Debt Obligations

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Debt Obligations

DEBT OBLIGATIONS:

Quanta’s long-term debt obligations consisted of the following (in thousands):

	June 30, 2021		December 31, 2020
2.900% Senior Notes due 2030	$	1,000,000	$	1,000,000
Borrowings under senior credit facility	323,281		148,508
Other long-term debt	51,254		46,981
Finance leases	2,412		2,228
Unamortized discount and debt issuance costs related to senior notes	(12,229)		(12,892)
Total long-term debt obligations	1,364,718		1,184,825
Less — Current maturities of long-term debt	11,176		10,531
Total long-term debt obligations, net of current maturities	$	1,353,542	$	1,174,294

Quanta’s current maturities of long-term debt and short-term debt consisted of the following (in thousands):

	June 30, 2021		December 31, 2020
Short-term debt	$	—	$	4,233
Current maturities of long-term debt	11,176		10,531
Current maturities of long-term debt and short-term debt	$	11,176	$	14,764

2.900% Senior Notes

In September 2020, Quanta issued $1.00 billion aggregate principal amount of the senior notes and received proceeds of $986.7 million from the offering, net of the original issue discount, underwriting discounts and debt issuance costs. Interest on our 2.900% senior notes due October 2030 in the amount of $14.5 million is payable semi-annually in arrears on April 1 and October 1 of each year. The maturity date for the senior notes is October 1, 2030.

Senior Credit Facility

Quanta is a party to a credit agreement with various lenders that provides for $2.51 billion of aggregate revolving commitments and has a maturity date of September 22, 2025. Additionally, subject to the conditions specified in the credit agreement, Quanta has the option to increase the capacity of the credit facility.

As of June 30, 2021, Quanta had $323.3 million of outstanding revolving loans under its senior credit facility. Of the total outstanding borrowings, $171.0 million were denominated in Canadian dollars, $121.5 million were denominated in U.S. dollars and $30.8 million were denominated in Australian dollars. As of June 30, 2021, Quanta also had $301.6 million of letters of credit issued under the senior credit facility, of which $91.0 million were denominated in currencies other than the U.S. dollar, primarily Canadian dollars. As of June 30, 2021, subject to the applicable sublimits, the remaining $1.89 billion of available commitments under the senior credit facility was available for loans or issuing new letters of credit in U.S. dollars and certain alternative currencies.

Borrowings under the senior credit facility and the applicable interest rates were as follows (dollars in thousands):

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2021			2020			2021			2020
Maximum amount outstanding	$	576,993		$	1,742,995		$	576,993		$	2,023,326
Average daily amount outstanding	$	449,132		$	1,481,378		$	332,409		$	1,465,994
Weighted-average interest rate	1.90		%	1.65		%	1.99		%	2.37		%

As of June 30, 2021, Quanta was in compliance with all of the financial covenants under the credit agreement governing the senior credit facility.