Commercial Paper and Borrowings Under Bank Credit Facilities ($ in millions)



	December 31
	2015			2014
Balance	$	7.4		$	72.1
Weighted average interest rate	1.22		%	0.56		%

Recourse and Nonrecourse Debt Obligations

The following table shows the outstanding balances of our debt obligations and the applicable interest rates as of December 31 ($ in millions):



	Date of Issue	Final Maturity	Interest Rate		2015		2014
Recourse Fixed Rate Debt
Unsecured	03/03/06	03/01/16	5.80	%	$	200.0	$	200.0
Unsecured	11/19/10	07/15/16	3.50	%	250.0		250.0
Unsecured	09/20/11	07/15/16	3.50	%	100.0		100.0
Unsecured	03/04/14	03/04/17	1.25	%	300.0		300.0
Unsecured	02/06/08	02/15/18	6.00	%	200.0		200.0
Unsecured	03/19/13	07/30/18	2.38	%	250.0		250.0
Unsecured (1)	12/27/10	10/31/18	3.84	%	10.9		15.7
Unsecured (1)	11/29/10	11/30/18	3.70	%	8.1		12.1
Unsecured	01/30/15	12/31/18	1.20	%	54.3		—
Unsecured	11/19/13	03/15/19	2.50	%	300.0		300.0
Unsecured	03/04/14	07/30/19	2.50	%	250.0		250.0
Unsecured	10/31/14	03/30/20	2.60	%	250.0		250.0
Unsecured	02/06/15	03/30/20	2.60	%	100.0		—
Unsecured	05/27/11	06/01/21	4.85	%	250.0		250.0
Unsecured	09/20/11	06/01/21	4.85	%	50.0		50.0
Unsecured	06/11/12	06/15/22	4.75	%	250.0		250.0
Unsecured	03/19/13	03/30/23	3.90	%	250.0		250.0
Unsecured	02/06/15	03/30/25	3.25	%	300.0		—
Unsecured	03/04/14	03/15/44	5.20	%	300.0		300.0
Unsecured	02/06/15	03/30/45	4.50	%	250.0		—
Unsecured	04/14/05	04/15/15	5.70	%	—		100.0
Unsecured (2)	02/05/10	05/15/15	4.75	%	—		250.0
Unsecured	12/22/05	12/22/15	5.75	%	—		70.0
Total recourse fixed rate debt					$	3,923.3	$	3,647.8
Recourse Floating Rate Debt
Unsecured (1)	09/02/11	08/31/16	0.94	%	$	5.2	$	8.0
Unsecured	12/21/12	12/21/17	1.64	%	100.0		100.0
Unsecured	01/22/13	12/21/17	1.64	%	10.0		10.0
Unsecured	08/28/14	08/28/24	1.71	%	100.0		100.0



	Date of Issue	Final Maturity	Interest Rate		2015			2014
Unsecured	09/23/15	09/23/25	1.84	%	60.0			—
Unsecured (3)	12/15/10	10/31/15	1.43	%	—			24.8
Unsecured (2)(3)	12/06/11	08/31/16	1.44	%	—			15.3
Unsecured (2)(3)	03/29/06	09/30/16	2.02	%	—			18.9
Unsecured (2)(3)	06/29/07	09/30/16	2.03	%	—			8.5
Unsecured (2)(3)	12/18/07	10/31/16	1.98	%	—			12.7
Unsecured (2)(3)	08/31/12	12/31/19	2.33	%	—			60.5
Unsecured (2)(3)	06/27/13	12/31/20	1.73	%	—			121.0
Unsecured (2)(3)	10/30/13	12/31/20	1.78	%	—			30.2
Unsecured (2)(3)	05/05/14	12/31/20	1.85	%	—			30.2
Total recourse floating rate debt					$	275.2		$	540.1
Nonrecourse Fixed Rate Debt
Secured (1)	09/30/97	09/20/16	6.69	%	$	6.9		$	15.9
Total nonrecourse fixed rate debt					$	6.9		$	15.9
Total debt principal					$	4,205.4		$	4,203.8
Unamortized debt discount and debt issuance costs					(28.5		)	(26.2		)
Debt adjustment for fair value hedges					1.5			0.6
Total Debt					$	4,178.4		$	4,178.2

__________

(1) Amount shown includes scheduled principal payments prior to the final maturity.

(2) Debt repaid prior to the final maturity.

(3) For floating rate debt repaid during 2015, the interest rate reflected is as of the final payment date.

The following table shows the scheduled principal payments of our debt obligations as of December 31, 2015 (in millions):



2016	$	564.8
2017	412.7
2018	517.9
2019	550.0
2020	350.0
Thereafter	1,810.0
Total debt principal	$	4,205.4

At December 31, 2015, $83.2 million of our operating assets were pledged as collateral for certain of our debt obligations.

Shelf Registration Statement

During the third quarter of 2013, we filed an updated shelf registration statement that enables us to issue debt securities and pass-through certificates. The registration statement is effective for three years and does not limit the amount of debt securities and pass-through certificates we can issue.

Credit Lines and Facilities

In 2013, we entered into a new $575 million 5-year unsecured revolving credit facility in the US. In 2015, we exercised an option to extend the maturity date of our revolving credit facility by one year, to April 2020. At December 31, 2015, the full $575 million was available under the facility.

Annual commitment fees for GATX's credit facilities were $1.0 million for 2015, $1.0 million for 2014, and $1.3 million for 2013.

Restrictive Covenants

Our $575 million revolving credit facility contains various restrictive covenants, including requirements to maintain a fixed charge coverage ratio and an asset coverage test. Our ratio of earnings to fixed charges, as defined in this facility, was 2.9 for the period ended December 31, 2015, which is in excess of the minimum covenant ratio of 1.2. At December 31, 2015, we were in compliance with all covenants and conditions of the facility. Some of our bank term loans have the same financial covenants as the facility.

As of December 31, 2015, the indentures for our public debt also contain various restrictive covenants, including limitation on liens provisions that limit the amount of additional secured indebtedness that we may incur to $1,320.4 million. Additionally, certain exceptions to the covenants permit us to incur an unlimited amount of purchase money and nonrecourse indebtedness. At December 31, 2015, we were in compliance with all covenants and conditions of the indentures.

The loan agreements for our European rail subsidiaries ( "GATX Rail Europe" or "GRE") also contain restrictive covenants, including leverage and cash flow covenants specific to those subsidiaries, restrictions on making loans, and limitations on the ability of those subsidiaries to repay loans or to distribute capital to certain related parties (including GATX, the US parent company). These covenants effectively limit GRE's ability to transfer funds to us. At December 31, 2015, the maximum amount that GRE could transfer to us without violating its covenants was $121.5 million, therefore implying the loan covenants restrict $374.4 million of subsidiary net assets. At December 31, 2015, GRE was in compliance with all covenants and conditions of these loan agreements.

Another subsidiary’s financing that is guaranteed by us contains various restrictive covenants, including covenants that require us to maintain a defined net worth and a fixed charge coverage ratio. This fixed charge coverage ratio covenant is less restrictive than the covenant in our revolving credit facility.

We do not anticipate any covenant violations nor do we anticipate that any of these covenants will restrict our operations or our ability to obtain additional financing.