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DEBT
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
DEBT DEBT
Notes Payable, Revolving Credit Facility and Overdrafts
At June 30, 2024 and December 31, 2023, our notes payable, revolving credit facility and overdrafts consisted of the following:
June 30,
2024		December 31,
2023
Revolving credit facility 6.44%
$130,000 $80,662 
Overdrafts 3.08% to 6.00%
6,320 1,132 
$136,320 $81,794 
A of June 30, 2024, Aptar had a revolving credit facility (the “revolving credit facility”) with a syndicate of banks which matured in June 2026. The revolving credit facility was subject to a maximum of two one-year extensions in certain circumstances and provided for unsecured financing of up to $600 million available in the U.S. and to our wholly-owned UK subsidiary. The revolving credit facility could be drawn in various currencies including USD, EUR, GBP, and CHF to the equivalent of $600 million, which may be increased by up to $300 million subject to the satisfaction of certain conditions. As of June 30, 2024, $130 million was utilized under the revolving credit facility in the U.S. and no balance was utilized by our wholly-owned UK subsidiary. As of December 31, 2023, $36.5 million and €40.0 million ($44.2 million) was utilized under the revolving credit facility in the U.S. and no balance was utilized by our wholly-owned UK subsidiary.
On July 2, 2024, we entered into a new amended and restated multi-currency revolving credit facility (the “amended revolving credit facility”) with a syndicate of banks to replace the current revolving credit facility. The amended revolving credit facility matures in July 2029, subject to a maximum of two one-year extensions in certain circumstances, and provides for unsecured financing of up to $600 million available in the U.S. and to our wholly-owned UK subsidiary. The amended revolving credit facility can be drawn in various currencies including USD, EUR, GBP, and CHF to the equivalent of $600 million, which may be increased by up to $300 million subject to the satisfaction of certain conditions.
On July 2, 2024, we entered into a term loan with a syndicate of banks (the “Term Loan”). The Term Loan matures in July 2027 and enables drawings on the loan until September 30, 2024 and provides for unsecured financing of up to $330 million available in the U.S. Funds are expected to be used to refinance near-term maturities and for general corporate purposes.
There are no compensating balance requirements associated with our amended revolving credit facility. Each borrowing under the amended revolving credit facility will bear interest at rates based on SOFR (in the case of USD), EURIBOR (in the case of EUR), SONIA (in the case of GBP), SARON (in the case of CHF), prime rates or other similar rates, in each case plus an applicable margin. The amended revolving credit facility also provides mechanics relating to a transition away from designated benchmark rates for other available currencies and the replacement of any such applicable benchmark by a replacement alternative benchmark rate or mechanism for loans made in the applicable currency. A facility fee on the total amount of the amended revolving credit facility is also payable quarterly, regardless of usage. The applicable margins for borrowings under the amended revolving credit facility and the facility fee percentage may change from time to time depending on changes in our consolidated leverage ratio.
Aptar has 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 June 30, 2024 or December 31, 2023.
Long-Term Obligations
On February 26, 2024, we repaid in full the $100 million 3.49% Senior Notes that were due in February 2024.
At June 30, 2024 and December 31, 2023, our long-term obligations consisted of the following:
June 30, 2024December 31, 2023
Notes payable 0.10% – 2.25%, due in monthly and annual installments through 2030
$16,607 $14,988 
Senior unsecured notes 3.4%, due in 2024
50,000 50,000 
Senior unsecured notes 3.5%, due in 2024
— 100,000 
Senior unsecured notes 1.2%, due in 2024
214,220 220,810 
Senior unsecured notes 3.6%, due in 2025
125,000 125,000 
Senior unsecured notes 3.6%, due in 2026
125,000 125,000 
Senior unsecured notes 3.6%, due in 2032, net of discount of $0.8 million
399,206 399,154 
Finance Lease Liabilities24,376 26,478 
Unamortized debt issuance costs(3,478)(3,816)
$950,931 $1,057,614 
Current maturities of long-term obligations(269,399)(376,426)
Total long-term obligations$681,532 $681,188 
The €200 million ($214 million) senior unsecured notes were due on July 19, 2024, and have been repaid from a drawdown of our amended revolving credit facility.
The aggregate long-term maturities, excluding finance lease liabilities and unamortized debt issuance costs, which are discussed in Note 7, due annually from the current balance sheet date for the next five years and thereafter are:
Year One$266,123 
Year Two134,218 
Year Three130,330 
Year Four73 
Year Five42 
Thereafter399,247 
Covenants
Our amended revolving credit facility and corporate long-term obligations require us to satisfy certain financial and other covenants including:
RequirementLevel at June 30, 2024
Consolidated Leverage Ratio (1) 
Maximum of 3.50 to 1.00
 
1.29 to 1.00
Consolidated Interest Coverage Ratio (1) 
Minimum of 3.00 to 1.00
 
16.97 to 1.00
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(1)Definitions of ratios are included as part of the revolving credit facility agreement and the private placement agreements.