Debt

9 Months Ended

Jun. 30, 2020

The detail of long-term debt was as follows:


	June 30, 2020		September 30, 2019
2019 Senior Secured Term Loan A Facility Due 2022	$	342.2	$	—
Senior Secured Term Loan A Facility due 2021	—		77.5
Senior Secured Term Loan B Facility due 2025	313.5		982.5
5.50% Senior Notes due 2025	600.0		600.0
6.375% Senior Notes due 2026	750.0		500.0
4.625% Senior Notes due 2026 (Euro Notes of €650.0)	730.2		708.4
7.750% Senior Notes due 2027	600.0		600.0


Capital lease obligations	46.1		46.9
Total long-term debt, including current maturities	3,382.0		3,515.3
Less current portion	(93.0)		(1.6)
Less unamortized debt premium and debt issuance fees	(36.5)		(52.1)
Total long-term debt	$	3,252.5	$	3,461.6

Long-term debt - On December 27, 2019, the Company amended the existing Term Loan Agreement and refinanced $365.0 of term loan debt. The amendment established a new $365.0 Term Loan A facility due December 2022, which was used to pay down $300.0 of the existing Term Loan B facility due in 2025 and $65.0 of the existing Term Loan A facility due in 2021. The pay down of the Term Loan B facility was deemed to be an extinguishment and the Company wrote-off $4.2 of deferred financing fees during the first quarter.

During the quarter ended March 31, 2020, the Company utilized the available proceeds from the Varta Divestiture and the related hedging arrangements to pay down $345.8 of the borrowings outstanding on the Term Loan B facility due in 2025.

On April 22, 2020, the Company finalized an add-on offering of $250.0 of our 6.375% Senior Notes due 2026 (2026 Notes Add-On). The 2026 Notes Add-On priced at 102.25% of the principal amount. The Company used the net proceeds from the offering to repay indebtedness outstanding under its Revolving Credit Facility and to pay fees and expenses related to the offering. The 2026 Notes Add-On was offered to qualified institutional buyers and will not be registered under federal or applicable state securities laws. Interest is payable semi-annually on the 2026 Notes in January and July.

Debt issuance fees paid related to the term loan refinancing and bond add-on offering were $6.1 during the nine months ended June 30, 2020.

As of June 30, 2020, the Company had $200.0 of outstanding borrowings under the Revolving Credit Facility and $7.3 of outstanding letters of credit. Taking into account outstanding letters of credit, $192.7 remained available as of June 30, 2020. As of June 30, 2020 and September 30, 2019, our weighted average interest rate on short-term borrowings was 3.8% and 3.8%, respectively.

Subsequent to the quarter, on July 1, 2020, the Company completed a bond offering for $600.0 Senior Notes due in 2028 at 4.750% (2028 Notes). The Company utilized a portion of the net proceeds from the sale of the 2028 Notes to fund the purchase of $488.8 in aggregate principal amount of the Company’s outstanding 5.50% Senior Notes due 2025 (2025 Notes) accepted for purchase pursuant to a cash tender offer. The Company used the remaining net proceeds from such sale, together with cash on hand, to fund the redemption of 2025 Notes not purchased pursuant to the tender offer, at a redemption price equal to 102.750% of the aggregate principal amount of the 2025 Notes to be redeemed, plus accrued and unpaid interest thereon to, but excluding, the redemption date. As a result of such redemption, all 2025 Notes that were not tendered and purchased by the Company pursuant to the tender offer were redeemed. The Company paid a total call premium for tendered and called notes of $18.3.

The 2028 Notes were sold to qualified institutional buyers and will not be registered under federal or applicable state securities laws. Interest is payable semi-annually on the 2028 Notes in December and June. The 2028 Notes are

jointly and severally guaranteed on an unsecured basis by certain of the Company's domestic restricted subsidiaries that guarantee indebtedness of the Company under its 2018 Revolving Facility.

Interest Rate Swaps - In March 2017, the Company entered into an interest rate swap agreement with one major financial institution that fixed the variable benchmark component (LIBOR) on $200.0 of Energizer's variable rate debt through June 2022 at an interest rate of 2.03%.

In February 2018, the Company entered into a forward starting interest rate swap with an effective date of October 1, 2018 with one major financial institution that fixed the variable benchmark component (LIBOR) on additional variable rate debt at an interest rate of 2.47%. At the effective date, the swap had a notional value of $400.0. Beginning April 1, 2019, the notional amount decreases $50.0 each quarter, and continues to decrease until its termination date of December 31, 2020. The notional value of the swap was $150.0 at June 30, 2020.

Notes payable - The notes payable balance was $205.4 at June 30, 2020 and $31.9 at September 30, 2019. The June 30, 2020 balance was comprised of $200.0 of borrowings on the Revolving Credit Facility as well as $5.4 of other borrowings, including those related to foreign affiliates. The September 30, 2019 balance was comprised of $25.0 outstanding borrowings on the Revolving Credit facility as well as $6.9 of other borrowings, including those related to foreign affiliates.

Debt Covenants - The agreements governing the Company's debt contain certain customary representations and warranties, affirmative, negative and financial covenants and provisions relating to events of default. If the Company fails to comply with these covenants or with other requirements of these debt agreements, the lenders may have the right to accelerate the maturity of the debt. Acceleration under one of these debt agreements would trigger cross defaults to other borrowings. As of June 30, 2020, the Company was in compliance with the provisions and covenants associated with its debt agreements.

The counterparties to long-term committed borrowings consist of a number of major financial institutions. The Company consistently monitors positions with, and credit ratings of, counterparties both internally and by using outside ratings agencies.

Debt Maturities - Aggregate maturities of long term debt as of June 30, 2020 are as follows:


	Long-term debt
One year	$	91.3
Two year	91.3
Three year	162.2
Four year	10.0
Five year	610.0

Thereafter	2,371.1
Total long-term debt payments due	$	3,335.9

Refer to Note 10, Leases, for the capital lease aggregate maturity table.