Debt

Debt and the average interest rates on debt outstanding were as follows:



In millions	Average interest rate as of March 31, 2018	Maturity Year	March 31, 2018			December 31, 2017
Commercial paper	2.340%	2019	$	257.8		$	34.0
Revolving credit facilities	3.430%	2019	222.1			28.4
Senior notes - fixed rate ⁽¹⁾	2.900%	2018	255.3			255.3
Senior notes - fixed rate ⁽¹⁾	2.650%	2019	250.0			250.0
Senior notes - fixed rate - Euro ⁽¹⁾	2.450%	2019	615.4			594.4
Senior notes - fixed rate ⁽¹⁾	3.625%	2020	74.0			74.0
Senior notes - fixed rate ⁽¹⁾	5.000%	2021	103.8			103.8
Senior notes - fixed rate ⁽¹⁾	3.150%	2022	88.3			88.3
Senior notes - fixed rate ⁽¹⁾	4.650%	2025	19.3			19.3
Senior notes - fixed rate - nVent ⁽²⁾	3.950%	2023	300.0			—
Senior notes - fixed rate - nVent ⁽²⁾	4.550%	2028	500.0			—
Other	8.545%	2018	0.2			—
Unamortized debt issuance costs and discounts	N/A	N/A	(12.9		)	(6.8		)
Total debt			2,673.3			1,440.7
Less: Current maturities and short-term borrowings			(0.2		)	—
Long-term debt			$	2,673.1		$	1,440.7

⁽¹⁾Senior notes are guaranteed as to payment by Pentair plc and PISG
⁽²⁾Senior notes are guaranteed as to payment by nVent plc, Pentair plc and PISG

Separation related debt

In March 2018, in anticipation of the Separation, nVent Finance S.à r.l. (“nVent Finance”), a subsidiary of Pentair that will become a subsidiary of nVent at the time of the completion of the Separation, issued $300.0 million aggregate principal amount of 3.950% senior notes due 2023 (the "2023 Notes") and $500.0 million aggregate principal amount of 4.550% senior notes due 2028 (the "2028 Notes" and, collectively with the 2023 Notes, the "nVent Notes").

The nVent Notes are fully and unconditionally guaranteed by nVent. In addition, the nVent Notes initially are fully and unconditionally guaranteed by Pentair and Pentair Investments Switzerland GmbH ("PISG"). Upon completion of the Separation, the guarantees of Pentair and PISG will be automatically and unconditionally terminated and released.

Additionally in March 2018, in anticipation of the Separation, nVent Finance entered into a credit agreement with a syndicate of banks providing for a five-year $200.0 million senior unsecured term loan facility (the "nVent Term Loan Facility") and a five-year $600.0 million senior unsecured revolving credit facility (the "nVent Revolving Credit Facility"). After the completion of the Separation, nVent Finance will have the option to request to increase the nVent Revolving Credit Facility in an aggregate amount of up to $300.0 million, subject to customary conditions, including the commitment of the participating lenders. As of March 31, 2018, there were no outstanding borrowings under the nVent Term Loan Facility or the nVent Revolving Credit Facility. We expect that nVent Finance will have $200.0 million of borrowings outstanding under the nVent Term Loan Facility and no borrowings under the nVent Revolving Credit Facility at the time of the Separation.

In connection with the Separation, nVent Finance will transfer to Pentair all cash in excess of $50.0 million of nVent and its subsidiaries, including cash from the net proceeds from the borrowings under the nVent Term Loan Facility and the issuance of the nVent Notes, as consideration for the contribution of the assets of the Electrical business to nVent Finance by Pentair. Pentair expects to use the proceeds of such cash transfer to repay certain outstanding debt of Pentair.

Other debt matters

Pentair, PISG, Pentair Finance S.à r.l. ("PFSA") and Pentair, Inc. are parties to an amended and restated credit agreement (the "Credit Facility"), with Pentair and PISG as guarantors and PFSA and Pentair, Inc. as borrowers. The Credit Facility has a maximum aggregate availability of $2,500.0 million and a maturity date of October 3, 2019. Borrowings under the Credit Facility generally bear interest at a variable rate equal to the London Interbank Offered Rate ("LIBOR") plus a specified margin based upon PFSA's credit ratings. PFSA must pay a facility fee ranging from 9.0 to 25.0 basis points per annum (based upon PFSA's credit ratings) on the amount of each lender's commitment and letter of credit fee for each letter of credit issued and outstanding under the Credit Facility.

PFSA is authorized to sell short-term commercial paper notes to the extent availability exists under the Credit Facility. PFSA uses the Credit Facility as back-up liquidity to support 100% of commercial paper outstanding. PFSA had $257.8 million of commercial paper outstanding as of March 31, 2018 and $34.0 million as of December 31, 2017, all of which was classified as long-term debt as we have the intent and the ability to refinance such obligations on a long-term basis under the Credit Facility.

Our debt agreements contain certain financial covenants, the most restrictive of which are in the Credit Facility (as updated for the Amendments), including that we may not permit (i) the ratio of our consolidated debt plus synthetic lease obligations to our consolidated net income (excluding, among other things, non-cash gains and losses) before interest, taxes, depreciation, amortization, non-cash share-based compensation expense, and up to a lifetime maximum $25.0 million of costs, fees and expenses incurred in connection with certain acquisitions, investments, dispositions and the issuance, repayment or refinancing of debt, ("EBITDA") for the four consecutive fiscal quarters then ended (the "Leverage Ratio") to exceed 3.50 to 1.00 as of the last day of any period of four consecutive fiscal quarters and (ii) the ratio of our EBITDA for the four consecutive fiscal quarters then ended to our consolidated interest expense, including consolidated yield or discount accrued as to outstanding securitization obligations (if any), for the same period to be less than 3.00 to 1.00 as of the end of each fiscal quarter. For purposes of the Leverage Ratio, the Credit Facility provides for the calculation of EBITDA giving pro forma effect to certain acquisitions, divestitures and liquidations during the period to which such calculation relates. As of March 31, 2018, we were in compliance with all financial covenants in our debt agreements.

Total availability under the Credit Facility was $2,220.1 million as of March 31, 2018, which was limited to $183.4 million by the maximum Leverage Ratio in the Credit Facility's credit agreement.

In addition to the Credit Facility, we have various other credit facilities with an aggregate availability of $31.2 million, of which there were $0.2 million outstanding borrowings at March 31, 2018. Borrowings under these credit facilities bear interest at variable rates.

We have $255.3 million of fixed rate senior notes maturing in September 2018. We classified this debt as long-term as of March 31, 2018 as we have the intent and ability to refinance such obligation on a long-term basis under the Credit Facility prior to maturity.

Debt outstanding, excluding unamortized issuance costs and discounts, at March 31, 2018 matures on a calendar year basis as follows:



	Q2-Q4
In millions	2018		2019		2020		2021		2022		2023		Thereafter		Total
Contractual debt obligation maturities	$	0.2	$	1,600.6	$	74.0	$	103.8	$	88.3	$	300.0	$	519.3	$	2,686.2