Debt

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Debt

Debt

Debt as of September 30, 2021 and December 31, 2020 is summarized as follows.

	September 30, 2021		December 31, 2020
Short-term borrowings	$	—	$	—
Long-term debt:
Revolving credit facility, due 2025	$	—	$	—
Dollar Term Loan B, due 2027(1)	1,869.7		1,883.7
Dollar Term Loan, due 2027(2)	912.8		919.6
Euro Term Loan, due 2027(3)	685.1		728.0
Dollar Term Loan Series A, due 2027(4)	—		392.4
Finance leases and other long-term debt	26.0		17.2
Unamortized debt issuance costs	(31.3)		(41.4)
Total long-term debt, net, including current maturities	3,462.3		3,899.5
Current maturities of long-term debt	40.1		40.4
Total long-term debt, net	$	3,422.2	$	3,859.1

(1)As of September 30, 2021, this amount is presented net of unamortized discounts of $1.8 million. As of September 30, 2021, the applicable interest rate was approximately 1.83% and the weighted-average interest rate was 1.86% for the nine month period ended September 30, 2021.

(2)As of September 30, 2021, this amount is presented net of unamortized discounts of $0.9 million. As of September 30, 2021, the applicable interest rate was approximately 1.83% and the weighted average interest rate was 1.86% for the nine month period ended September 30, 2021.

(3)As of September 30, 2021, this amount is presented net of unamortized discounts of $0.6 million. As of September 30, 2021, the applicable interest rate was 2.00% and the weighted average interest rate was 2.00% for the nine month period ended September 30, 2021.

(4)The weighted average interest rate was 2.86% for the nine month period ended September 30, 2021.

Senior Secured Credit Facilities

The Senior Secured Credit Facilities provided senior secured financing consisting of (i) a senior secured term loan facility denominated in U.S. dollars (as refinanced and otherwise modified from time to time prior to February 28, 2020, the “Original Dollar Term Loan”), (ii) a senior secured term loan facility denominated in Euros (as refinanced and otherwise modified from time to time prior to February 28, 2020, the “Original Euro Term Loan”) and (iii) a senior secured revolving credit facility (as refinanced and otherwise modified from time to time the “Revolving Credit Facility”). The Revolving Credit Facility is available to be drawn in U.S. dollars (“USD”), Euros (“EUR”), Great British Pounds (“GBP”) and other reasonably accepted foreign currencies, subject to certain sublimits for the foreign currencies.

See Note 10 “Debt” to the consolidated financial statements in the Company’s annual report on Form 10-K for the year ended December 31, 2020 for further information on the Senior Secured Credit Facilities.

On September 30, 2021, the Company elected to prepay the Dollar Term Loan Series A outstanding principal balance of $396.0 million using cash on hand. The prepayment resulted in the write-off of unamortized debt issuance costs and unamortized issuance discount of $9.0 million which was recognized in “Loss on extinguishment of debt” in the Condensed Consolidated Statements of Operations.

As of September 30, 2021, the aggregate amount of commitments under the Revolving Credit Facility was $1,100.0 million and the capacity under the Revolving Credit Facility to issue letters of credit was $400.0 million. As of September 30, 2021, the Company had no outstanding borrowings under the Revolving Credit Facility, outstanding letters of credit under the Revolving Credit Facility of $50.8 million and unused availability under the Revolving Credit Facility of $1,049.2 million.

As of September 30, 2021, we were in compliance with all covenants of our Senior Secured Credit Facilities.