Long-Term Debt And Short-Term Borrowings

3 Months Ended

Mar. 31, 2018

Long-Term Debt And Short-Term Borrowings

4. Long-term Debt and Short-term Borrowings

Notes payable and long-term debt, listed in order of the priority of security interests in assets of the Company, consisted of the following as of March 31, 2018 and December 31, 2017:



(in millions of dollars)	March 31, 2018		December 31, 2017
Euro Senior Secured Term Loan A, due January 2022 (floating interest rate of 1.50% at March 31, 2018 and 1.50% at December 31, 2017)	$	350.6	$	345.0
Australian Dollar Senior Secured Term Loan A, due January 2022 (floating interest rate of 3.44% at March 31, 2018 and 3.29% at December 31, 2017)	58.3		60.0
U.S. Dollar Senior Secured Revolving Credit Facility, due January 2022 (floating interest rate of 3.57% at March 31, 2018 and 3.53% at December 31, 2017)	56.5		48.9
Australian Dollar Senior Secured Revolving Credit Facility, due January 2022 (floating interest rate of 3.40% at March 31, 2018 and 3.28% at December 31, 2017)	91.4		85.0
Senior Unsecured Notes, due December 2024 (fixed interest rate of 5.25%)	400.0		400.0
Other borrowings	1.2		0.6
Total debt	958.0		939.5
Less:
Current portion	42.8		43.2
Debt issuance costs, unamortized	6.8		7.1
Long-term debt, net	$	908.4	$	889.2

In connection with the Esselte Acquisition, the Company entered into a Third Amended and Restated Credit Agreement (the "2017 Credit Agreement"), dated as of January 27, 2017, among the Company, certain subsidiaries of the Company, Bank of America, N.A., as administrative agent, and the other agents and various lenders party thereto. The 2017 Credit Agreement provides for a five-year senior secured credit facility, which consists of a €300.0 million (US$320.8 million based on January 27, 2017 exchange rates) term loan facility, a A$80.0 million (US$60.4 million based on January 27, 2017 exchange rates) term loan facility, and a US$400.0 million multi-currency revolving credit facility (the "2017 Revolving Facility").

As of March 31, 2018, there were $147.9 million in borrowings outstanding under the 2017 Revolving Facility. The remaining amount available for borrowings was $239.5 million (allowing for $12.6 million of letters of credit outstanding on that date).

As more fully described in the Company's 2017 Annual Report on Form 10-K, we must meet certain restrictive debt covenants under the senior secured credit facilities. The indenture governing our outstanding senior unsecured notes also contains certain covenants. As of and for the periods ended March 31, 2018 and December 31, 2017, the Company was in compliance with all applicable loan covenants.