Long-term Debt

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Long-term Debt

Long-Term Debt

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

	June 30, 2021		December 31, 2020
Amounts borrowed (Credit Facility)	$	332.0	$	258.0
Obligations under finance leases	99.8		86.5
Total long-term debt	$	431.8	$	344.5

The Company has a revolving credit facility (the “Credit Facility”) with a capacity of $750.0 million and expansion feature of $200.0 million as of June 30, 2021, limited by a borrowing base consisting of eligible accounts receivable and inventories. On February 26, 2021, the Company entered into an eleventh amendment to its Credit Facility (the “Eleventh Amendment”), which primarily extends the maturity date from March 28, 2022 to February 26, 2026. With the Eleventh Amendment, the size and expansion feature of the Credit Facility remain unchanged and certain threshold amounts for reporting and notices as well as the size of certain baskets were increased. The Eleventh Amendment also added certain additional covenant baskets and incorporated customary language regarding London Interbank Offered Rate (“LIBOR”) replacement, defaulting lenders, electronic execution, bail-in acknowledgement and letters of credit. 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 LIBOR or Canadian Dollar Offered Rate (“CDOR”) based loans prepaid prior to the end of an interest period).

The Company incurred fees of approximately $2.8 million in connection with the Eleventh Amendment.

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

	June 30, 2021		December 31, 2020
Amounts borrowed, net	$	332.0	$	258.0
Outstanding letters of credit	43.8		19.5
Amounts available to borrow(1)	347.3		402.4
Unamortized debt issuance costs	3.3		0.9

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

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2021			2020			2021			2020
Average borrowings	$	221.2		$	354.3		$	211.9		$	345.3
Range of borrowings	126.0 - 378.0			225.0 - 451.0			126.0 - 378.0			151.5 - 499.3
Unused Credit Facility and letter of credit participation fees(1)	0.4			0.3			0.8			0.6
Amortization of debt issuance costs(1)	0.2			0.2			0.5			0.4
Weighted-average interest rate(2)	1.4		%	1.4		%	1.4		%	2.1		%

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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.