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



	December 31
	2018			2017
Balance	$	110.8		$	4.3
Weighted average interest rate	2.77		%	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		2018			2017
Recourse Fixed Rate Debt
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	11/05/18	02/15/24	4.35	%	300.0			—
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			300.0
Unsecured	11/02/17	03/15/28	3.50	%	300.0			300.0
Unsecured	05/07/18	11/07/28	4.55	%	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 (1)	11/19/13	03/15/19	2.50	%	—			300.0
Unsecured	01/30/15	12/31/18	1.20	%	—			60.0
Unsecured	11/29/10	11/30/18	3.70	%	—			3.0
Unsecured	12/27/10	10/31/18	3.84	%	—			12.0
Unsecured	03/19/13	07/30/18	2.38	%	—			250.0
Secured (2)	08/28/96	02/28/18	7.86	%	—			11.6
Total recourse fixed rate debt					$	3,950.0		$	3,986.6

Recourse Floating Rate Debt
Unsecured	11/06/17	11/05/21	3.30	%	$	300.0		$	200.0
Unsecured	12/22/16	12/20/21	0.85	%	63.1			66.0
Unsecured	08/28/14	08/28/24	4.00	%	100.0			100.0
Unsecured	09/23/15	09/23/25	4.07	%	60.0			60.0
Total recourse floating rate debt					$	523.1		$	426.0
Total debt principal					$	4,473.1		$	4,412.6
Unamortized debt discount and debt issuance costs					(35.9		)	(36.2		)
Debt adjustment for fair value hedges					(7.5		)	(4.7		)
Total Debt					$	4,429.7		$	4,371.7

__________

(1) Debt repaid prior to the final maturity.

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

The following table shows the scheduled principal payments of our debt obligations as of December 31, 2018 (in millions):



2019	$	250.0
2020	350.0
2021	663.1
2022	250.0
2023	250.0
Thereafter	2,710.0
Total debt principal	$	4,473.1

At December 31, 2018, $281.1 million of our operating assets were pledged as collateral for the secured railcar facility.

Shelf Registration Statement

During 2016, we filed an automatic 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

We have a $600 million, 5-year unsecured revolving credit facility in the U.S. that matures in May 2023. As of December 31, 2018, available capacity is $500 million, reflecting $100 million of outstanding commercial paper, which is backed by the facility. Additionally, 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, 2018, the full $250 million was available under this facility.

Annual commitment fees for GATX's credit facilities were $2.0 million for 2018, $2.0 million for 2017, and $1.5 million for 2016.

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 2.3 for the period ended December 31, 2018, which is in excess of the minimum covenant ratio of 1.2. At December 31, 2018, 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, 2018, this limit was $1,444.5 million. Additionally, certain exceptions to the covenants permit us to incur an unlimited amount of purchase money and nonrecourse indebtedness. At December 31, 2018, we were in compliance with all covenants and conditions of the indentures.

At December 31, 2018, our European rail subsidiaries ("GATX Rail Europe" or "GRE") had one outstanding loan agreement, which is guaranteed by GATX Corporation.

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.