DEBT

3 Months Ended

Mar. 31, 2020



($ in millions)	March 31, 2020			December 31, 2019
Senior unsecured notes due 2024 and unamortized premium⁽¹⁾	$	606.5		$	606.8
Asset based revolving credit facility	90.3			—
Finance leases	82.8			67.3
Promissory notes	18.1			20.4
Debt issuance costs	(7.8		)	(7.2		)
Total debt	789.9			687.3
Less: current maturities	(27.3		)	(32.5		)
Long-term debt, net of current maturities	$	762.6		$	654.8


(1)	The effective interest rate for these notes was 6.56% as of both March 31, 2020 and December 31, 2019.

See Note 16 for a discussion of a Delayed Draw Term Loan Facility entered into on April 17, 2020.

Asset Based Revolving Credit Facility

As of March 31, 2020, we had $19.7 million of undrawn standby letters of credit under our senior secured credit facility ("Revolving Facility"). Loans under the Revolving Facility are in the form of either base rate loans or London Interbank Offered Rate ("LIBOR") loans denominated in U.S. dollars. The interest rate for the facility was 3.50% as of March 31, 2020.

Our actual maximum credit availability under the Revolving Facility varies from time to time and is determined by calculating the value of our eligible accounts receivable, inventory, mixer trucks and machinery, minus reserves imposed by the lenders and certain other adjustments. Our availability under the Revolving Facility at March 31, 2020 was $126.2 million. We are required, upon the occurrence of certain events, to maintain a fixed charge coverage ratio of at least 1.0 to 1.0 for each period of 12 calendar months. As of March 31, 2020, we were in compliance with all covenants under the loan agreement that governs the Revolving Facility.