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



	December 31
	2017			2016
Balance	$	4.3		$	3.8
Weighted average interest rate	1.02		%	1.02		%

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		2017			2016
Recourse Fixed Rate Debt
Secured (1)	08/28/96	02/28/18	7.86	%	$	11.6		$	—
Unsecured	03/19/13	07/30/18	2.38	%	250.0			250.0
Unsecured	12/27/10	10/31/18	3.84	%	12.0			10.5
Unsecured (2)	11/29/10	11/30/18	3.70	%	3.0			5.3
Unsecured	01/30/15	12/31/18	1.20	%	60.0			52.6
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			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			300.0
Unsecured	09/13/16	09/15/26	3.25	%	350.0			350.0
Unsecured	02/09/17	03/30/27	3.85	%	300.0			—
Unsecured	11/02/17	03/15/28	3.50	%	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			250.0
Unsecured	05/16/16	05/30/66	5.63	%	150.0			150.0
Unsecured	02/06/08	02/15/18	6.00	%	—			200.0
Unsecured	03/04/14	03/04/17	1.25	%	—			300.0
Total recourse fixed rate debt					$	3,986.6		$	3,868.4

Recourse Floating Rate Debt
Unsecured	11/06/17	11/05/21	2.11	%	$	200.0		$	—
Unsecured	12/20/16	12/20/21	0.85	%	66.0			57.8
Unsecured	08/28/14	08/28/24	2.78	%	100.0			100.0
Unsecured	09/23/15	09/23/25	2.93	%	60.0			60.0
Unsecured	03/02/16	03/02/21	2.57	%	—			200.0
Total recourse floating rate debt					$	426.0		$	417.8
Total debt principal					$	4,412.6		$	4,286.2
Unamortized debt discount and debt issuance costs					(36.2		)	(33.6		)
Debt adjustment for fair value hedges					(4.7		)	0.6
Total Debt					$	4,371.7		$	4,253.2

__________

(1) During 2017, we assumed this debt as part of a transaction to acquire railcars that were previously leased.

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

The following table shows the scheduled principal payments of our debt obligations as of December 31, 2017 (in millions):



2018	$	336.6
2019	550.0
2020	350.0
2021	566.0
2022	250.0
Thereafter	2,360.0
Total debt principal	$	4,412.6

At December 31, 2017, $319.1 million of our operating assets were pledged as collateral for certain of our debt obligations and our secured credit facility.

Shelf Registration Statement

During 2016, we filed a 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

At December 31, 2017, we have a $600 million 5-year unsecured revolving credit facility in the U.S. that matures in May 2022. The full $600 million was available under the facility at December 31, 2017. In addition we have a $250 million 5-year secured railcar facility in the U.S. with a 3-year revolving period that matures in May 2022. As of December 31, 2017, the full $250 million was available under this facility.

Annual commitment fees for GATX's credit facilities were $2.0 million for 2017, $1.5 million for 2016, and $1.0 million for 2015.

Restrictive Covenants

Our $600 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 2.4 for the period ended December 31, 2017, which is in excess of the minimum covenant ratio of 1.2. At December 31, 2017, 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.

The indentures for our public debt also contain various restrictive covenants, including limitation on liens provisions that restrict the amount of additional secured indebtedness that we may incur. As of December 31, 2017, this limit was $1,415.5 million. Additionally, certain exceptions to the covenants permit us to incur an unlimited amount of purchase money and nonrecourse indebtedness. At December 31, 2017, 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 U.S. parent company). These covenants effectively limit GRE's ability to transfer funds to us. At December 31, 2017, the maximum amount that GRE could transfer to us without violating its covenants was $259.1 million, effectively restricting $398.3 million of subsidiary net assets. At December 31, 2017, GRE was in compliance with all covenants and conditions of these loan agreements.

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.