Debt and Other Financing Arrangements

The Company’s debt consists of the following:



	March 31,			December 31,
(dollars in millions)	2019			2018
Current portion of long-term debt:
Credit Agreement - Tranche B Term Loan due 2024	$	6.0		$	6.0
Other financing arrangements	1.1			0.8
Capital lease obligations	15.3			13.4
Current portion of long-term debt	22.4			20.2
Long-term debt, less current portion:
Receivables Facility	175.8			176.6
Credit Agreement - Revolving Credit Facility	15.0			18.0
Credit Agreement - Tranche B Term Loan due 2024	591.0			592.5
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
Various Cincinnati Bell Telephone notes	87.9			87.9
Other financing arrangements	2.0			2.3
Capital lease obligations	65.4			60.5
	1,934.4			1,935.1
Net unamortized premium	1.6			1.7
Unamortized note issuance costs	(26.1		)	(27.2		)
Long-term debt, less current portion	1,909.9			1,909.6
Total debt	$	1,932.3		$	1,929.8

Credit Agreement

The Company had $15.0 million of outstanding borrowings on the Credit Agreement's revolving credit facility, leaving $185.0 million available for borrowings as of March 31, 2019. This revolving credit facility expires in October 2022.

Accounts Receivable Securitization Facility

Under the terms of the accounts receivable securitization facility ("Receivables Facility"), the maximum borrowing limit for loans and letters of credit is $225.0 million in the aggregate. The available borrowing capacity is calculated monthly based on the quantity and quality of outstanding accounts receivable, and thus may be lower than the maximum borrowing limit. As of March 31, 2019, the available borrowing capacity was $187.1 million. Of the total borrowing capacity of $187.1 million at March 31, 2019, there were $175.8 million of outstanding borrowings and $9.9 million of outstanding letters of credit, leaving $1.4 million remaining availability from the total borrowing capacity. The Receivables Facility is subject to renewal every 364 days and has a termination date to May 2021. The Company expects to complete the next renewal period in May 2019.

Under the 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"), wholly-owned consolidated subsidiaries of the Company. 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. The Receivables Facility includes an option to sell certain receivables on a non-recourse basis. As of March 31, 2019, the Company sold approximately $16.3 million of certain accounts receivables.

Other Installment Financing Arrangements

The Company has other installment financing arrangements that are recorded in "Other current liabilities" and "Other noncurrent liabilities" in the Condensed Consolidated Balance Sheets.

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 the leased facility in excess of normal tenant improvements and, as such, we are deemed the accounting owner of this facility. As of March 31, 2019 and December 31, 2018, the liability related to this financing arrangement was $4.5 million, which was recognized within "Other noncurrent liabilities" in the Condensed Consolidated Balance Sheets.

Prior to the acquisition of Hawaiian Telcom in July 2018, Hawaiian Telcom had an open dispute related to jointly-owned utility poles. In October 2018, the Company entered into the Pole License Agreement that provided for the transfer of the Company's ownership responsibility of the utility poles to Hawaiian Electric Company (HEC) and for the Company to pay a fixed annual fee to HEC for continued use of the poles. Due to the continuing involvement by the Company, this transaction did not meet the requirements to be accounted for as a sale-leaseback, and therefore it has been treated as a financing obligation. As of March 31, 2019, the Company has a liability recorded of $39.8 million, of which $1.0 million is recognized within "Other current liabilities" and $38.8 million is recognized within "Other noncurrent liabilities" in the Condensed Consolidated Balance Sheets. As of December 31, 2018, the Company has a liability recorded of $40.1 million, of which $1.0 million is recognized within "Other current liabilities" and $39.1 million is recognized within "Other noncurrent liabilities" in the Condensed Consolidated Balance Sheets.