Debt and Credit Facilities

Our total debt outstanding consisted of the amounts set forth on the following table:



	December 31,
(In millions)	2017		2016
Short-term borrowings⁽¹⁾	$	25.3	$	83.0
Current portion of long-term debt	2.2		297.0
Total current debt	27.5		380.0
Term Loan A due July 2019	222.7		818.3
6.50% Senior Notes due December 2020	423.6		423.1
4.875% Senior Notes due December 2022	420.4		419.6
5.25% Senior Notes due April 2023	420.4		419.7
4.50% Senior Notes due September 2023	474.3		416.7
5.125% Senior Notes due December 2024	420.7		420.2
5.50% Senior Notes due September 2025	396.7		396.4
6.875% Senior Notes due July 2033	445.4		445.3
Other	6.3		3.3
Total long-term debt, less current portion⁽³⁾	3,230.5		3,762.6
Total debt⁽²⁾⁽⁴⁾	$	3,258.0	$	4,142.6

⁽¹⁾

Short-term borrowings of $25.3 million at December 31, 2017 are comprised of $2.1 million of Diversey accounts payable obligations under financing arrangements which Sealed Air was fully reimbursed for as part of the sale of Diversey as well as $23.2 million of short-term borrowing from various lines of credit. Short-term borrowings at December 31, 2016 were comprised primarily of $83.0 million of short-term borrowings from various lines of credit.


⁽²⁾	As of December 31, 2017, our weighted average interest rate on our short-term borrowings outstanding was 5.4% and on our long-term debt outstanding was 5.3%. As of December 31, 2016, our weighted average interest rate on our short-term borrowings outstanding was 4.8% and on our long-term debt outstanding was 4.7%.


⁽³⁾	Amounts are net of unamortized discounts and issuance costs of $29.5 million as December 31, 2017 and $36.3 million as of December 31, 2016.


⁽⁴⁾	Long-term debt instruments are listed in order of priority.

Senior Notes

2015 Activity

In the second quarter 2015, Sealed Air issued $400 million of 5.50% Senior Notes due September 15, 2025 and €400 million of 4.50% Senior Notes due September 15, 2023. The proceeds from these notes were used to repurchase the Company’s $750 million 8.375% Notes due September 2021. The aggregate repurchase price was $866 million, which included the principal amount of $750 million, a premium of $99 million and accrued interest of $17 million. We recognized a total pre-tax loss of $110 million on the repurchase, which included the premiums mentioned above. Also included in the loss on debt redemption was $11 million of accelerated amortization of original non-lender fees related to the 8.375% Senior Notes. We also capitalized $8 million of non-lender fees incurred in connection with the 5.50% Senior Notes and 4.50% Senior Notes that are included in long-term debt, less current portion on our Consolidated Balance Sheet.

Credit Facility

2017 Activity

On July 1, 2017, we executed an amendment to the Amended Credit Facility in order to permit the sale of Diversey. The amendment primarily allowed us to take steps necessary for the legal separation of the Diversey business and release the loan security effective with the sale closing. Subsequent to the execution of the amendment, we prepaid the Brazilian tranche of our Term Loan A facility due in July 2019 in the amount of $96.3 million in connection with the anticipated Diversey transaction. An additional $755.2 million of this facility was prepaid in conjunction with the Diversey closing. As of December 31, 2017, the remaining balance of this facility was $222.7 million and no further amortization payments will be required before the maturity of the facility.

Also, in July 2017, we paid the full $250.0 million principal balance of the Term Loan A facility due in July 2017, upon its maturity.

Lines of Credit

The following table summarizes our available lines of credit and committed and uncommitted lines of credit, including the revolving credit facility discussed above, and the amounts available under our accounts receivable securitization programs.



	December 31,
(In millions)	2017		2016
Used lines of credit ⁽¹⁾⁽²⁾	$	23.2	$	83.0
Unused lines of credit	1,108.6		1,074.4
Total available lines of credit⁽³⁾	$	1,131.8	$	1,157.4


⁽¹⁾	Includes total borrowings under the accounts receivable securitization programs, the revolving credit facility and borrowings under lines of credit available to several subsidiaries.


⁽²⁾	At the end of 2017 there was no cash held on deposit. As of December 31, 2016, there were $25.4 million of cash held on deposit as a compensating balance for certain short-term borrowings.


⁽³⁾	Of the total available lines of credit, $855.5 million were committed as of December 31, 2017.

Covenants

Each issue of our outstanding senior notes imposes limitations on our operations and those of specified subsidiaries. The Second Amended and Restated Credit Agreement contains customary affirmative and negative covenants for credit facilities of this type, including limitations on our indebtedness, liens, investments, restricted payments, mergers and acquisitions, dispositions of assets, transactions with affiliates, amendment of documents and sale leasebacks, and a covenant specifying a maximum permitted ratio of Consolidated Net Debt to Consolidated EBITDA (as defined in the Second Amended and Restated Credit Agreement). We were in compliance with the above financial covenants and limitations at December 31, 2017 and 2016.

Debt Maturities

The following table summarizes the scheduled annual maturities for the next five years and thereafter of our long-term debt, including the current portion of long-term debt and capital leases. This schedule represents the principle portion of our debt, and therefore excludes debt discounts, interest rate swaps and lender and finance fees.



Year	Amount (in millions)
2018	$	2.2
2019	228.2
2020	425.9
2021	0.4
2022	425.1
Thereafter	2,180.5
Total	$	3,262.3