Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Debt

Debt

Debt as of June 30, 2023 and December 31, 2022 is summarized as follows.

	June 30, 2023		December 31, 2022
Short-term borrowings	$	1.4	$	4.5
Long-term debt:
Dollar Term Loan B, due 2027(1)	1,837.0		1,846.3
Dollar Term Loan, due 2027(2)	896.8		901.4
Finance leases and other long-term debt	17.8		22.2
Unamortized debt issuance costs	(23.2)		(21.8)
Total long-term debt, net, including current maturities	2,728.4		2,748.1
Current maturities of long-term debt	29.9		32.0
Total long-term debt, net	$	2,698.5	$	2,716.1

(1)As of June 30, 2023, this amount is presented net of unamortized discounts of $1.3 million. As of June 30, 2023, the applicable interest rate was approximately 7.00% and the weighted-average interest rate was 6.59% for the six month period ended June 30, 2023.

(2)As of June 30, 2023, this amount is presented net of unamortized discounts of $0.6 million. As of June 30, 2023, the applicable interest rate was approximately 7.00% and the weighted average interest rate was 6.59% for the six month period ended June 30, 2023.

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 U.S. dollars (entered into at the time of the Merger, the “Dollar Term Loan B”), 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. On April 21 2023, the Company entered into Amendment No. 9 to the Credit Agreement, which (a) extended the maturity date for the revolving credit commitments from June 28, 2024 to April 21, 2028, (b) increased the aggregate revolving credit commitments from $1,100.0 million to $2,000.0 million, and (c) made certain other corresponding changes and updates. Other than as modified by Amendment No. 9, the loans under the Credit Agreement continue to have the same terms and the parties to the Credit Agreement continue to have the same obligations set forth in the Credit Agreement. The amendment resulted in the write-off of unamortized debt issuance costs of $0.9 million which was recognized in “Loss on extinguishment of debt” in the Condensed Consolidated Statements of Operations.

See Note 11 “Debt” to the consolidated financial statements in the Company’s annual report on Form 10-K for the year ended December 31, 2022 for further information on the Senior Secured Credit Facilities.

As of June 30, 2023, the aggregate amount of commitments under the Revolving Credit Facility was $2,000.0 million and the capacity under the Revolving Credit Facility to issue letters of credit was $400.0 million. As of June 30, 2023, the Company had no outstanding borrowings under the Revolving Credit Facility, no outstanding letters of credit under the Revolving Credit Facility and unused availability under the Revolving Credit Facility of $2,000.0 million.

As of June 30, 2023, we were in compliance with all covenants of our Senior Secured Credit Facilities.