XML 42 R13.htm IDEA: XBRL DOCUMENT v3.19.3
Debt
 9 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
Debt Debt
Debt for the Company consists of the following:
 
September 30, 2019
 
December 31, 2018
 
Principal
 
Unamortized Discount and Debt Issuance Costs
 
Net
 
Principal
 
Unamortized Discount and Debt Issuance Costs
 
Net
 
(in millions)
Senior secured term loan facility due September 2023
$
771.0

 
$
6.7

 
$
764.3

 
$
837.5

 
$
8.7

 
$
828.8

Borrowings under other lines of credit
1.4

 
—

 
1.4

 
5.8

 
—

 
5.8

Capital lease obligations and other
0.2

 
—

 
0.2

 
0.3

 
—

 
0.3

Total debt
772.6

 
6.7

 
765.9

 
843.6

 
8.7

 
834.9

Less current portion
(1.4
)
 
—

 
(1.4
)
 
(5.9
)
 
—

 
(5.9
)
Total debt less current portion
$
771.2

 
$
6.7

 
$
764.5

 
$
837.7

 
$
8.7

 
$
829.0


On February 28, 2018, April 30, 2018 and July 31, 2018, the Company made voluntary $25.0 million principal payments, totaling $75.0 million, on the senior secured term loan facility due September 2023 ("2017 Term Loan Facility"). As a result of these transactions, the Company recognized a loss on debt extinguishment of $0.3 million for the three months ended September 30, 2018, and $1.0 million for the nine months ended September 30, 2018, related to the write-off of deferred financing costs associated with the 2017 Term Loan Facility.
On April 27, 2018, the Company's senior secured asset-based revolving credit facility ("ABL Facility") was amended and restated to reduce each of the applicable margins in determining the interest rates on loans by 0.50% per annum, reduce the unused line fee by 0.125% per annum, extend the maturity date to April 2023 and reallocate $5.0 million of availability under the ABL Facility from the German sub-facility to the U.S. sub-facility. The covenants and other terms of the ABL Facility were not significantly changed.
On July 3, 2019, the Company used the proceeds from the sale of the Company's blow molding business to make a $52.0 million principal payment on the 2017 Term Loan Facility. On September 30, 2019, the Company also made a $9.5 million voluntary principal payment on the 2017 Term Loan Facility. As a result of these payments, the Company recognized a loss on debt extinguishment of $0.7 million for the three and nine months ended September 30, 2019, related to the write-off of deferred financing costs associated with the 2017 Term Loan Facility.