Details of the Company’s debt as of March 31, 2021 and December 31, 2020 were as follows (dollars in thousands):



	March 31, 2021					December 31, 2020
	Outstanding				Average	Outstanding				Average
	Current		Long-term		Interest	Current		Long-term		Interest	Maturity

Revolving credit (1)	$	-	$	793,000	1.4%	$	-	$	680,000	1.6%	June 2023
Revolving credit facility - Euro		-		22,519	2.4%		-		23,550	2.5%	September 2023
Term loan		1,800		23,250	2.2%		1,800		23,700	2.2%	April 2023
Term loan		66,750		-	1.9%		68,500		-	1.9%	June 2021
Term loan		6,000		79,000	4.6%		6,000		80,500	4.6%	October 2023
Senior secured notes		6,110		37,500	4.9%		6,110		40,555	4.9%	September 2022
Asset-backed notes 2020-1		63,130		648,006	2.3%		63,130		663,788	2.3%	September 2045
Collateralized financing obligations		37,852		23,776	1.8%		35,862		33,767	1.7%	February 2026
Term loans held by VIE		5,540		24,344	4.2%		5,482		25,752	4.2%	February 2026
		187,182		1,651,395			186,884		1,571,612
Debt discount and debt issuance costs		(3,304)		(8,516)			(3,436)		(9,329)
Total Debt	$	183,878	$	1,642,879		$	183,448	$	1,562,283

(1) $500 million of this outstanding debt is subject to an interest rate swap at a cost of 0.29% as described below in Derivative Instruments.

The Company maintains its revolving credit facilities to finance the acquisition of rental equipment and for general working capital purposes. As of March 31, 2021, the Company had $388.7 million in total availability under its revolving credit facilities (net of $0.1 million in letters of credit), subject to the Company’s ability to meet the collateral requirements under the agreements governing the facilities. Based on the borrowing base and collateral requirements at March 31, 2021, the borrowing availability under the Company’s revolving credit facilities was $248.8 million, assuming no additional contributions of assets.

The agreements relating to all of the Company’s debt contain various financial and other covenants. As of March 31, 2021, the Company was in compliance with all of its financial and other covenants.

For further information on the Company’s debt instruments, see Note 7 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on March 1, 2021.

In July 2020, the Company entered into an interest rate swap agreement with an effective date of July 31, 2020 and scheduled maturity date of June 30, 2025. This contract is indexed to 1-month LIBOR, has a fixed leg interest rate of 0.29%, and a notional amount of $500.0 million.

As of March 31, 2021, the Company has designated interest rate swap agreements for a total notional amount of $500.0 million as cash flow hedges for accounting purposes. The change in fair value of cash flow hedging instruments during the three months ended March 31, 2021 was recorded on the consolidated balance sheets in ‘Accumulated other comprehensive loss’ and reclassified to ‘Net interest expense’ when realized. The Company had no derivative instruments as of March 31, 2020.

Over the next twelve months, the Company expects to reclassify an estimated net loss of $0.6 million related to the designated interest rate swap agreements from ‘Accumulated other comprehensive loss’ in the consolidated statements of comprehensive income to ‘Net interest expense’ in the consolidated statements of operations.

The following table summarizes the impact of derivative instruments designated in cash flow hedging relationships on the consolidated statements of operations and the consolidated statements of comprehensive income (loss) on a pretax basis (in thousands):

The fair value of derivative instruments on the Company’s consolidated balance sheets of March 31, 2021 and December 31, 2020 was as follows (in thousands):