Long-Term Debt

3 Months Ended

Mar. 28, 2020

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



	March 28, 2020	March 28, 2020			December 31, 2019
(amounts in thousands)	Interest Rate	March 28, 2020			December 31, 2019
Senior notes	4.63% - 4.88%	$	800,000		$	800,000
Term loans	1.30% - 3.94%	586,446			591,153
Finance leases and other financing arrangements	1.90% - 6.00%	108,759			108,613
Mortgage notes	1.65%	27,361			28,175
Revolving credit facilities	2.25% -2.55%	100,000			—
Installment notes for stock	—%	—			205
Unamortized debt issuance costs and original issue discount		(10,711		)	(10,774		)
		1,611,855			1,517,372
Current maturities of long-term debt		(64,740		)	(65,846		)
Long-term debt		$	1,547,115		$	1,451,526

Summaries of our significant changes to outstanding debt agreements as of March 28, 2020 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 in a private placement for resale to qualified institutional buyers pursuant to Rule 144A under the Securities Act.

Term Loans

U.S. Facility - In February 2019, we purchased interest rate caps in order to effectively fix a 3.0% per annum ceiling on the LIBOR component of an aggregate $150 million of our term loans. The caps became effective March 29, 2019 and expire December 31, 2021.

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 primarily 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. This amendment requires that approximately $1.4 million of the aggregate principal amount be repaid quarterly until the maturity date. There were no other changes to key terms and the facility maintains its original maturity date in December 2024. At March 28, 2020, the outstanding principal balance, net of original issue discount, was $555.0 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%, includes a line fee of 1.25% on the commitment amount, and matures in February 2023. This facility had an outstanding principal balance of $30.3 million as of March 28, 2020.

Revolving Credit Facilities

ABL Facility - In December 2019, we amended our ABL facility to reflect current banking regulatory requirements, which do not have a financial impact. In March 2020, we drew $100.0 million under our ABL Facility as a precautionary measure to ensure funding of our seasonal working capital cash requirements given the recent significant impact on global financial markets and economies as a result of the COVID-19 pandemic. As of March 28, 2020, we had $100.0 million in borrowings, $35.6 million in letters of credit and $204.0 million available under the ABL Facility.

Australia Senior Secured Credit Facility - In June 2019, we amended the Australia Senior Secured Credit Facility, reallocating availability from the Australia Term Loan Facility and collapsing the floating rate revolving loan facility into a AUD 35.0 million interchangeable facility to be used for guarantees, asset financing, and loans of 12 months or less bearing interest at BBSY plus a margin of 1.10% and a line fee of 0.50%, compared to BBSY plus a margin of 0.75% and a line fee of 1.15% on the revolving facility limit under the previous amendment. 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 March 28, 2020, we had AUD 21.3 million ($12.9 million) available under this facility.

At March 28, 2020, we had combined borrowing availability of $216.9 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 March 28, 2020, we had DKK 185.2 million (or $27.4 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 March 28, 2020, we had $108.8 million outstanding in this category, with maturities ranging from 2020 to 2027.

As of March 28, 2020, we were in compliance with the terms of all of our credit facilities.