Long Term and Other Debt

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Long Term and Other Debt

12. Long Term and Other Debt

2018 Refinancing

On August 13, 2018, the Company and certain of its subsidiaries entered into a series of transactions that effected the refinancing of the external borrowings of the Company and its subsidiaries, replacing our senior term and revolving facilities with senior notes of $140.0 million and a revolving credit facility of £7.5 million. The senior notes, which were issued under a Note Purchase Agreement and Guaranty (the "Note Purchase Agreement"), have a 5-year duration and carry a cash interest rate of 9% plus 3-month LIBOR, and the revolving credit facility has a 3-year duration and carries a cash interest rate on any utilization at 4% plus 3-month LIBOR, with any unutilized amount carrying a 1.4% cash interest cost. In connection with the refinancing, the Company also entered into a 3-year, fixed-rate, cross-currency swap (see Note 13). For additional information regarding the 2018 refinancing and related agreements, see Note 12 in our 2018 10-K.

During the six months ended June 30, 2019, the Company borrowed the full amount available under the revolving credit facility, for an aggregate amount outstanding of $9.3 million at June 30, 2019, which is included in current portion of long-term debt in the accompanying condensed balance sheet.

Outstanding Debt and Capital Leases

The following reflects outstanding debt and capital leases as of the dates indicated below:

	Principal			Unamortized deferred financing charge			Book value, June 30, 2019
		(in millions)
Senior bank debt	$	149.3		$	(7.6	)	$	141.7
Capital leases and hire purchase contract		0.2			—			0.2
Total long-term debt outstanding		149.5			(7.6	)		141.9
Less: current portion of long-term debt		(9.5	)		—			(9.5	)
Long-term debt, excluding current portion	$	140.0		$	(7.6	)	$	132.4

	Principal			Unamortized deferred financing charge			Book value, September 30, 2018
		(in millions)
Senior bank debt	$	140.0		$	(8.7	)	$	131.3
Capital leases and hire purchase contract		0.5			—			0.5
Total long-term debt outstanding		140.5			(8.7	)	$	131.8
Less: current portion of long-term debt		(0.5	)		—			(0.5	)
Long-term debt, excluding current portion	$	140.0		$	(8.7	)	$	131.3

The Company is in compliance with all relevant financial covenants and the long term debt portion is correctly classified as such in line with the underlying agreements.

Long term debt as of June 30, 2019 matures as follows:

Fiscal period:	Senior bank debt		Capital leases and hire purchase contract		Total
		(in millions)
2019	$	9.3	$	0.2	$	9.5
2020		—		—		—
2021		—		—		—
2022		—		—		—
2023		140.0		—		140.0
Total	$	149.3	$	0.2	$	149.5