Debt

12 Months Ended

Dec. 31, 2020

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


	December 31
	2020			2019
Balance	$	23.6		$	15.8
Weighted-average interest rate	0.85		%	0.65		%

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		2020		2019
Recourse Fixed Rate Debt
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 (1)	12/15/20	12/31/22	0.70	%	122.1		—
Unsecured	03/19/13	03/30/23	3.90	%	250.0		250.0
Unsecured	11/05/18	02/15/24	4.35	%	300.0		300.0
Unsecured (1)(2)	12/22/16	05/23/24	0.85	%	128.3		—
Unsecured (1)	11/05/19	11/05/24	0.96	%	122.2		112.1
Unsecured (1)	03/20/20	03/20/25	1.00	%	122.2		—
Unsecured	02/06/15	03/30/25	3.25	%	300.0		300.0
Unsecured (1)	08/03/20	08/03/25	1.13	%	122.1		—
Unsecured	09/13/16	09/15/26	3.25	%	350.0		350.0
Unsecured (1)	11/04/19	11/04/26	1.07	%	91.6		84.1
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		300.0
Unsecured	01/31/19	04/01/29	4.70	%	500.0		500.0
Unsecured	05/12/20	06/30/30	4.00	%	500.0		—
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	10/31/14	03/30/20	2.60	%	—		250.0
Unsecured	02/06/15	03/30/20	2.60	%	—		100.0
Total recourse fixed rate debt					$	5,058.5	$	4,396.2

Recourse Floating Rate Debt
Unsecured	11/06/17	11/05/21	2.61	%	$	300.0	$	300.0
Unsecured (2)	12/22/16	05/23/24	0.90	%	—		117.7
Total recourse floating rate debt					$	300.0	$	417.7




Total debt principal					$	5,358.5	$	4,813.9
Unamortized debt discount and debt issuance costs					(35.1)		(34.9)
Debt adjustment for fair value hedges					5.6		1.4
Total Debt					$	5,329.0	$	4,780.4

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(1) Denominated in euros, but presented in U.S. dollars in this table.

(2) This term loan was originally issued on December 22, 2016, with a maturity date of December 20, 2021. During 2019, GATX increased the size of the term loan and extended the maturity date to May 23, 2024. On November 23, 2020, this term loan was repriced from floating rate to fixed rate.

The following table shows the scheduled principal payments of our debt obligations as of December 31, 2020 (in millions):


2021	$	600.0
2022	372.2
2023	250.0
2024	550.4
2025	544.3
Thereafter	3,041.6
Total debt principal	$	5,358.5

Credit Lines and Facilities

We have a $600 million, 5-year unsecured revolving credit facility in the U.S., expiring in May 2024. The credit facility contains two 1-year extension options. As of December 31, 2020, the full $600 million was available under this facility. Additionally, we have a $250 million 3-year unsecured revolving credit facility in the U.S. In 2020, we extended the maturity of this facility by one year from May 2022 to May 2023. This facility also has two 1-year extension options. As of December 31, 2020, the full $250 million was available under this facility.

In addition, our European subsidiaries have unsecured credit facilities with an aggregate limit of €35.0 million. As of December 31, 2020, €7.3 million was available under these credit facilities.

Annual commitment fees for GATX's credit facilities were $1.2 million for 2020, $1.6 million for 2019, and $2.0 million for 2018.

Delayed Draw Term Loan

On December 14, 2020, we executed a delayed draw term loan agreement (“Term Loan”) which provides for a 3-year term loan in the aggregate principal amount of up to $500 million. Advances may be made from December 14, 2020 through April 17, 2021 pursuant to the terms of the agreement and may not be re-borrowed. The amounts borrowed under the Term Loan agreement are required to be repaid no later than December 14, 2023. As of December 31, 2020 the Term Loan had not been drawn.

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 2.1 for the period ended December 31, 2020, which is in excess of the minimum covenant ratio of 1.2. At December 31, 2020, 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, 2020, this limit was $1,717.9 million. Additionally, certain exceptions to the covenants permit us to incur an unlimited amount of purchase money and nonrecourse indebtedness. At December 31, 2020, we were in compliance with all covenants and conditions of the indentures.

At December 31, 2020, our European rail subsidiaries ("GATX Rail Europe" or "GRE") had outstanding term loan and private placement debt balances totaling €580.0 million. The loans are guaranteed by GATX Corporation and are subject to similar restrictive covenants as the revolving credit facility noted above.

We do not anticipate any covenant violations nor do we expect that any of these covenants will restrict our operations or our ability to obtain additional financing. At December 31, 2020, we were in compliance with all covenants and conditions of all of our credit agreements.

Shelf Registration Statement

During 2019, 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.