to add back certain charges in connection with the FCPA Settlement in an aggregate amount not to exceed (i) $61.0 million for the fiscal quarter ended September 30, 2021, (ii) $19.7 million for the fiscal quarter ended December 31, 2021, and (iii) $9.2 million for the fiscal quarter ended March 31, 2022. The Credit Agreement retains, among other covenants, its financial covenant requiring maintenance of a maximum Consolidated Leverage Ratio of 4.00 to 1.00 for any fiscal quarter ending on or after September 30, 2022, which includes, among other provisions, continuation of $100.0 million cash add backs to EBITDA through December 31, 2022, with no further add backs thereafter. In April 2022, the Company incurred deferred issuance costs of $0.4 million relating to the First Amendment.

As of September 30, 2022, the Company was in compliance with its financial covenants. The Credit Agreement Defined Debt Leverage Ratio covenant was 3.76 to 1.00, which was below the allowed maximum ratio of 4.00 to 1.00 as set forth in the amended Credit Agreement.

Amounts committed to outstanding letters of credit and the unused portion of the Company’s Credit Facility were as follows:


In millions
	September 30, 2022		December 31, 2021
Outstanding letters of credit under Credit Facility	$	59.9	$	71.4
Unused portion of the Credit Facility	822.6		881.5