Long-Term Debt

3 Months Ended

Mar. 31, 2020

Long-term Debt, Unclassified [Abstract]

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



	Interest Rate*		Maturity	March 31, 2020			December 31, 2019
Term Loan B-6	Adjusted LIBOR	+ 2.25%	September 19, 2026	$	945.2		$	947.6
Revolving Credit Facility	Adjusted LIBOR	+ 1.75%	September 19, 2024	—			—
Senior notes		5.125%	June 1, 2025	950.0			950.0
European lines of credit	Euribor	+ 1.25%	Repayable upon demand	17.5			19.3
Canadian line of credit	CAD Prime	+ 0.50%	Repayable upon demand	—			—
Total debt				1,912.7			1,916.9
Unamortized debt issuance costs/discounts				(25.6		)	(26.8		)
Current portion of long-term debt				(27.0		)	(28.8		)
Long-term debt				$	1,860.1		$	1,861.3

*The interest rates presented in the table above represent the rates in place at March 31, 2020.

Credit Facilities

On September 19, 2019, we entered into the Third Amendment Agreement (the "Third Amendment") to the Credit Agreement. The Third Amendment provided for, among other things, (i) the refinancing of the existing Term Loan B-4 and Term Loan B-5 with the new seven-year, $950 million Term Loan B-6, (ii) repayment of the 2017 Revolving Credit Facility and (iii) the $325 million, five-year Revolving Credit Facility.

The Credit Facility is available for letters of credit, working capital, permitted acquisitions and general corporate purposes. The Revolving Credit Facility also includes a $50 million sub-limit for issuance of letters of credit and a $60 million sub-limit for swingline loans. The Company also pays a commitment fee between 25 to 35 basis points, payable quarterly, on the average daily unused amount of the Revolving Facility based on the Company’s Consolidated Senior Secured Net Leverage Ratio, from time to time. The interest rate applicable to Term Loan B-6 was 3.19% at March 31, 2020.

The obligations of the Company under the Credit Facility are guaranteed by certain of our domestic subsidiaries (the "Subsidiary Guarantors") and are secured by substantially all of the assets of the Company and the Subsidiary Guarantors, including but not limited to: (a) pledges of and first priority perfected security interests in 100% of the equity interests of certain of the Company's and the Subsidiary Guarantors' domestic subsidiaries and 65% of the equity interests of certain of the Company's and the Subsidiary Guarantors' first tier foreign subsidiaries and (b) perfected first priority security interests in substantially all other tangible and intangible assets of the Company and each Subsidiary Guarantor, subject to certain exceptions. The Credit Agreement contains affirmative and negative covenants that we believe are usual and customary for a senior secured credit agreement. The negative covenants include, among other things, limitations on asset sales, mergers and acquisitions, indebtedness, liens, dividends, investments and transactions with our affiliates. The Credit Agreement also requires us to maintain a Consolidated Senior Secured Net Leverage Ratio (as defined in the Credit Agreement), not to exceed 3.5 as of the last day of each fiscal quarter, provided there are revolving loans outstanding. We were in compliance with the applicable covenants in the Credit Agreement at March 31, 2020.

There were no borrowings on the Revolving Credit Facility at March 31, 2020 and December 31, 2019. In addition, we had related outstanding letters of credit in the aggregate amount of $29.7 million and $27.4 million at March 31, 2020 and December 31, 2019, respectively, which reduce the amount available for borrowings under the Revolving Credit Facility.

European Lines of Credit

COTW has lines of credit aggregating $33.1 million (€30 million). The lines of credit had an aggregate $17.5 million of borrowings outstanding at March 31, 2020. The lines of credit are guaranteed by certain COTW subsidiaries.

Fair Value of Debt

As of March 31, 2020, the estimated fair value of our long-term debt amounted to $1,794.4 million. The estimates of fair value were based on broker-dealer quotes for our debt as of March 31, 2020. The estimates presented on long-term financial instruments are not necessarily indicative of the amounts that would be realized in a current market exchange.