Long-term Debt

12 Months Ended

Dec. 31, 2020

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


	December 31,
	2020		2019
Amounts borrowed (Credit Facility)	$	258.0	$	324.8
Obligations under finance leases	86.5		57.3
Total long-term debt	$	344.5	$	382.1

The Company has a revolving credit facility (“Credit Facility”) with a borrowing capacity of $750.0 million as of December 31, 2020, limited by a borrowing base consisting of eligible accounts receivable and inventories. The Credit Facility expires in February 2026 and has an expansion feature which permits an increase of $200.0 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 Offer Rate (“LIBOR”) or Canadian Dollar Offer Rate based loans prepaid prior to the end of an interest period). The Credit Facility contains customary affirmative and restrictive covenants. In addition, the Credit Facility allows for unlimited stock repurchases and dividends, as long as the Company meets certain credit availability percentages and fixed charge coverage ratios. As of December 31, 2020, the Company was in compliance with all of the financial covenants under the Credit Facility. See Note 18 - Subsequent Events for changes to the Company’s Credit Facility.

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


	December 31,
	2020			2019
Amounts borrowed, net	$	258.0		$	324.8
Outstanding letters of credit	19.5			16.7
Amounts available to borrow(1)	402.4			341.7
Average borrowings	259.5			303.2
Range of borrowings	69.0 - 499.3			141.7 - 508.0
Unamortized debt issuance costs	0.9			1.7
Weighted-average interest rate(2)	1.8		%	3.4		%

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(1) Subject to borrowing base limitations, and excluding expansion feature of $200.0 million.

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

Long-term debt fees and charges were as follows (in millions):


	December 31,
	2020		2019		2018
Unused credit facility and letter of credit participation(1)	$	1.4	$	1.2	$	1.2
Amortization of debt issuance costs(1)	0.8		0.8		0.8

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(1) Included in interest expense, net.