Debt

3 Months Ended

Mar. 31, 2021

9. Debt

The following table presents information about our debt:


(dollars in millions)	March 31, 2021				December 31, 2020
	Interest terms	Rate	Amount
Receivables facility	LIBOR plus 0.90%	1.01%	$	—	$	—
Senior secured credit facilities:
Euro term loans	EURIBOR plus 2.50%	2.50%	254.7		344.8
U.S. dollar term loans	LIBOR plus 2.25%	3.25%	420.7		546.7
U.S. dollar term loans	LIBOR plus 2.25%	3.25%	1,172.1		1,175.0
2.625% secured notes	fixed rate	2.625%	763.2		795.0
3.875% unsecured notes	fixed rate	3.875%	469.6		489.2
4.625 % unsecured notes	fixed rate	4.625%	1,550.0		1,550.0
Finance lease liabilities			71.7		71.5
Total debt, gross			4,702.0		4,972.2
Less: unamortized deferred financing costs			(69.2)		(78.3)
Total debt			$	4,632.8	$	4,893.9
Classification on balance sheets:
Current portion of debt			$	26.5	$	26.4
Debt, net of current portion			4,606.3		4,867.5

Credit facilities

The following table presents availability under our credit facilities:


(in millions)	March 31, 2021
	Receivables facility		Revolving credit facility		Total
Capacity	$	300.0	$	515.0	$	815.0
Undrawn letters of credit outstanding	(9.9)		(1.6)		(11.5)
Outstanding borrowings	—		—		—
Unused availability	$	290.1	$	513.4	$	803.5

Maximum availability	$	300.0	$	515.0	$	815.0

Capacity under the receivables facility depends upon maintaining a sufficient borrowing base of eligible accounts receivable. At March 31, 2021, $514.3 million of accounts receivable were available as collateral under the facility.

Senior secured credit facilities

On March 31, 2021, we made prepayments of $124.5 million on our U.S. dollar term loans and $77.6 million on our Euro term loans. In connection with these prepayments, we expensed $5.2 million of previously unamortized deferred financing costs as a loss on extinguishment of debt.

Debt covenants

Our debt agreements include representations and covenants that we consider usual and customary, and our receivables facility and senior secured credit facilities include a financial covenant that becomes applicable for periods in which we have drawn more than 35% of our revolving credit facility under the senior secured credit facilities. When applicable, we may not have combined borrowings on our senior secured credit facilities and secured notes in excess of a pro forma net leverage ratio, as defined. As we had not drawn more than 35% of our revolving credit facility in this period, this covenant was not applicable at March 31, 2021.