DEBT

6 Months Ended

Jun. 30, 2021

DEBT

DEBT

6.          DEBT

As of June 30, 2021 and December 31, 2020, the Company’s debt consisted of the following:

	June 30,		December 31,
(In millions)	2021		2020
Private Placement Term Loans:
3.66 %, payable through 2023	$	18.2	$	22.8
4.16 %, payable through 2027		31.4		34.0
3.37 %, payable through 2027		75.0		75.0
3.14 %, payable through 2031		160.4		169.6
4.31 %, payable through 2032		26.7		27.9
Title XI Debt:
5.34 %, payable through 2028		16.5		17.6
5.27 %, payable through 2029		18.7		19.8
1.22 %, payable through 2043		178.0		182.0
1.35 %, payable through 2044		136.6		139.6
Revolving credit facility, maturity date of March 31, 2026		—		71.8
Total Debt		661.5		760.1
Less: Current portion		(65.0)		(59.2)
Total Long-term Debt		596.5		700.9
Less: Deferred loan fees		(15.0)		(15.3)
Total Long-term Debt, net of deferred loan fees	$	581.5	$	685.6

Except as described below, the Company’s debt is described in Note 8 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 and 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, 2021.

Revolving Credit Facility: As of June 30, 2021, the Company had $641.9 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 June 30, 2021. Although there were no outstanding borrowings under the facility at June 30, 2021, based on the Company’s consolidated net leverage ratio, which stipulates borrowing margins, the interest rate applicable to the revolving credit facility would have been approximately 1.10 percent at June 30, 2021. 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.

Debt Security and Guarantees: All of the debt of the Company and MatNav, including related guarantees, as of June 30, 2021 was unsecured, except for the Title XI debt.

Debt Maturities: As of June 30, 2021, debt maturities during the next five years and thereafter are as follows:

	As of
Year (in millions)	June 30, 2021
Remainder of 2021	$	32.5
2022		65.0
2023		60.4
2024		51.7
2025		51.7
Thereafter		400.2
Total Debt	$	661.5