DEBT

9 Months Ended

Sep. 30, 2020

DEBT

DEBT

6.          DEBT

As of September 30, 2020 and December 31, 2019, the Company’s debt consisted of the following:

	September 30,		December 31,
(In millions)	2020		2019
Private Placement Term Loans:
5.79 %, payable through 2020	$	—	$	3.5
3.66 %, payable through 2023		27.4		31.9
4.16 %, payable through 2027		36.7		39.3
3.37 %, payable through 2027		75.0		75.0
3.14 %, payable through 2031		169.6		188.0
4.31 %, payable through 2032		29.0		30.3
4.35 %, payable through 2044		—		100.0
3.92 %, payable through 2045		—		69.5
Title XI Debt:
5.34 %, payable through 2028		17.6		19.8
5.27 %, payable through 2029		19.8		22.0
1.22 %, payable through 2043		185.9		—
1.35 %, payable through 2044		139.6		—
Revolving credit facility, maturity date of June 29, 2022		123.0		379.1
Total Debt		823.6		958.4
Less: Current portion		(53.4)		(48.4)
Total Long-term Debt		770.2		910.0
Less: Deferred loan fees		(15.7)		—
Total Long-term Debt, net of deferred loan fees	$	754.5	$	910.0

The Company’s debt is described in Note 6 to the Condensed Consolidated Financial Statements included in the Company’s Quarterly Report on Form 10-Q for the three months ended March 31, 2020 and in the Company’s Quarterly Report on Form 10-Q for the three months ended June 30, 2020.

Revolving Credit Facility: As of September 30, 2020, the Company had $518.9 million of remaining borrowing availability under the revolving credit facility. The Company used $8.1 million of the sublimit for letters of credit outstanding as of September 30, 2020. Based on the Company’s consolidated net leverage ratio, which stipulates borrowing margins, the interest rate applicable to revolving credit facility was approximately 3.25 percent at September 30, 2020. Borrowings under the revolving credit facility are 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.

Debt Security and Guarantees: All of the debt of the Company and MatNav, including related guarantees, as of September 30, 2020 was unsecured, except for the Title XI debt.

Debt Maturities: As of September 30, 2020, debt maturities during the next five years and thereafter are as follows:

	As of
Year (in millions)	September 30, 2020
Remainder of 2020	$	12.3
2021		59.2
2022		188.0
2023		60.4
2024		51.7
Thereafter		452.0
Total Debt	$	823.6

Deferred Loan Fees: Deferred loan fees are recorded as a reduction of Total Debt in the Condensed Consolidated Balance Sheets in accordance with Accounting Standards Codification (“ASC”) 835, Imputation of Interest (“ASC 835”). Activity relating to deferred loan fees for the nine months ended September 30, 2020 are as follows:

Deferred Loan Fees (in millions)	Amount
Deferred financing costs related to Title XI bonds and private placement debt amendments	$	16.5
Deferred fees expensed related to the redemption of private placement debt		(0.3)
Amortization expense for the nine months ended September 30, 2020		(0.5)
Balance at September 30, 2020	$	15.7

As of September 30, 2020, amortization expense relating to deferred loan fees during the next five years and thereafter are as follows:

Year (in millions)	Amount
Remainder of 2020	$	0.4
2021		1.5
2022		1.2
2023		1.1
2024		1.1
Thereafter		10.4
Total amortization expense of deferred loan fees	$	15.7