Components of Debt



(In millions)	June 30, 2015			December 31, 2014
U.S. dollar term loan, net of unamortized discount of $1.9 at June 30, 2015, and $2.1 at December 31, 2014(1)	$	938.1		$	692.6
5.125% senior notes due 2021	700.0			700.0
5.625% senior notes due 2024	300.0			300.0
Euro term loan, net of unamortized discount of $0.4 at June 30, 2015, and $0.4 at December 31, 2014(2)	165.2			181.2
Debt payable—unconsolidated affiliate	31.6			31.5
Deferred payment obligation	28.7			28.2
Other borrowings(3)	59.7			82.3
Total debt	2,223.3			2,015.8
Less debt payable within one year	76.8			96.8
Debt payable after one year	$	2,146.5		$	1,919.0
Weighted average interest rates on total debt	4.2		%	4.3		%

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(1)	Interest at LIBOR +200 bps with a 75 bps LIBOR floor at June 30, 2015, and LIBOR +225 bps with a 75 bps LIBOR floor at December 31, 2014


(2)	Interest at EURIBOR +225 bps with a 75 bps EURIBOR floor at June 30, 2015, and EURIBOR +250 bps with a 75 bps EURIBOR floor at December 31, 2014


(3)	Represents borrowings under various lines of credit and other borrowings, primarily by non-U.S. subsidiaries.

See Note 4 for a discussion of the fair value of Grace's debt.

The principal maturities of debt outstanding at June 30, 2015, were as follows:



	(In millions)
2015	$	36.0
2016	49.4
2017	44.9
2018	15.8
2019	15.1
Thereafter	2,062.1
Total debt	$	2,223.3

On January 30, 2015, Grace borrowed on its $250 million term loan facility and used the funds, together with cash on hand, to repurchase the warrant issued to the asbestos personal injury trust for $490 million. (See Note 8 for Chapter 11 information.)

Grace has reviewed the impact of the separation on the credit agreement entered into upon emergence from bankruptcy (the "Credit Agreement"). Grace anticipates that the Credit Agreement will remain with Grace but at the time of the separation will require an amendment to permit the separation. Grace intends to seek such amendment as well as repay a substantial amount of the borrowings under the Credit Agreement in connection with the separation. If an amendment is not granted, Grace will be required to repay all term loan and revolver debt and enter into a new borrowing facility.

Grace has reviewed the impact of the separation on the senior notes. The senior notes will remain obligations of Grace and Grace does not believe that the separation will have any impact on payment or other terms.