Debt (Tables)

3 Months Ended

Mar. 31, 2020

The table below summarizes the Company’s total outstanding borrowings as of the dates indicated (in thousands).


	March 31,		December 31,
Description:	2020		2019
2016 Credit Agreement - Term loan A facility (1)	$	1,225,125	$	1,252,969
2016 Credit Agreement - Revolving credit facility (1), (2)	175,000		148,000
Senior Notes (3)	800,000		800,000
Other (4)	6,422		6,545
Principal amount outstanding (5)	2,206,547		2,207,514
Less: deferred financing fees (6)	(22,271)		(23,908)
Net balance sheet carrying amount	$	2,184,276	$	2,183,606

(1)The contractual annualized interest rate as of March 31, 2020 on the Term loan A facility and the revolving credit facility was 2.49%, which consisted of a floating Eurodollar base rate of 0.99% plus a margin of 1.50%. However, the Company has interest rate swap contracts that effectively convert the floating Eurodollar base rates on outstanding amounts to a fixed base rate.

(2)The Company had approximately $1.0 billion of available borrowing capacity on the revolver (not including the expansion feature) as of March 31, 2020.

(3)Consists of $800.0 million principal amount of Senior Notes outstanding. The Senior Notes bear interest at a fixed rate of 5.125% and mature on April 1, 2025.

(4)Consists of two State of Connecticut economic development loans. One of the loans originated in 2012, has a 10-year maturity and the outstanding balance of $1.4 million as of March 31, 2020 bears interest at a fixed rate of 3.00%. The second loan has a 10-year maturity and bears interest at a fixed rate of 1.75%. Both of these loans may be repaid at any time by the Company without penalty.

(5)The weighted average annual effective rate on the Company's outstanding debt for the three months ended March 31, 2020, including the effects of its interest rate swaps discussed below, was 4.43%.

(6)Deferred financing fees are being amortized to Interest expense, net over the term of the related debt obligation.