Long-Term Debt

9 Months Ended

Sep. 28, 2019

Our long-term debt, net of original issue discount and unamortized debt issuance costs, consisted of the following:



	September 28, 2019	September 28, 2019			December 31, 2018
(amounts in thousands)	Interest Rate	September 28, 2019			December 31, 2018
Senior notes	4.63% - 4.88%	$	800,000		$	800,000
Term loans	1.30% - 4.33%	592,794			474,058
Finance leases and other financing arrangements	1.90% - 6.38%	101,649			98,914
Mortgage notes	1.65%	27,888			30,375
Revolving credit facilities	4.45%	3,017			85,000
Installment notes for stock	5.00%	205			962
Unamortized debt issuance costs and original issue discount		(11,189		)	(11,417		)
		1,514,364			1,477,892
Current maturities of long-term debt		(67,817		)	(54,930		)
Long-term debt		$	1,446,547		$	1,422,962

Summaries of our significant changes to outstanding debt agreements as of September 28, 2019 are as follows:

Senior Notes

In December 2017, we issued $800.0 million of unsecured Senior Notes in two tranches: $400.0 million bearing interest at 4.63% and maturing in December 2025, and $400.0 million bearing interest at 4.88% and maturing in December 2027.

Term Loans

U.S. Facility - In September 2019, we amended the Term Loan Facility to provide for an incremental aggregate principal amount of $125.0 million and used the proceeds to repay $115.0 million of outstanding borrowings under the ABL Facility. The proceeds were net of the original issue discount of 0.5%, or $0.6 million, as well as $0.6 million in fees and expenses associated with the debt issuance. There were no other changes to key terms and the facility maintains its original maturity date in December 2024. At September 28, 2019, the outstanding principal balance, net of original issue discount, was $557.8 million.

Australia Facility - In June 2019, we reallocated AUD 5.0 million from the term loan commitment to the interchangeable commitment of the Australia Senior Secured Credit Facility. The amended AUD 50.0 million floating rate term loan facility bears interest at a base rate of BBSY plus a margin ranging from 1.00% to 1.10% and matures in February 2023. In addition, we pay a line fee of 1.25% on the facility, which is secured by guarantees of JWA and had an outstanding principal balance of $33.8 million as of September 28, 2019.

Revolving Credit Facilities

ABL Facility - In December 2018, we amended the $300 million ABL Facility, providing for a $100 million increase in the U.S. revolving credit commitments. The amended $400 million facility matures in December 2022. Extensions of credit are limited by a borrowing base calculated based on specified percentages of the value of eligible accounts receivable and inventory, subject to certain reserves and other adjustments. We pay a fee of 0.25% on the unused portion of the commitments. As of September 28, 2019, we had $3.0 million in borrowings, $36.0 million in letters of credit and $307.1 million available under the ABL Facility.

Australia Senior Secured Credit Facility - In June 2019, we amended the Australia Senior Secured Credit Facility to provide for an AUD 35.0 million interchangeable facility to be used for loans of 12 months or less bearing interest at BBSY plus a margin of 1.10%, as well as guarantees and asset financing. The non-term loan portion of the Australia Senior Secured Credit Facility no longer has a set maturity date but is instead subject to an annual review. As of September 28, 2019, we had AUD 22.0 million ($14.9 million) available under this facility.

Euro Revolving Facility - In January 2019, we allowed our €39 million Euro Revolving Facility to expire due to operating cash generation in Europe as well as expenses and restrictions associated with the facility.

At September 28, 2019, we had combined borrowing availability of $322.0 million under our revolving credit facilities.

Mortgage Notes – In December 2007, we entered into thirty-year mortgage notes secured by land and buildings with principal payments which began in 2018. At September 28, 2019, we had DKK 190.4 million (or $27.9 million) outstanding under these notes.

Finance leases and other financing arrangements – In addition to finance leases, we include insurance premium financing arrangements and loans secured by equipment in this category. At September 28, 2019, we had $101.6 million outstanding in this category, with maturities ranging from 2019 to 2026. At December 31, 2018, this category included a $24.5 million build-to-suit capital lease that was reclassified as an operating lease under the recently updated leasing standards and is no longer reflected in long-term debt as of January 1, 2019 (Note 8 - Leases). Increases in this category during 2019 were primarily due to additional equipment financing.

As of September 28, 2019, we were in compliance with the terms of all of our credit facilities.