Debt

9 Months Ended

Sep. 27, 2019

DEBT

Debt consisted of the following:



As of		Third Quarter of				Fiscal Year End
Instrument	Date of Issuance	2019				2018
(In millions)		Effective Interest Rate	Amount			Amount
Senior Notes:
2023 Senior Notes, 4.15%, due June 2023	June 2018	4.36%	$	300.0		$	300.0
2028 Senior Notes, 4.90%, due June 2028	June 2018	5.04%	600.0			600.0
2024 Senior Notes, 4.75%, due December 2024	November 2014	4.95%	400.0			400.0
Credit Facilities:
2018 Credit Facility, floating rate:
Term Loan, due May 2021	May 2018	3.54%	225.0			425.0
Uncommitted facilities, floating rate		1.93%	236.3			255.9
Promissory notes and other debt			0.3			1.0
Unamortized discount and issuance costs			(11.3		)	(13.4		)
Total debt			1,750.3			1,968.5
Less: Short-term debt			236.3			256.2
Long-term debt			$	1,514.0		$	1,712.3

Each of the Company's debt agreements requires it to maintain compliance with certain debt covenants. The Company was in compliance with all its debt covenants at the end of the third quarter of fiscal 2019.

Debt Maturities

At the end of the third quarter of fiscal 2019, the Company's debt maturities based on outstanding principal were as follows (in millions):



Year Payable
2019 (Remaining)	$	236.3
2020	0.3
2021	225.0
2022	—
2023	300.0
Thereafter	1,000.0
Total	$	1,761.6

Senior Notes

All series of Senior Notes in the above table bear interest that is payable semi-annually in June and December of each year. For the 2023 and 2028 Senior Notes, the interest rate is subject to adjustment from time to time if Moody’s or S&P (or, if applicable, a substitute rating agency) downgrades (or subsequently upgrades) its rating assigned to the notes.

Senior Notes are unsecured and rank equally in right of payment with all of the Company's other senior unsecured indebtedness. The Company may redeem the notes of each series of Senior Notes at its option in whole or in part at any time. Such indenture also contains covenants limiting the Company’s ability to create certain liens, enter into sale and lease-back transactions, and consolidate or merge with or into, or convey, transfer or lease all or substantially all of the Company’s properties and assets, each subject to certain exceptions.

2018 Credit facilities

The Credit Facility in the above table provides for unsecured credit facilities in the aggregate principal amount of $1.75 billion, which is comprised of $1.25 billion revolving credit facility maturing May 2023 and $500.0 million delayed draw term loan facility that matures on the third anniversary of the funding date. The Company may request an additional loan facility up to $500.0 million.

Uncommitted Facilities

The Company has two $75.0 million and one €100.0 million revolving credit facilities, which are uncommitted (the "Uncommitted Facilities") at the end of the third quarter of fiscal 2019.

For further information, refer to Note 7 of the Notes to the Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for fiscal year 2018.