Long-Term Debt

12 Months Ended

Dec. 29, 2019


Long-Term Debt (in millions):	December 29, 2019		December 30, 2018
$750.0 million credit facility, due March 2024, weighted average rate of 2.80% at December 29, 2019 and 5.50% at December 30, 2018	$	125.0	$	29.0

Term loan repaid October 2019, variable rate of 3.63% at December 30, 2018, swapped to a Euro fixed rate of 0.7055%	—		100.0

Term loan due October 2024, variable rate of 2.702% at December 29, 2019, swapped to a Euro fixed rate of 0.612%	150.0		—
2.61% Fixed Rate Senior Notes repaid December 2019	—		30.0
5.30% Fixed Rate Senior Notes due September 2020	75.0		75.0
2.81% Fixed Rate Senior Notes due November 2020	25.0		25.0
3.09% Fixed Rate Senior Notes due December 2021	95.0		95.0
3.28% Fixed Rate Senior Notes due November 2022	100.0		100.0
0.70% €50 Million Fixed Rate Senior Notes due April 2022	56.0		57.2
0.92% €100 Million Fixed Rate Senior Notes due April 2023	111.9		114.4
1.09% €100 Million Fixed Rate Senior Notes due April 2024	111.9		114.4
Other debt	2.0		8.8
Debt issuance costs	(1.2)		(1.3)
Total long-debt	850.6		747.5
Current portion of long-term debt and other debt	(100.6)		(137.4)
Total long-term debt, net of current portion	$	750.0	$	610.1

Maturities of long-term debt as of December 29, 2019 (dollars in millions):


Fiscal year
2020	$	100.6
2021	95.4
2022	156.0
2023	111.9
2024	386.9
Thereafter	1.0
Total principal payments	851.8
Debt issuance costs	(1.2)
Total debt	$	850.6

The Company has no sinking fund requirements.

On March 15, 2019, Teledyne amended its $750.0 million credit agreement to extend the maturity date from December 2020 to March 2024. While the borrowing capacity remains at $750.0 million, the amendment permits Teledyne to increase the aggregate amount of the borrowing capacity by up to $250.0 million subject to certain conditions. Excluding interest and fees, no payments are due under the $750.0 million unsecured credit facility (“credit facility”) until it matures. Borrowings under our credit facility and term loans are at variable rates which are, at our option, tied to a Eurocurrency rate equal to LIBOR (London Interbank Offered Rate) plus an applicable rate or a base rate as defined in our credit agreements. Eurocurrency rate loans may be denominated in U.S. dollars or an alternative currency as defined in the agreement. Eurocurrency or LIBOR based loans under the facility typically have terms of one, two, three or six months and the interest rate for each such loan is subject to change if the loan is continued or converted following the applicable maturity date. The Company has not drawn any loans with a term longer than three months under the credit facility. Base rate loans have interest rates that primarily fluctuate with changes in the prime rate. Interest rates are also subject to change based on our consolidated leverage ratio as defined in the credit agreement. The credit facility also provides for facility fees that vary between 0.12% and 0.25% of the credit line, depending on our consolidated leverage ratio as calculated from time to time. Available borrowing capacity under the credit facility, which is reduced by borrowings and certain outstanding letters of credit, was $598.3 million at December 29, 2019. The credit agreement and term loans requires the Company to comply with various financial and operating covenants and at December 29, 2019, the Company was in compliance with these covenants. At December 29, 2019, Teledyne had $29.2 million in outstanding letters of credit.

In October 2019, Teledyne and its subsidiary, Teledyne Netherlands B.V., as borrowers, entered into an Amended and Restated Term Loan Credit Agreement (the “Amended Term Loan Credit Agreement”) that amends and restates the Term Loan Credit Agreement dated as of March 17, 2017. Pursuant to the Amended Term Loan Credit Agreement, the lenders thereunder made unsecured term loans in an aggregate principal amount of $150.0 million, denominated in US dollars, $100.0 million of which was used to repay outstanding loans, which had a maturity date of October 30, 2019. Also, on October 30, 2019, Teledyne entered into a cross currency swap to effectively convert the $150.0 million term loan to a €135.2 million denominated instrument with a fixed euro interest rate of 0.612%.

Total interest expense including credit facility fees and other bank charges was $22.0 million in 2019, $29.2 million in 2018 and $35.5 million in 2017.