Debt and Credit Arrangements (Tables)

3 Months Ended

Mar. 31, 2023

The following table represents the components of our borrowings:


	March 31, 2023		December 31, 2022
Senior secured and senior unsecured notes:
Principal amount, senior secured notes due 2030 (1)	$	1,460.0	$	1,460.0
Principal amount, senior unsecured notes due 2031 (1)	510.0		510.0
Unamortized discount	(29.2)		(29.9)
Unamortized debt issuance costs	(35.8)		(4.8)
Senior secured and senior unsecured notes, net of unamortized discount and debt issuance costs	1,905.0		1,935.3

Senior secured revolving credit facilities and term loan:
Term loan due March 2030 (2)	1,534.8		—
Senior secured revolving credit facility due October 2026 (3) (4)	697.2		104.5
Unamortized discount	(37.5)		—
Unamortized debt issuance costs	(33.3)		—
Senior secured revolving credit facility and term loan, net of unamortized discount and debt issuance costs	2,161.2		104.5

Convertible notes due November 2024:
Principal amount	258.8		258.8

Unamortized debt issuance costs	(1.6)		(1.9)
Convertible notes due November 2024, net of unamortized debt issuance costs	257.2		256.9

Other debt facilities (6)	1.6		—



Total debt, net of unamortized debt issuance costs	4,325.0		2,296.7
Less: current maturities (5)	273.4		256.9
Long-term debt	$	4,051.6	$	2,039.8

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(1)The senior secured notes due 2030 (the “Secured Notes”) and senior unsecured notes due 2031 (the “Unsecured Notes”) bear interest at rates of 7.500% and 9.500% per year, respectively. Interest is payable semi-annually on January 1 and July 1 of each year, commencing July 1, 2023. The Secured Notes mature on January 1, 2030, and the Unsecured Notes mature on January 1, 2031.

(2)The term loan due March 2030 was drawn prior to March 31, 2023 in conjunction with the Howden Acquisition. As of March 31, 2023, there were $1,534.8 in borrowings outstanding under the term loan due March 2030 bearing an interest rate of 8.6%. See below for more information.

(3)As of March 31, 2023, there were $697.2 in borrowings outstanding under the senior secured revolving credit facility due October 2026 bearing an interest rate of 5.0% (3.4% as of December 31, 2022) and $265.8 in letters of credit and bank guarantees outstanding supported by the senior secured revolving credit facility due 2026. As of March 31, 2023, the senior secured revolving credit facility due 2026 had availability of $37.0.

(4)A portion of borrowings outstanding under our senior secured revolving credit facility due 2026 are denominated in euros (“EUR Revolver Borrowings”). EUR Revolver Borrowings outstanding were euro 94.0 million (equivalent to $102.2) at March 31, 2023 and euro 98.0 million (equivalent to $104.5) at December 31, 2022. During the three months ended March 31, 2023 and 2022, we recognized an unrealized foreign currency loss of $1.7 and an unrealized foreign currency gain of $0.9, respectively, relative to the translation of the EUR Revolver Borrowings outstanding. This unrealized foreign currency loss (gain) is classified within foreign currency (gain) loss in the condensed consolidated statements of operations and comprehensive (loss) income for all periods presented.

(5)Our convertible notes due November 2024, net of unamortized debt issuance costs, are included in current maturities for both periods presented. Also included in current maturities for the current period is $14.6 related to the short-term portion of the term loan due March 2030 and $1.6 of other current maturities.

(6)Other debt facilities relate to a small number of local debt facilities that we assumed through the Howden Acquisition.

Schedule of Interest Expense and Financing Cost Amortization

The following table summarizes the interest accretion of the Notes discount and contractual interest coupon associated with the Notes:


	Three Months Ended March 31, 2023
Notes, interest accretion of senior notes discount	$	0.7
Secured Notes, 7.5% contractual interest coupon	27.4
Unsecured Notes, 9.5% contractual interest coupon	12.1
Notes, total interest expense	$	40.2

The following table summarizes interest expense and financing costs amortization related to the Amended SSRCF and Term Loan:


	Three Months Ended March 31,
	2023		2022
Interest expense, senior secured revolving credit facility due October 2026	$	2.6	$	3.3
Interest expense, term loan due March 2030	5.5		—
Interest expense, senior secured revolving credit facility due October 2026 and term loan due March 2030	$	8.1	$	3.3

Financing costs amortization, senior secured revolving credit facility due October 2026	$	0.6	$	0.5
Financing costs amortization, term loan due March 2030	0.1		—
Financing costs amortization, senior secured revolving credit facility due October 2026 and term loan due March 2030	$	0.7	$	0.5

Schedule of Interest Accretion

The following table summarizes 1.0% contractual interest coupon and financing costs amortization associated with the 2024 Notes:


	Three Months Ended March 31,
	2023		2022

2024 Notes, 1.0% contractual interest coupon	$	0.6	$	0.6


2024 Notes, financing costs amortization	$	0.2	$	0.2