Long-term Debt

6 Months Ended

Jun. 30, 2017

Long-term debt is summarized as follows:



(in millions)	June 30, 2017			December 31, 2016			Fair Value ⁽¹⁾
(in millions)	June 30, 2017			December 31, 2016			June 30, 2017		December 31, 2016
3.75% notes due 2022	$	350.0		$	350.0		$	360.0	$	347.2
5.125% notes due 2020	250.0			250.0			268.6		263.1
Revolving credit facility	110.0			—			110.0		—
Unamortized discount, debt issuance costs, and other	(3.3		)	(3.6		)
Total long term-debt	$	706.7		$	596.4

⁽¹⁾The fair value is estimated based on current yield rates plus the Company’s estimated credit spread available for financings with similar terms and maturities. Based on these inputs, the debt instruments are classified as Level 2 in the fair value hierarchy.

Revolving Credit Facility (the "Facility")

On February 21, 2017, the Company entered into a second amendment (the "Amendment") to the Company's Third Amended and Restated Credit Agreement (the “Credit Agreement”) administered by JPMorgan Chase Bank, N.A. Among other things, the Amendment increased the lenders' aggregate revolving commitment from $600.0 million to $1.0 billion and extended the maturity date of the Facility from December 12, 2018 to February 21, 2022. During the first quarter of 2017, the Company incurred $1.4 million of debt issuance costs to finalize the amendment, which will be recognized ratably over the extended maturity date of the Facility. The Facility has a feature that allows the Company to increase availability, at our option, by an aggregate amount of up to $500.0 million through increased commitments from existing lenders or the addition of new lenders. Under the Facility, the Company may also enter into commitments in the form of standby, commercial, or direct pay letters of credit for an amount not to exceed $50.0 million. The Facility provides for variable interest pricing based on the credit rating of the senior unsecured bank debt or other unsecured senior debt. The Facility is also subject to fees based on applicable rates as defined in the agreement and the aggregate commitment, regardless of usage.

During the six months ended June 30, 2017, there were borrowings under the Facility of $263.0 million with a weighted average interest rate 2.91%. At June 30, 2017, the Facility had an outstanding balance of $110.0 million with an effective interest rate of 2.32% and $890.0 million of availability. During the year ended and as of December 31, 2016 there were no borrowings under the Facility.

Covenants and Limitations

Under the Company’s debt and credit facilities, the Company is required to meet various restrictive covenants and limitations, including limitations on certain leverage ratios, interest coverage, and limits on outstanding debt balances held by certain subsidiaries. The Company was in compliance with all covenants and limitations as of June 30, 2017 and December 31, 2016.