Debt

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Debt

Debt

The carrying value of debt outstanding at the respective balance sheet dates consisted of the following:

(in thousands, except rates)	Interest rate	Year of maturity	March 31, 2022		December 31, 2021
2025 Secured Notes	6.125%	2025	$	518,662	$	518,117
ABL Facility(a)	Varies	2025	1,708,549		1,612,783
2028 Secured Notes	4.625%	2028	492,730		492,490
Finance Leases	Varies	Varies	90,693		89,050
Total debt			2,810,634		2,712,440
Less: current portion of long-term debt			19,792		18,121
Total long-term debt			$	2,790,842	$	2,694,319

(a) As of both March 31, 2022 and December 31, 2021, the Company had no outstanding principal borrowings on the Multicurrency Facility (defined below) and $5.7 million and $6.2 million, respectively, of related debt issuance costs. No related debt issuance costs were recorded as a direct offset against the principal borrowings on the Multicurrency Facility, and the $5.7 million and $6.2 million in excess of principal was included in other non-current assets on the condensed consolidated balance sheets as of March 31, 2022 and December 31, 2021, respectively.

Asset Backed Lending Facility

On July 1, 2020, certain subsidiaries of the Company entered into an asset-based credit agreement that provides for revolving credit facilities in the aggregate principal amount of up to $2.4 billion, consisting of: (i) a senior secured asset-based US dollar revolving credit facility in the aggregate principal amount of $2.0 billion (the “US Facility”) and (ii) a $400.0 million senior secured asset-based multicurrency revolving credit facility (the "Multicurrency Facility" together with the US Facility, the “ABL Facility”), available to be drawn in US Dollars, Canadian Dollars, British Pounds Sterling or Euros. The ABL Facility matures July 1, 2025.

Borrowings under the ABL Facility bear interest at a base rate plus an applicable margin determined quarterly by reference to the Company's excess availability for the most recently completed quarter. Effective January 7, 2022, borrowings under the ABL Facility are subject to the highest applicable margin and bear interest at (i) in the case of US Dollars, at the borrower's option, either an adjusted LIBOR rate plus 2.125% or an alternative base rate plus 1.125%, (ii) in the case of Canadian Dollars, at the borrower's option, either a Canadian BA rate plus 2.125% or Canadian prime rate plus 1.125%, (iii) in the case of Euros, the EURIBOR rate plus 2.125%, and (iv) in the case of British Pounds Sterling, the SONIA rate plus 2.125%.

At March 31, 2022, the weighted average interest rate for borrowings under the ABL Facility was 2.54%. The weighted average interest rate on the balance outstanding at March 31, 2022, as adjusted for the effects of the interest rate swap agreements was 3.16%. Refer to Note 15 for a more detailed discussion on interest rate management.

Borrowing availability under the US Facility and the Multicurrency Facility is equal to the lesser of (i) the aggregate Revolver Commitments and (ii) the Line Cap. At March 31, 2022, the Line Cap was $2.4 billion and the Company had $646.9 million of available borrowing capacity under the ABL Facility, including $246.9 million under the US Facility and $400.0 million under the Multicurrency Facility. At March 31, 2022, borrowing capacity under the ABL Facility allowed for up to $204.9 million of letters of credit and up to $170.0 million of swingline loans. At March 31, 2022, letters of credit and bank guarantees carried fees of 2.25%. The Company had issued $15.1 million of standby letters of credit under the ABL Facility at March 31, 2022.

The Company had $1.7 billion outstanding principal under the ABL Facility at March 31, 2022. Debt issuance costs of $29.5 million were included in the carrying value of the ABL Facility at March 31, 2022.

Finance Leases

The Company maintains finance leases primarily related to transportation equipment. At March 31, 2022 and December 31, 2021, obligations under finance leases for certain real property and transportation related equipment were $90.7 million and $89.1 million, respectively. Refer to Note 4 for further information.

The Company is in compliance with all debt covenants and restrictions for the aforementioned debt instruments as of March 31, 2022.