Long-Term Debt And Short-Term Borrowings

3 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Long-Term Debt And Short-Term Borrowings

3. Long-term Debt and Short-term Borrowings

Notes payable and long-term debt, listed in order of their security interests, consisted of the following as of March 31, 2016 and December 31, 2015:

(in millions of dollars)	March 31, 2016		December 31, 2015
U.S. Dollar Senior Secured Term Loan A, due April 2020 (floating interest rate of 2.13% at March 31, 2016 and 1.88% at December 31, 2015)	$	229.0	$	229.0
Senior Unsecured Notes, due April 2020 (fixed interest rate of 6.75%)	500.0		500.0
Total debt	729.0		729.0
Less:
Current portion	3.3		—
Debt issuance costs, unamortized	7.9		8.5
Long-term debt, net	$	717.8	$	720.5

As of March 31, 2016, there were no borrowings under the revolving credit facility. The amount available for borrowings was $291.8 million (allowing for $8.2 million of letters of credit outstanding on that date).

As more fully described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015, we must meet certain restrictive debt covenants under the senior secured credit facilities. The indenture governing the senior unsecured notes also contains certain covenants. As of and for the period ended March 31, 2016 and December 31, 2015, the Company was in compliance with all applicable loan covenants.