Borrowings

9 Months Ended

Sep. 30, 2023

BORROWINGS

Borrowings are summarized as follows:


	September 30, 2023		December 31, 2022

2029 Dollar Term Loans	$	1,840.4	$	2,000.0
2025 Euro Senior Notes	473.3		479.1
2027 Dollar Senior Notes	500.0		500.0
2029 Dollar Senior Notes	700.0		700.0
Short-term and other borrowings	68.5		74.5
Unamortized original issue discount	(17.6)		(22.4)
Unamortized deferred financing costs	(22.0)		(26.9)
Total borrowings, net	3,542.6		3,704.3
Less:
Short-term borrowings	13.5		16.0
Current portion of long-term borrowings	18.5		15.0
Long-term debt	$	3,510.6	$	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") and a revolving credit facility (the "Revolving Credit Facility") that is governed by a credit agreement (as amended, the "Credit Agreement").

Revolving Credit Facility

At September 30, 2023 and December 31, 2022, letters of credit issued under the Revolving Credit Facility totaled $20.3 million and $20.7 million, respectively, which reduced the availability under the Revolving Credit Facility as of such dates. Availability under the Revolving Credit Facility was $529.7 million and $529.3 million at September 30, 2023 and December 31, 2022, respectively.

Pursuant to the Credit Agreement, on July 1, 2023, an interest rate based on the London Interbank Offered Rate ("LIBOR") was automatically replaced with an interest rate based on the Secured Overnight Financing Rate ("SOFR") as the interest rate benchmark for loans denominated in U.S. Dollars under the Revolving Credit Facility available under the Credit Agreement. On the same date, we entered into the Twelfth Amendment to the Credit Agreement to reflect this transition and make other related conforming changes to the Credit Agreement.

Significant Transactions

During the nine months ended September 30, 2023, we voluntarily prepaid $150.0 million of the outstanding principal amount of the 2029 Dollar Term Loans. As a result of these prepayments, we recorded a loss on extinguishment of debt of $2.4 million for the nine months ended September 30, 2023, which comprised the proportionate write-off of unamortized deferred financing costs and original issue discounts.

During August 2023, we entered into the Thirteenth Amendment to the Credit Agreement to lower the interest rate spread applicable to the 2029 Dollar Term Loans from 3.00% to 2.50% when bearing interest at a rate based on SOFR. The other material terms of the Credit Agreement, including the outstanding principal amount and maturity date of the 2029 Dollar Term Loans, remain unchanged. As a result of the repricing, we recorded a $4.0 million loss on financing-related costs during the three and nine months ended September 30, 2023, of which $2.1 million related to the write-off of unamortized deferred financing costs and original issue discount and $1.9 million related to fees incurred to complete the repricing.

Future repayments

Below is a schedule of required future repayments of all borrowings outstanding at September 30, 2023.


Remainder of 2023	$	14.8
2024	22.7
2025	495.2
2026	22.1
2027	522.3
Thereafter	2,505.1
Total borrowings	3,582.2
Unamortized original issue discount	(17.6)
Unamortized deferred financing costs	(22.0)
Total borrowings, net	$	3,542.6