Debt

6 Months Ended

Jun. 30, 2019

Note 8. Debt

Debt as of June 30, 2019 and December 31, 2018 is summarized as follows.

	June 30, 2019			December 31, 2018
Short-term borrowings	$	—		$	—
Long-term debt:
Revolving credit facility, due 2024⁽¹⁾	$	—		$	—
Receivables financing agreement, due 2020		—			—
Term loan denominated in U.S. dollars, due 2024⁽²⁾		927.6			952.6
Term loan denominated in Euros, due 2024⁽³⁾		686.9			696.5
Capitalized leases and other long-term debt		26.0			26.3
Unamortized debt issuance costs		(9.0	)		(3.3	)
Total long-term debt, net, including current maturities		1,631.5			1,672.1
Current maturities of long-term debt		8.0			7.9
Total long-term debt, net	$	1,623.5		$	1,664.2

⁽¹⁾

On June 28, 2019, the Revolving Credit Facility’s maturity was extended to June 28, 2024 as part of the Amendment described within this Note. As of December 31, 2018, the maturity was April 30, 2020.

⁽²⁾

As of June 30, 2019, the applicable interest rate was 5.15% and the weighted-average rate was 5.24% for the six month period ended June 30, 2019.

⁽³⁾

As of June 30, 2019, the applicable interest rate was 3.00% and the weighted-average rate was 3.00% for the six month period ended June 30, 2019.

On June 28, 2019, the Company entered into Amendment No. 4 to the Credit Agreement, dated as of July 30, 2013 (as amended by Amendment No. 1 to the Credit Agreement, dated as of March 4, 2016, Amendment No. 2, dated as of August 17, 2017 and Amendment No. 3 dated as of December 13, 2018) with UBS AG, Stamford Branch, as Resigning Agent and Citibank, N.A. as Successor Agent.

Amendment No. 4 (i) refinanced the existing senior secured revolving credit facility with a replacement $450.0 million senior secured revolving credit facility (the “New Revolving Credit Facility”); (ii) extended the maturity of the revolving credit facility to June 28, 2024, (iii) terminated the revolving credit facility commitments of certain lenders under the existing senior secured revolving credit facility under the Credit Agreement, (iv) provided for up to $200.0 million of the New Revolving Credit Facility to be available for the purpose of issuing letters of credit; (v) provided for the replacement of GD First (UK) Limited by Gardner Denver Holdings, Ltd. as the UK Borrower under the Amended Credit Agreement; (vi) transferred the Administrative Agent, Collateral Agent and Swingline Lender roles under the Amended Credit Agreement to Citibank, N.A; and (vii) made certain other corresponding technical changes and updates.

At the consummation of the merger between Gardner Denver Holdings, Inc, and Ingersoll-Rand plc, Amendment No. 4 increases the aggregate amount of the New Revolving Credit Facility to $1,000.0 million and increases the capacity under the New Revolving Credit Facility to issue letters of credit to $400.0 million.

Loans under the New Revolving Credit Facility will have an initial applicable margin of 2.25% for LIBOR loans and 1.25% for base rate loans.

Amendment No. 4 resulted in the write-off of $0.2 million of debt issuance costs for the three and six month periods ended June 30, 2019. This was included in “Loss on extinguishment of debt” in the Condensed Consolidated Statements of Operations.

As of June 30, 2019, the Company had no outstanding borrowings, $5.0 million of outstanding letters of credit under the New Revolving Credit Facility and unused availability of $445.0 million.

In March 2019, the Company used excess cash to repay $25.0 million of principal on outstanding borrowings under the Dollar Term Loan Facility.

As of June 30, 2019, the Company had no outstanding borrowings, $26.7 million of letters of credit outstanding and $76.4 million of capacity available under the Receivables Financing Agreement (“RFA”).