DEBT

3 Months Ended

Mar. 31, 2022

DEBT

DEBT

6.          DEBT

As of March 31, 2022 and December 31, 2021, the Company’s debt consisted of the following:

	March 31,		December 31,
(In millions)	2022		2021
Private Placement Term Loans:
3.66 %, payable through 2023	$	13.7	$	13.7
4.16 %, payable through 2027		28.8		28.8
3.37 %, payable through 2027		69.2		69.2
3.14 %, payable through 2031		142.0		151.2
4.31 %, payable through 2032		25.4		25.4
Title XI Debt:
5.34 %, payable through 2028		14.3		15.4
5.27 %, payable through 2029		16.5		17.6
1.22 %, payable through 2043		174.1		174.1
1.35 %, payable through 2044		130.7		133.6
Total Debt		614.7		629.0
Less: Current portion		(65.0)		(65.0)
Total Long-term Debt		549.7		564.0
Less: Deferred loan fees		(14.0)		(14.3)
Total Long-term Debt, net of deferred loan fees	$	535.7	$	549.7

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, 2021.

Revolving Credit Facility: The Company’s revolving credit facility has committed available borrowing of up to $650 million and matures on March 31, 2026. As of March 31, 2022, the Company had $642.0 million of remaining borrowing availability under the revolving credit facility. The Company used $8.0 million of the revolving credit facility for letters of credit outstanding as of March 31, 2022. There were no outstanding borrowings under the revolving credit facility as of March 31, 2022 and December 31, 2021.

Debt Security and Guarantees: All of the debt of the Company and MatNav, including related guarantees, as of March 31, 2022 was unsecured, except for the Title XI debt.

Debt Maturities: As of March 31, 2022, debt maturities during the next five years and thereafter are as follows:

	As of
Year (in millions)	March 31, 2022
Remainder of 2022	$	50.6
2023		60.4
2024		51.7
2025		51.7
2026		51.7
Thereafter		348.6
Total Debt	$	614.7