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Debt
3 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
Debt DEBTOn March 6, 2020, GPIL completed a private offering of $450.0 million aggregate principal amount of its senior unsecured notes due 2028. The Senior Notes will bear interest at an annual rate of 3.50%. The net proceeds were used by the Company to repay a portion of the outstanding borrowings under GPIL's revolving credit facility, which is under its senior secured credit facility.
Long-Term Debt is comprised of the following:
In millionsMarch 31, 2020December 31, 2019
Senior Notes with interest payable semi-annually at 3.50%, effective rate of 3.55%, payable in 2028
$450.0  $—  
Senior Notes with interest payable semi-annually at 4.75%, effective rate of 4.82%, payable in 2027
300.0  300.0  
Senior Notes with interest payable semi-annually at 4.125%, effective rate of 4.17%, payable in 2024
300.0  300.0  
Senior Notes with interest payable semi-annually at 4.875%, effective rate of 4.91%, payable in 2022
250.0  250.0  
Senior Notes with interest payable semi-annually at 4.75%, effective rate of 4.76%, payable in 2021
425.0  425.0  
Senior Secured Term Loan Facilities with interest payable at various dates at floating rates (2.45% at March 31, 2020) payable through 2023
1,387.0  1,396.1  
Senior Secured Revolving Facilities with interest payable at floating rates (1.93% at March 31, 2020) payable in 2023
243.0  52.8  
Finance Leases
133.3  134.2  
Other
5.7  5.4  
Total Long-Term Debt3,494.0  2,863.5  
Less: Current Portion41.2  41.1  
3,452.8  2,822.4  
Less: Unamortized Deferred Debt Issuance Costs 18.3  12.5  
Total$3,434.5  $2,809.9  

At March 31, 2020, the Company and its U.S. and international subsidiaries had the following commitments, amounts outstanding and amounts available under revolving credit facilities:

In millionsTotal
Commitments
Total
Outstanding
Total Available
Senior Secured Domestic Revolving Credit Facility(a)
$1,450.0  $170.0  $1,262.1  
Senior Secured International Revolving Credit Facility174.6  73.0  101.6  
Other International Facilities55.7  13.6  42.1  
Total$1,680.3  $256.6  $1,405.8  
(a) In accordance with its debt agreements, the Company’s availability under its revolving credit facilities has been reduced by the amount of standby letters of credit issued of $17.9 million as of March 31, 2020. These letters of credit are primarily used as security against the Company's self-insurance obligations and workers’ compensation obligations. These letters of credit expire at various dates through 2020 and 2021 unless extended.

The Credit Agreement, the 4.75% Senior Notes due 2027 and the 3.50% Senior Notes due 2028 are guaranteed by GPIP and certain domestic subsidiaries, and the 4.75% Senior Notes due 2021, 4.875% Senior Notes due 2022 and 4.125% Senior Notes due 2024 are guaranteed by GPHC and certain domestic subsidiaries. For additional information on the financial statements of GPIP, see "Note 13 - Guarantor Condensed Consolidating Financial Statements of the Notes to the Condensed Consolidated Financial Statements of GPIL in its Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 filed with the Securities and Exchange Commission.

The Credit Agreement and the indentures governing the 4.75% Senior Notes due 2021, 4.875% Senior Notes due 2022, 4.125% Senior Notes due 2024, 4.75% Senior Notes due 2027 and 3.50% Senior Notes due 2028 (the "Indentures") limit the Company's ability to incur additional indebtedness. Additional covenants contained in the Credit Agreement and the Indentures may, among other things, restrict the ability of the Company to dispose of assets, incur guarantee obligations, prepay other indebtedness, repurchase stock, pay dividends and make other restricted payments, create liens, make equity or debt investments, make acquisitions, modify terms of the Indentures, engage in mergers or consolidations, change the business conducted by the Company and its subsidiaries, and engage in certain transactions with affiliates. Such restrictions could limit the Company’s ability to respond to changing market conditions, fund its capital spending program, provide for unexpected capital investments or take advantage of business opportunities.

As of March 31, 2020, the Company was in compliance with the covenants in the Credit Agreement and the Indentures.