Long-term Debt

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Long-term Debt

Long-Term Debt

Long-term debt consists of the following (in millions):

	June 30, 2020		December 31, 2019
Amounts borrowed (Credit Facility)	$	225.0	$	324.8
Obligations under finance leases	76.5		57.3
Total long-term debt	$	301.5	$	382.1

The Company has a revolving credit facility (the “Credit Facility”) with a capacity of $750 million as of June 30, 2020, limited by a borrowing base consisting of eligible accounts receivables and inventories. The Credit Facility expires in March 2022 and has an expansion feature which permits an increase of $200 million, subject to borrowing base requirements. All obligations under the Credit Facility are secured by first-priority liens on substantially all of the Company’s present and future assets. The terms of the Credit Facility permit prepayment without penalty at any time (subject to customary breakage costs with respect to London Interbank Offered Rate (“LIBOR”) or Canadian Dollar Offered Rate (“CDOR”) based loans prepaid prior to the end of an interest period).

Amounts related to the Credit Facility are as follows (in millions, except interest rate data):

	June 30, 2020		December 31, 2019
Amounts borrowed, net	$	225.0	$	324.8
Outstanding letters of credit	19.4		16.7
Amounts available to borrow(1)	494.4		341.7
Unamortized debt issuance costs	1.3		1.7

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(1) Subject to borrowing base limitations, and excluding expansion feature of $200 million.

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2020			2019			2020			2019
Average borrowings	$	354.3		$	235.2		$	345.3		$	256.3
Range of borrowings	225.0 - 451.0			141.7 - 330.6			151.5 - 499.3			141.7 - 390.0
Unused Credit Facility and letter of credit participation fees(1)	0.3			0.3			0.6			0.7
Amortization of debt issuance costs(1)	0.2			0.2			0.4			0.4
Weighted-average interest rate(2)	1.4		%	3.7		%	2.1		%	3.7		%

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(1) Included in interest expense, net.

(2) Calculated based on the daily cost of borrowing, reflecting a blend of prime and LIBOR rates.