DEBT

12 Months Ended

Dec. 31, 2020

Notes Payable, Revolving Credit Facility and Overdrafts

At December 31, 2020 and 2019, our notes payable, revolving credit facility and overdrafts, consisted of the following:


	2020		2019
Notes payable 0.0%	$	200	$	1,436
Revolving credit facility 1.45%	52,000		25,000
Overdrafts 5.68% - 7.82%	—		17,823
	$	52,200	$	44,259

We maintain a multi-currency revolving credit facility with two tranches that matures in July 2022 which provides for unsecured financing of up to $300 million that is available in the U.S. and up to €150 million that is available to our wholly-owned UK subsidiary. We utilized $52 million under our U.S. facility and no balance was utilized under our euro-based revolving credit facility as of December 31, 2020. We utilized $25 million under our U.S. facility and no balance was utilized under our euro-based revolving credit facility as of December 31, 2019.

There are no compensating balance requirements associated with our revolving credit facility. Each borrowing under the credit facility will bear interest at rates based on LIBOR, prime rates or other similar rates, in each case plus an applicable margin. A facility fee on the total amount of the facility is also payable quarterly, regardless of usage. The applicable margins for borrowings under the credit facility and the facility fee percentage may change from time to time depending on changes in AptarGroup’s consolidated leverage ratio. We incurred approximately $2.5 million and $1.5 million in interest and fees related to this credit facility during both 2020 and 2019.

Average borrowings under the revolving credit facility and notes payable were $108.1 million and $34.1 million for 2020 and 2019, respectively. The average annual interest rate on the revolving credit facility and notes payable was 1.5% and 1.6% for 2020 and 2019, respectively.

In October 2020, we entered into an unsecured money market borrowing arrangement to provide short term financing of up to $30 million that is available in the U.S. No borrowing on this facility is permitted over a quarter end date. As such, no balance was utilized under this arrangement as of December 31, 2020.

Long-Term Obligations

At December 31, 2020 and 2019, our long-term obligations consisted of the following:


	December 31, 2020		December 31, 2019
Notes payable 0.00% – 10.90%, due in monthly and annual installments through 2028	$	14,002	$	19,220
Senior unsecured notes 3.2%, due in 2022	75,000		75,000
Senior unsecured debts 1.7% USD floating swapped to 1.36% EUR fixed, equal annual installments through 2022	112,000		168,000
Senior unsecured notes 3.5%, due in 2023	125,000		125,000
Senior unsecured notes 1.0%, due in 2023	122,100		112,170
Senior unsecured notes 3.4%, due in 2024	50,000		50,000
Senior unsecured notes 3.5%, due in 2024	100,000		100,000
Senior unsecured notes 1.2%, due in 2024	244,200		224,340
Senior unsecured notes 3.6%, due in 2025	125,000		125,000
Senior unsecured notes 3.6%, due in 2026	125,000		125,000
Finance Lease Liabilities	30,025		29,952
Unamortized debt issuance costs	(1,663)		(2,241)
	$	1,120,664	$	1,151,441
Current maturities of long-term obligations	(65,666)		(65,988)
Total long-term obligations	$	1,054,998	$	1,085,453

The aggregate long-term maturities, excluding finance lease liabilities, which are discussed in Note 8, due annually for the next five years and thereafter are:


2021	$	61,408
2022	135,550
2023	249,788
2024	395,215
2025	125,251
Thereafter	125,090

Covenants

Our revolving credit facility and corporate long-term obligations require us to satisfy certain financial and other covenants including:


	Requirement	Level at December 31, 2020
Consolidated Leverage Ratio (1)	Maximum of 3.50 to 1.00	1.63 to 1.00
Consolidated Interest Coverage Ratio (1)	Minimum of 3.00 to 1.00	16.86 to 1.00

(1)Definitions of ratios are included as part of the revolving credit facility agreement and the private placement agreements.