Financing Arrangements

3 Months Ended

Mar. 31, 2020

Debt consists of the following instruments:


As of March 31, 2020 (in millions)	Principal Amount		Unamortized discount and debt issuance cost		Net Debt		Weighted average interest rate
Senior secured revolving credit facility due 2022	$	—	$	—	$	—	—	%
Senior secured term loan due 2026	622.9		9.3		613.6		3.35	%
5.25% senior notes due 2023	600.0		3.4		596.6		5.25	%
Other Debt	17.7		—		17.7
Total Debt	1,240.6		12.7		1,227.9
Less short-term and current portion of long-term debt	18.2		—		18.2
Total long-term debt, net of current portion	$	1,222.4	$	12.7	$	1,209.7


As of December 31, 2019 (in millions)	Principal Amount		Unamortized discount and debt issuance cost		Net Debt		Weighted average interest rate
Senior secured revolving credit facility due 2022	$	—	$	—	$	—	3.90	%
Senior secured term loan due 2026	624.5		9.8		614.7		4.01	%
5.25% senior notes due 2023	600.0		3.7		596.3		5.25	%
Other Debt	18.3		—		18.3
Total Debt	1,242.8		13.5		1,229.3
Less short-term and current portion of long-term debt	18.4		—		18.4
Total long-term debt, net of current portion	$	1,224.4	$	13.5	$	1,210.9

The agreements governing our senior secured revolving credit facility, 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, 2020, we were in compliance with all covenants.

The estimated fair value of PolyOne’s debt instruments at March 31, 2020 and December 31, 2019 was $1,111.5 million and $1,271.8 million, 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.