Components of Debt



(In millions)	June 30, 2014			December 31, 2013
U.S. dollar term loan, net of unamortized discount of $2.2 at June 30, 2014	$	696.0		$	—
Euro term loan, net of unamortized discount of $0.5 at June 30, 2014	203.2			—
Revolving credit facility	50.0			—
Debt payable—unconsolidated affiliate	30.1			28.8
Other borrowings	94.1			81.9
Total debt	1,073.4			110.7
Less debt payable within one year	157.4			81.1
Debt payable after one year	$	916.0		$	29.6
Debt Subject to Compromise
Bank borrowings	$	—		$	500.0
Accrued interest on bank borrowings	—			471.0
Default interest settlement	—			129.0
Drawn letters of credit	—			26.7
Accrued interest on drawn letters of credit	—			11.1
	$	—		$	1,137.8
Weighted average interest rates on total debt	3.3		%	3.6		%

At June 30, 2014, the fair value of Grace's debt payable approximated the recorded value of $1,073.4 million. Fair value is determined based on Level 2 inputs, including expected future cash flows (discounted at market interest rates), quotes from financial institutions and other appropriate valuation methodologies. Grace's debt subject to compromise was paid in full on the Effective Date.

On the Effective Date, Grace entered into a Credit Agreement (the "Credit Agreement") in connection with its exit financing. The Credit Agreement provides for:


(a)	a $700 million term loan due in 2021, with interest at LIBOR +225 bps with a 75 bps floor;


(b)	a €150 million term loan due in 2021, with interest at EURIBOR +250 bps with a 75 bps floor;


(c)	a $400 million revolving credit facility due in 2019, with interest at LIBOR +175 bps; and


(d)	a $250 million delayed draw term loan facility available for 12 months, with amounts drawn due in 2021, with interest at LIBOR +225 bps with a 75 bps floor.

The term loans will amortize in equal monthly installments in aggregate annual amounts equal to 1.00% of the original principal amount thereof.

The Credit Agreement contains customary negative and affirmative covenants and events of default. To secure its obligations under the Credit Agreement, the Company has granted security interests in the shares of its Grace-Conn. and Alltech Associates subsidiaries, substantially all of its U.S. non-real estate assets and property, and certain U.S. real estate.

This summary of the Credit Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of such agreement, a copy of which has been filed with the SEC.