Debt and Other Financing Arrangements

The Company’s debt consists of the following:



	September 30,			December 31,
(dollars in millions)	2018			2017
Current portion of long-term debt:
Credit Agreement - Tranche B Term Loan due 2024	$	6.0		$	6.0
Capital lease obligations and other debt	12.3			12.4
Current portion of long-term debt	18.3			18.4
Long-term debt, less current portion:
Receivable Facility	144.2			—
Credit Agreement - Tranche B Term Loan due 2024	594.0			594.0
Credit Agreement - Revolving Credit Facility	50.0			—
7 1/4% Senior Notes due 2023	22.3			22.3
7% Senior Notes due 2024	625.0			625.0
8% Senior Notes due 2025	350.0			350.0
Cincinnati Bell Telephone Notes	87.9			87.9
Capital lease obligations and other debt	62.5			70.5
	1,935.9			1,749.7
Net unamortized premium	1.7			1.9
Unamortized note issuance costs	(28.2		)	(22.3		)
Long-term debt, less current portion	1,909.4			1,729.3
Total debt	$	1,927.7		$	1,747.7

Credit Agreement

The Company had $50.0 million of outstanding borrowings on the Credit Agreement's revolving credit facility, leaving $150.0 million available for borrowings as of September 30, 2018. This revolving credit facility expires in October 2022.

In April 2018, the Company amended its Credit Agreement dated as of October 2, 2017 to reduce the applicable margin on the Tranche B Term Loan due 2024 and revolving credit facility with respect to LIBOR borrowings from the previous 3.75% per annum to 3.25% per annum and, with respect to adjusted base rate borrowings, from the previous 2.75% per annum to 2.25% per annum. The letter of credit fees were reduced from the previous 3.75% per annum to 3.25% per annum. As a result of amending the Credit Agreement, a loss on extinguishment of debt is recorded in the second quarter of $1.3 million.

Accounts Receivable Securitization Facility

As of September 30, 2018, the Company had $144.2 million in borrowings and $7.1 million of letters of credit outstanding under the accounts receivable securitization facility ("Receivables Facility"), leaving $6.3 million remaining availability from the total borrowing capacity of $157.6 million. In the second quarter of 2018, the Company executed an amendment of its Receivables Facility, which replaced, amended and added certain provisions and definitions to increase the credit availability and renew the facility, which is subject to renewal every 364 days, until May 2019. The amended Receivables Facility extends the termination date to May 2021 and includes an option to sell certain receivables on a non-recourse basis. As of September 30, 2018, the Company has not exercised its option to sell such accounts receivable. In the event the Receivables Facility is not renewed, the Company has the ability to refinance any outstanding borrowings with borrowings under the Credit Agreement. Under the terms of the Receivables Facility, the Company could obtain up to $250.0 million depending on the quantity and quality of accounts receivable. Under this agreement, certain U.S. and Canadian subsidiaries, as originators, sell their respective trade receivables on a continuous basis to Cincinnati Bell Funding LLC (“CBF”) or Cincinnati Bell Funding Canada Ltd. ("CBFC"). Although CBF and CBFC are wholly-owned consolidated subsidiaries of the Company, CBF and CBFC are legally separate from the Company and each of the Company’s other subsidiaries. Upon and after the sale or contribution of the accounts receivable to CBF or CBFC, such accounts receivable are legally assets of CBF and CBFC and, as such, are not available to creditors of other subsidiaries or the parent company.

Other Financing Arrangements

The IT Services and Hardware segment entered into a lease in June 2018 for a building to use in its data center operations. Structural improvements were made to these leased facilities in excess of normal tenant improvements and, as such, we are deemed the accounting owner of these facilities. As of September 30, 2018, the liability related to these financing arrangements was $5.2 million, which was recognized within "Other noncurrent liabilities" in the Condensed Consolidated Balance Sheets.