Debt

12 Months Ended

Dec. 31, 2019

DEBT

Short-Term Debt is comprised of the following:


In millions	2019		2018
Short Term Borrowings	$	9.3	$	11.7
Current Portion of Finance Lease Obligations	4.6		3.8
Current Portion of Long-Term Debt	36.5		36.5
Total	$	50.4	$	52.0

Short-term borrowings are principally at the Company’s international subsidiaries. The weighted average interest rate on short-term borrowings as of December 31, 2019 and 2018 was 2.1% and 8.4%, respectively.

On June 25, 2019, GPIL completed a private offering of $300.0 million aggregate principal amount of its senior unsecured notes due 2027. The Senior Notes will bear interest at an annual rate of 4.75%. The net proceeds were used by the Company to repay a portion of the outstanding borrowings under GPIL's revolving credit facility, which is under its senior secured credit facility.

Long-Term Debt is comprised of the following:


In millions	2019		2018
Senior Notes with interest payable semi-annually at 4.75%, effective rate of 4.82%, payable in 2027	$	300.0	$	—
Senior Notes with interest payable semi-annually at 4.125%, effective rate of 4.17%, payable in 2024	300.0		300.0
Senior Notes with interest payable semi-annually at 4.875%, effective rate of 4.91%, payable in 2022	250.0		250.0
Senior Notes with interest payable semi-annually at 4.75%, effective rate of 4.76%, payable in 2021	425.0		425.0

Senior Secured Term Loan Facilities with interest payable at various dates at floating rates (3.28% at December 31, 2019) payable through 2023	1,396.1		1,432.6
Senior Secured Revolving Credit Facilities with interest payable at floating rates (1.50% at December 31, 2019) payable in 2023	52.8		399.0
Finance Leases	134.2		122.9
Other	5.4		26.5
Total Long-Term Debt	2,863.5		2,956.0
Less: Current Portion	41.1		40.3
	2,822.4		2,915.7
Less: Unamortized Deferred Debt Issuance Costs	12.5		10.6
Total	$	2,809.9	$	2,905.1

Long-Term Debt maturities (excluding finance leases) are as follows:


In millions
2020	$	36.5
2021	489.4
2022	128.2
2023	1,471.2
2024	300.4
After 2024	303.6
Total	$	2,729.3

Credit Facilities

The following describes the Senior Secured Term Loan and Revolving Credit Facilities:

Date

Document^(a)

Provision

Expiration^(b)

March 2012

Amended and Restated Credit Agreement

•$1.0 billion revolving credit facility •$1.0 billion amortizing term loan facility •LIBOR plus variable spread (between 175 basis points and 275 basis points) depending on consolidated total leverage ratio

December 2012

Amendment No. 1 to Credit Agreement

•$300 million incremental term loan

September 2013

Amendment No. 2 to Credit Agreement

•Added €75 million (approximately $100 million) revolving credit facility for borrowings in Euro and Pound Sterling and a ¥2.5 billion (approximately $25 million) revolving credit facility for borrowings in Yen. LIBOR plus variable spread (between 150 basis points and 250 basis points) depending on consolidated total leverage ratio

June 2014

Amendment No. 3 to Credit Agreement

•Increased revolving credit facility under which borrowings can be made in Euros or Sterling by €63 million (approximately $86 million)

October 2014

Second Amended and Restated Credit Agreement

•Increased the domestic revolving credit facility by $250 million and reduced the term loan by approximately $169 million. LIBOR plus variable spread (between 125 basis points and 225 basis points) depending on consolidated total leverage ratio

January 2018

Third Amended and Restated Credit Agreement

•Increased the domestic revolving credit facility by $200 million to $1,450 million and reduced the term loan by approximately $125 million to $800 million. LIBOR plus variable spread (between 125 basis points and 200 basis points) depending on consolidated total leverage ratio

•Assumed the term loan indebtedness as part of the NACP Combination in an aggregate amount of $660.0 million

January 2023

^(a)The Company's obligations under the Credit Agreement are secured by substantially all of the Company's domestic assets.

^(b)Expiration date is amended to most recent expiration of January 2023.

In addition to the Amended and Restated Credit Agreement, on January 1, 2018 the Company assumed the term loan indebtedness previously incurred by IP (the “Term Loan Credit Agreement”) in an aggregate amount of $660 million, repayable pursuant to the same amortization schedule (expressed as a percentage of the principal amount thereof) as the Term Loan A under the Amended and Restated Credit Agreement and has the same maturity date of January 1, 2023. The applicable margin interest rate pricing grid, covenants and other terms are substantially equivalent to those contained in the Amended and Restated Credit Agreement. The Term Loan Credit Agreement is secured by a lien and security interest in substantially all of the assets of the Company on a pari passu basis with the liens and security interests securing the Amended and Restated Credit Agreement pursuant to the terms of a customary intercreditor agreement among the parties. The Amended and Restated Credit Agreement and Term Loan Credit Agreement are collectively referred to as the "Credit Agreement."

At December 31, 2019, the Company and its U.S. and international subsidiaries had the following commitments, amounts outstanding and amounts available under revolving credit facilities:


In millions	Total Commitments		Total Outstanding		Total Available
Senior Secured Domestic Revolving Credit Facility ^(a)	$	1,450.0	$	—	$	1,432.1
Senior Secured International Revolving Credit Facilities	178.0		52.8		125.2
Other International Facilities	59.7		14.6		45.1
Total	$	1,687.7	$	67.4	$	1,602.4

^(a)In accordance with its debt agreements, the Company's availability under its Revolving Credit Facility has been reduced by the amount of standby letters of credit issued of $17.9 million as of December 31, 2019. These letters of credit are primarily used as security against its self-insurance obligations and workers' compensation obligations. These letters of credit expire at various dates through 2020 unless extended.

The Credit Agreement and the 4.75% Senior Notes due 2027 are guaranteed by GPIP and certain domestic subsidiaries, and the 4.75% Senior Notes due 2021, 4.875% Senior Notes due 2022 and 4.125% Senior Notes due 2024 are guaranteed by GPHC. For additional information on the financial statements of GPIP, see "Note 19 - Guarantor Consolidating Financial Statements.”

The Credit Agreement and the indentures governing the 4.75% Senior Notes due 2021, 4.875% Senior Notes due 2022, 4.125% Senior Notes due 2024 and 4.75% Senior Notes due 2027 (the “Indentures”) limit the Company's ability to incur additional indebtedness. Additional covenants contained in the Credit Agreement and the Indentures may, among other things, restrict the ability of the Company to dispose of assets, incur guarantee obligations, prepay other indebtedness, repurchase stock, pay dividends and make other restricted payments, create liens, make equity or debt investments, make acquisitions, modify terms of the Indentures, engage in mergers or consolidations, change the business conducted by the Company and its subsidiaries, and engage in certain transactions with affiliates. Such restrictions could limit the Company’s ability to respond to changing market conditions, fund its capital spending program, provide for unexpected capital investments or take advantage of business opportunities.

As of December 31, 2019, the Company was in compliance with the covenants in the Amended and Restated Credit Agreement, the Term Loan Credit Agreement and the Indentures.