Debt and Other Financing Arrangements

3 Months Ended

Mar. 31, 2020

6. Debt and Other Financing Arrangements

The Company’s debt consists of the following:

	March 31,			December 31,
(dollars in millions)	2020			2019
Current portion of long-term debt:
Credit Agreement - Tranche B Term Loan due 2024	$	6.0		$	6.0
Other financing arrangements		2.2			2.0
Finance lease liabilities		13.6			14.3
Current portion of long-term debt		21.8			22.3
Long-term debt, less current portion:
Receivables Facility		164.6			131.5
Credit Agreement - Revolving Credit Facility		55.0			57.0
Credit Agreement - Tranche B Term Loan due 2024		585.0			586.5
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		1.9			3.2
Finance lease liabilities		56.0			59.5
		1,947.7			1,922.9
Net unamortized premium		1.3			1.3
Unamortized note issuance costs		(21.8	)		(22.9	)
Long-term debt, less current portion		1,927.2			1,901.3
Total debt	$	1,949.0		$	1,923.6

Credit Agreement

The Company had $55.0 million of outstanding borrowings on the Revolving Credit Facility, leaving $145.0 million available for borrowings as of March 31, 2020. The Credit Agreement expires in October 2022.

Accounts Receivable Securitization Facility

As of March 31, 2020, the Company had $164.6 million in borrowings and $12.4 million of letters of credit outstanding under the accounts receivable securitization facility ("Receivables Facility”), leaving $11.4 million remaining availability on the total borrowing capacity of $188.4 million. The maximum borrowing limit for loans and letters of credit under the Receivables Facility 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. The Receivables Facility is subject to renewal every 364 days and has a termination date in May 2021. The Company expects to complete the next renewal period in May 2020.

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 for CBF to sell, rather than borrow against, certain receivables on a non-recourse basis. As of March 31, 2020, the outstanding balance of certain accounts receivable sold was $14.6 million.