Debt

3 Months Ended

Mar. 31, 2021

The carrying amounts of our long-term debt are as follows:


	March 31, 2021		December 31, 2020
	(in millions)
Corporate – Recourse:
Revolving credit facility	$	—	$	50.0
Senior notes, net of unamortized discount of $0.2 and $0.2	399.8		399.8
	399.8		449.8
Less: unamortized debt issuance costs	(1.6)		(1.6)
Total recourse debt	398.2		448.2

Leasing – Non-recourse:
Wholly-owned subsidiaries:
Secured railcar equipment notes, net of unamortized discount of $0.5 and $0.6	2,018.5		2,042.4
2017 promissory notes, net of unamortized discount of $9.5 and $10.1	792.1		802.7
TILC warehouse facility	763.9		519.4
	3,574.5		3,364.5
Less: unamortized debt issuance costs	(24.0)		(24.0)
	3,550.5		3,340.5
Partially-owned subsidiaries:
Secured railcar equipment notes	1,225.2		1,237.5
Less: unamortized debt issuance costs	(8.8)		(9.2)
	1,216.4		1,228.3
Total non–recourse debt	4,766.9		4,568.8
Total debt	$	5,165.1	$	5,017.0

Estimated Fair Value of Debt – The estimated fair value of our 4.55% senior notes due 2024 ("Senior Notes") is based on a quoted market price in a market with little activity (Level 2 input). The estimated fair values of our secured railcar equipment notes are based on our estimate of their fair value using unobservable input values provided by a third party (Level 3 inputs). The respective carrying values of our revolving credit facility, TILC warehouse facility, and 2017 promissory notes approximate fair value because the interest rate adjusts to the market interest rate. The estimated fair values of our long-term debt are as follows:


	March 31, 2021		December 31, 2020
	(in millions)
Level 1	$	1,556.0	$	1,372.1
Level 2	418.0		420.3
Level 3	3,383.9		3,462.4
	$	5,357.9	$	5,254.8

Revolving Credit Facility – We have a $450.0 million unsecured corporate revolving credit facility. During the three months ended March 31, 2021, we had total borrowings of $75.0 million and total repayments of $125.0 million under the revolving credit facility. Additionally, we had outstanding letters of credit issued in an aggregate amount of $35.2 million. Of the $414.8 million remaining unused amount, $358.2 million is available for borrowing as of March 31, 2021. The outstanding letters of credit as of March 31, 2021 are scheduled to expire in July 2021. The revolving credit facility bears interest at a variable rate which resulted in an interest rate of LIBOR plus 1.75%, with a LIBOR floor of 0.30%, as of March 31, 2021. A commitment fee accrues on the average daily unused portion of the revolving facility at the rate of 0.175% to 0.40% (0.25% as of March 31, 2021).

The revolving credit facility requires the maintenance of ratios related to minimum interest coverage for the leasing and manufacturing operations and maximum leverage. In March 2021, we amended our revolving credit facility to increase the maximum leverage ratio through March 31, 2022 and to decrease the minimum interest coverage ratio through December 31, 2021 to provide additional near-term flexibility. As of March 31, 2021, we were in compliance with all such financial covenants.

TILC Warehouse Loan Facility – TILC has a $1.0 billion warehouse loan facility, which was established to finance railcars owned by TILC. In March 2021, the facility was extended through March 15, 2024, the total commitment was increased from $750 million to $1.0 billion, with a potential increase of up to an additional $250 million, subject to certain conditions, and provided for a facility margin of 185 basis points. During the three months ended March 31, 2021, we had total borrowings of $257.3 million and total repayments of $12.8 million under the TILC warehouse loan facility. Under the renewed facility, the entire unused facility amount of $236.1 million was available as of March 31, 2021 based on the amount of warehouse-eligible, unpledged equipment. Advances under the facility bear interest at a defined index rate plus a margin, for an all-in interest rate of 1.97% at March 31, 2021.

Terms and conditions of our long-term debt, including recourse and non-recourse provisions and scheduled maturities, are described in Note 8 of our 2020 Annual Report on Form 10-K.