Note 7 — FINANCING ARRANGEMENTS

Debt consists of the following instruments:



As of March 31, 2018 (In millions)	Principal Amount		Unamortized discount and debt issuance cost		Net Debt		Weighted average interest rate
Senior secured revolving credit facility due 2022	$	94.2	$	—	$	94.2	3.22	%
Senior secured term loan due 2022	635.9		8.0		627.9		3.59	%
5.25% senior notes due 2023	600.0		5.7		594.3		5.25	%
Other debt ⁽¹⁾	37.5		—		37.5
Total debt	$	1,367.6	$	13.7	$	1,353.9
Less short-term and current portion of long-term debt	35.1		—		35.1
Total long-term debt, net of current portion	$	1,332.5	$	13.7	$	1,318.8



As of December 31, 2017 (In millions)	Principal Amount		Unamortized discount and debt issuance cost		Net Debt		Weighted average interest rate
Senior secured revolving credit facility due 2022	$	56.5	$	—	$	56.5	2.77	%
Senior secured term loan due 2022	637.5		8.5		629.0		3.27	%
5.25% senior notes due 2023	600.0		6.0		594.0		5.25	%
Other debt ⁽¹⁾	29.5		—		29.5
Total debt	$	1,323.5	$	14.5	$	1,309.0
Less short-term and current portion of long-term debt	32.6		—		32.6
Total long-term debt, net of current portion	$	1,290.9	$	14.5	$	1,276.4


(1)	Other debt includes capital lease obligations of $17.8 million as of March 31, 2018 and December 31, 2017.

On April 11, 2018, the Company entered into a fifth amendment to its senior secured term loan. Under the terms of the amended senior secured term loan, the margin was reduced by 25 basis points to 175 basis points. At the Company's discretion, interest is based upon (i) a margin rate of 175 basis points plus the 1-, 2-, 3-, or 6-month LIBOR, subject to a floor of 75 basis points or (ii) a margin rate of 75 basis points plus a Prime Rate, subject to a floor of 175 basis points.

The agreements governing our senior secured revolving credit facility and our senior secured term loan, and the indentures and credit agreements governing other debt, contain a number of customary financial and restrictive covenants that, among other things, limit our ability to: consummate asset sales, incur additional debt or liens, consolidate or merge with any entity or transfer or sell all or substantially all of our assets, pay dividends or make certain other restricted payments, make investments, enter into transactions with affiliates, create dividend or other payment restrictions with respect to subsidiaries, make capital investments and alter the business we conduct. As of March 31, 2018, we were in compliance with all covenants.

The estimated fair value of PolyOne’s debt instruments at March 31, 2018 and December 31, 2017 was $1,372.6 million and $1,343.3 million, respectively, compared to carrying values of $1,353.9 million and $1,309.0 million as of March 31, 2018 and December 31, 2017, respectively. The fair value of PolyOne’s debt instruments was estimated using prevailing market interest rates on debt with similar creditworthiness, terms and maturities and represent Level 2 measurements within the fair value hierarchy.