Long-term Debt and Short-term Borrowings (Tables)

12 Months Ended

Dec. 31, 2015

Notes payable and long-term debt, listed in order of their security interests, consisted of the following as of December 31, 2015 and 2014:



(in millions of dollars)	2015		2014
U.S. Dollar Senior Secured Term Loan A, due April 2020 (floating interest rate of 1.88% at December 31, 2015)	$	229.0	$	—
U.S. Dollar Senior Secured Term Loan A, due May 2018 (floating interest rate of 2.24% at December 31, 2014)	—		299.0
Senior Unsecured Notes, due April 2020 (fixed interest rate of 6.75%)	500.0		500.0
Other borrowings	—		1.6
Total debt	729.0		800.6
Less:
Current portion	—		1.6
Debt issuance costs, unamortized⁽¹⁾	8.5		11.3
Long-term debt, net	$	720.5	$	787.7

(1) The company has adopted ASU 2015-03 in the fourth quarter of 2015, see "Note 2. Significant Accounting Policies" for details.

Schedule of Credit Spread Based on Consolidated Leverage Ratio

The applicable rate applied to outstanding Eurodollar loans and Base Rate loans is based on the Company's Consolidated Leverage Ratio (as defined in the Restated Credit Agreement) as follows:



Consolidated Leverage Ratio	Eurodollar Credit Spread	Base Rate Credit Spread
> 4.00 to 1.00	2.50%	1.50%
≤ 4.00 to 1.00 and > 3.50 to 1.00	2.25%	1.25%
≤ 3.50 to 1.00 and > 3.00 to 1.00	2.00%	1.00%
≤ 3.00 to 1.00 and > 2.00 to 1.00	1.50%	0.50%
≤ 2.00 to 1.00	1.25%	0.25%

Schedule of Financial Covenant Ratio Levels

Under the Restated Credit Agreement, the Company is required to meet certain financial tests, including a maximum Consolidated Leverage Ratio as determined by reference to the following ratio:



Period		Maximum Consolidated Leverage Ratio⁽¹⁾
July 1, 2015 and thereafter		3.75:1.00


(1)	The Consolidated Leverage Ratio is computed by dividing the Company's net funded indebtedness by the cumulative four-quarter-trailing EBITDA, which excludes transaction costs, restructuring and other charges up to certain limits as well as other adjustments defined in the Restated Credit Agreement.