Long-Term Debt and Finance Leases

3 Months Ended

Mar. 31, 2020

Note 6. Long-Term Debt and Finance Leases

The following table summarizes the Company’s long-term debt and finance leases:


							December 31,
	March 31, 2020						2019
	Available
	borrowing		Effective		Outstanding		Outstanding
	capacity		interest rate(1)		balance		balance
	(in millions)
Long-term debt:
Term B Loans, net(2)	$	—	5.28	%	$	2,215.2	$	2,220.3
Revolving Credit Facility(3)		208.5	4.05	%		86.0		55.0
Total long-term debt	$	208.5				2,301.2		2,275.3
Finance lease obligations						22.2		23.1
Total long-term debt and finance lease obligations						2,323.4		2,298.4
Debt issuance costs, net(4)						(7.4)		(8.0)
Sub-total						2,316.0		2,290.4
Less current portion						(31.3)		(30.9)
Long-term portion					$	2,284.7	$	2,259.5

(1)	Represents the effective interest rate in effect for all borrowings outstanding as of March 31, 2020 pursuant to each debt instrument including the applicable margin.

(2)	At March 31, 2020 and December 31, 2019 includes $7.8 million and $8.4 million of net discounts, respectively.

(3)

Available borrowing capacity at March 31, 2020 represents $300.0 million of total availability less borrowing of $86.0 million on the Revolving Credit Facility and outstanding letters of credit of $5.5 million. Letters of credit are used in the ordinary course of business and are released when the respective contractual obligations have been fulfilled by the Company.

(4)	At March 31, 2020 and December 31, 2019, debt issuance costs include $5.6 million and $6.0 million related to Term B Loans and $1.8 million and $2.0 million related to the Revolving Credit Facility, respectively.

The Company’s Term B loans will mature on August 19, 2023 and bear interest, at the Company’s option, at a rate equal to ABR plus 2.25% or LIBOR plus 3.25%. Borrowings under the revolving credit facility will mature on May 31, 2022 and bear interest, at the Company's option, at a rate equal to ABR plus 2.00% or LIBOR plus 3.00%. As of March 31, 2020, the Company was in compliance with all debt covenants.