Credit Facilities

The principal amounts of the Company’s borrowings subject to variable rates totaled approximately $1,690,000,000 and $325,000,000 at December 31, 2017 and 2016, respectively. The weighted average interest rate on the Company’s outstanding borrowings was approximately 2.70% and 2.39% at December 31, 2017 and 2016, respectively.

On October 30, 2017, the Company entered into a multi-currency Syndicated Facility Agreement (the "Syndicated Facility") with a consortium of financial institutions. The Syndicated Facility amended the $1,200,000,000 unsecured Revolving Credit Facility dated September 11, 2012 that was scheduled to mature in September 2022. The Syndicated Facility is for $2,600,000,000 and expires October 30, 2022. The Syndicated Facility includes a $1,500,000,000 multi-currency revolving credit facility and a $1,100,000,000 Term Loan A, which requires quarterly principal payments. The Syndicated Facility interest rate is based on LIBOR plus a margin based on the Company's debt to earnings before interest, tax, depreciation and amortization (EBITDA) ratio (2.69% at December 31, 2017). The Syndicated Facility contains an uncommitted option to increase the borrowing capacity up to an additional $1,000,000,000, as well as an option to decrease the borrowing capacity or terminate the Syndicated Facility with appropriate notice. At December 31, 2017, the amounts outstanding under the Revolving Credit Facility and Term Loan A were $590,000,000 and $1,100,000,000, respectively.

In addition to the Syndicated Facility, the Company entered into five Senior Fixed Rate Notes with a number of investors. The Notes vary in maturity with €225,000,000 maturing on October 30, 2024, €250,000,000 maturing on October 30, 2027, $120,000,000 maturing on October 30, 2027, €125,000,000 maturing on October 30, 2029 and €100,000,000 maturing on October 30, 2032.

Effective December 31, 2017, the Company amended the existing private placement debt of $550,000,000 to align with the debt covenant arrangements held in all newly issued debt that was funded in October 2017. As a result of updating all debt to the same covenant (debt to EBITDA), the Company increased the fixed rate interest by .25% with the three debt holders.

Certain borrowings require the Company to comply with a financial covenant with respect to a maximum debt to EBITDA ratio. At December 31, 2017, the Company was in compliance with all such covenants. Due to the workers’ compensation and insurance reserve requirements in certain states, the Company also had unused letters of credit of approximately $62,019,000 and $64,930,000 outstanding at December 31, 2017 and 2016, respectively.

Amounts outstanding under the Company’s credit facilities, net of debt issuance cost, consist of the following:



	December 31
	2017			2016
	(In Thousands)
Unsecured Revolving Credit Facility, $1,500,000,000, LIBOR plus 1.375% variable	$	590,000		$	325,000
Unsecured Term Loan A, $1,100,000,000, LIBOR plus 1.375% variable	1,100,000			—
Unsecured term notes:
July 29, 2016, Series G Senior Unsecured Notes, $50,000,000, 2.64% fixed, due July 29, 2021	50,000			50,000
December 2, 2013, Series F Senior Unsecured Notes, $250,000,000, 3.24% fixed, due December 2, 2023	250,000			250,000
October 30, 2017, Series J Senior Unsecured Notes, €225,000,000, 1.40% fixed, due October 30, 2024	269,955			—
November 30, 2016, Series H Senior Unsecured Notes, $250,000,000, 3.24% fixed, due November 30, 2026	250,000			250,000
October 30, 2017, Series K Senior Unsecured Notes, €250,000,000, 1.81% fixed, due October 30, 2027	299,950			—
October 30, 2017, Series I Senior Unsecured Notes, $120,000,000, 3.70% fixed, due October 30, 2027	120,000			—
October 30, 2017, Series L Senior Unsecured Notes, €125,000,000, 2.02% fixed, due October 30, 2029	149,975			—
October 30, 2017, Series M Senior Unsecured Notes, €100,000,000, 2.32% fixed, due October 30, 2032	119,980			—
Acquired debt includes German Unsecured Revolving Credit Facility, 2.85%, due June 30, 2019	49,990			—
Total unsecured debt	3,249,850			875,000
Unamortized debt issuance costs	(4,841		)	—
Total debt	3,245,009			875,000
Less debt due within one year	694,989			325,000
Long-term debt, excluding current portion	$	2,550,020		$	550,000

Approximate maturities under the Company’s credit facilities, net of debt issuance costs, are as follows (in thousands):



2018, net of debt issuance costs of $633	$	694,356
2019	81,867
2020	109,366
2021	186,866
2022	714,366
Thereafter	1,458,188
	$	3,245,009