Debt



	September 30,		December 31,
(In millions)	2017		2016
Debt:
Short-term borrowings
Uncommitted credit facility	$	10.3	108.3
Unsecured term loan facility	85.0		—
Restricted cash borrowings^(a)	24.8		22.3
Other	23.9		32.2
Total short-term borrowings	$	144.0	162.8

Long-term debt
Bank credit facilities:
Revolving Facility	$	445.7	55.8
Private Placement Notes ^(b)	—		85.6
Term loan ^(c)	61.7		65.6
Multi-currency revolving facility	4.1		3.6
Other	9.7		2.8
Capital leases	84.8		67.0
Total long-term debt	$	606.0	280.4

Total debt	$	750.0	443.2

Included in:
Current liabilities	$	175.6	195.6
Noncurrent liabilities	574.4		247.6
Total debt	$	750.0	443.2


(a)	These amounts are for short-term borrowings related to cash borrowed under lending arrangements used in the process of managing customer cash supply chains, which is currently classified as restricted cash and not available for general corporate purposes. See Note 11 for more details.


(b)	Amounts outstanding are net of unamortized debt costs of $0.1 million as of December 31, 2016.


(c)	Amounts outstanding are net of unamortized debt costs of $0.1 million as of September 30, 2017 and $0.2 million as of December 31, 2016.

Short-Term Borrowings

Uncommitted Credit Facility

In February 2016, we entered into a $24 million uncommitted credit facility with an initial expiration date in February 2017. The facility was amended in February 2017, which extended the expiration date to February 2018. Interest on this facility is based on LIBOR plus a margin of 1.00%. As of September 30, 2017, $10 million was outstanding.

Unsecured Term Loan Facility

In August 2017, we entered into a 364-day senior unsecured delayed draw term loan facility in an aggregate principal amount of up to $100 million. Interest on this facility is based on LIBOR plus a margin which ranges from 1.000% to 1.875% depending on either our credit rating or leverage ratio as defined within this facility. The margin was 1.375% at September 30, 2017. As of September 30, 2017, $85 million was outstanding.

Long-Term Debt

Revolving Facility

As of September 30, 2017, we had a $525 million unsecured multi-currency revolving bank credit facility (the “Revolving Facility”) that matures in March 2020. The Revolving Facility’s interest rate is based on LIBOR plus a margin or an alternate base rate plus a margin. The Revolving Facility allows us to borrow funds or issue letters of credit (or otherwise satisfy credit needs) on a revolving basis over the term of the facility. As of September 30, 2017, $79 million was available under the Revolving Facility. Amounts outstanding under the Revolving Facility, as of September 30, 2017, were denominated primarily in U.S. dollars and to a lesser extent in euros.

The margin on LIBOR borrowings under the Revolving Facility, which can range from 1.0% to 1.70% depending on either our credit rating or leverage ratio as defined within the Revolving Facility, was 1.30% at September 30, 2017. The margin on alternate base rate borrowings under the Revolving Facility ranges from 0.0% to 0.70%. We also pay an annual facility fee on the Revolving Facility based on our credit rating or the leverage ratio. The facility fee can range from 0.125% to 0.30% and was 0.20% at September 30, 2017.

Private Placement Notes

In September 2017, we paid off our private placement notes for $86 million, which included $7 million in prepayment penalties.

Term Loan

We entered into a $75 million unsecured term loan in March 2015. Interest on this loan is based on LIBOR plus a margin of 1.75%. Monthly principal payments began April 2015 and continue through to maturity, with the remaining balance of $34 million due in March 2022. As of September 30, 2017, the principal amount outstanding was $62 million.

Multi-currency Revolving and Other Facilities

As of September 30, 2017, we had a $20 million unsecured multi-currency revolving bank credit facility, of which $11 million was available. As of September 30, 2017, we had funded debt of $4 million and undrawn letters of credit and guarantees of $5 million issued under the multi-currency revolving bank credit facility, which expires in March 2019. Interest on this facility is based on LIBOR plus a margin, which ranges from 1.0% to 1.7%. We also have the ability to borrow from other banks, at the banks' discretion, under short-term uncommitted agreements. Various foreign subsidiaries maintain other lines of credit and overdraft facilities with a number of banks.

Letter of Credit Facilities

We have a $40 million uncommitted letter of credit facility that expires in May 2018. As of September 30, 2017, $11 million was utilized. We have two unsecured letter of credit facilities totaling $94 million, of which approximately $39 million was available at September 30, 2017. At September 30, 2017, we had undrawn letters of credit and guarantees of $55 million issued under these letter of credit facilities. A $40 million facility expires in December 2018 and a $54 million facility expires in December 2019. The Revolving Facility and the multi-currency revolving credit facilities are also used for issuance of letters of credit and bank guarantees.

The Revolving Facility, the Notes, the unsecured multi-currency revolving bank credit facility, the uncommitted credit facilities, the letter of credit facilities and the unsecured term loan contain certain subsidiary guarantees and various financial and other covenants. The financial covenants, among other things, limit our total indebtedness, restrict certain payments to shareholders, limit priority debt, limit asset sales, limit the use of proceeds from asset sales, provide for a maximum leverage ratio and provide for minimum coverage of interest costs. These agreements do not provide for the acceleration of payments should our credit rating be reduced. If we were not to comply with the terms of our various financing agreements, the repayment terms could be accelerated and the commitments could be withdrawn. An acceleration of the repayment terms under one agreement could trigger the acceleration of the repayment terms under the other financing agreements. We were in compliance with all financial covenants at September 30, 2017.

In October 2017, we entered into a senior secured credit facility and issued senior notes. See Note 14 for details.