Borrowings

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Borrowings

BORROWINGS

Borrowings are summarized as follows:

	March 31, 2023		December 31, 2022
2029 Dollar Term Loans	$	1,925.0	$	2,000.0
2025 Euro Senior Notes	489.3		479.1
2027 Dollar Senior Notes	500.0		500.0
2029 Dollar Senior Notes	700.0		700.0
Short-term and other borrowings	79.4		74.5
Unamortized original issue discount	(21.0)		(22.4)
Unamortized deferred financing costs	(25.6)		(26.9)
Total borrowings, net	3,647.1		3,704.3
Less:
Short-term borrowings	21.6		16.0
Current portion of long-term borrowings	20.0		15.0
Long-term debt	$	3,605.5	$	3,673.3

Our senior secured credit facilities (the "Senior Secured Credit Facilities") consist of a term loan due 2029 (the "2029 Dollar Term Loans"), formerly a term loan due 2024 (the "2024 Dollar Term Loans"), and a revolving credit facility (the "Revolving Credit Facility") that is governed by a credit agreement (the "Credit Agreement").

Revolving Credit Facility

At March 31, 2023 and December 31, 2022, letters of credit issued under the Revolving Credit Facility totaled $20.4 million and $20.7 million, respectively, which reduced the availability under the Revolving Credit Facility. Availability under the Revolving Credit Facility was $529.6 million and $529.3 million at March 31, 2023 and December 31, 2022, respectively.

Significant Transactions

During March 2023, we voluntarily prepaid $75.0 million of the outstanding principal amount of the 2029 Dollar Term Loans. As a result of the prepayment, we recorded a loss on extinguishment of debt of $1.2 million, which comprised the proportionate write off of unamortized deferred financing costs and original issue discounts. During April 2023, we voluntarily prepaid an additional $25.0 million of outstanding principal amount of the 2029 Dollar Term Loans.

Future repayments

Below is a schedule of required future repayments of all borrowings outstanding at March 31, 2023.

Remainder of 2023	$	35.0
2024	24.4
2025	512.8
2026	23.7
2027	524.0
Thereafter	2,573.8
Total borrowings	3,693.7
Unamortized original issue discount	(21.0)
Unamortized deferred financing costs	(25.6)
Total borrowings, net	$	3,647.1