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DEBT
9 Months Ended
Sep. 30, 2017
DEBT  
DEBT

7.          DEBT

 

At September 30, 2017 and December 31, 2016, the Company’s debt consisted of the following:

 

 

 

 

 

 

 

 

 

 

 

September 30, 

 

December 31, 

 

(In millions)

    

2017

    

2016

    

Term Loans:

 

 

 

 

 

 

 

5.79 %, payable through 2020

 

$

21.0

 

$

24.5

 

3.66 %, payable through 2023

 

 

54.7

 

 

59.3

 

4.16 %, payable through 2027

 

 

52.4

 

 

55.0

 

3.37 %, payable through 2027

 

 

75.0

 

 

75.0

 

3.14 %, payable through 2031

 

 

200.0

 

 

200.0

 

4.31 %, payable through 2032

 

 

36.3

 

 

37.5

 

4.35 %, payable through 2044

 

 

100.0

 

 

100.0

 

3.92 %, payable through 2045

 

 

73.2

 

 

75.0

 

Title XI Bonds:

 

 

 

 

 

 

 

5.34 %, payable through 2028

 

 

24.2

 

 

26.4

 

5.27 %, payable through 2029

 

 

26.4

 

 

28.6

 

Revolving credit facility

 

 

175.0

 

 

55.0

 

Capital leases

 

 

1.1

 

 

2.6

 

Total Debt

 

 

839.3

 

 

738.9

 

Less: Current portion

 

 

(29.2)

 

 

(31.8)

 

Total Long-term Debt

 

$

810.1

 

$

707.1

 

 

The Company’s debt is described in Note 8 to the Consolidated Financial Statements included in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, and in Part I, Financial Information of the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2017, except as described below. 

 

Classification of Borrowings: Borrowings under the revolving credit facility is classified as long-term debt in the Condensed Consolidated Balance Sheets, as principal payments are not required until the maturity date of June 29, 2022. 

 

As of September 30, 2017, the Company had $464.5 million of remaining availability under the revolving credit facility.  The interest rate on borrowings under the revolving credit facility approximated 2.69 percent during the three months ended September 30, 2017.