LONG-TERM DEBT

6 Months Ended

Jun. 30, 2021


NOTE 5 – LONG-TERM DEBT

The Company’s long-term debt consisted of the following:


In millions
	June 30, 2021		December 31, 2020
$1.2 billion Senior Credit Facility, due in November 2022	$	210.4	$	173.3
$1.3 billion Term Loan, due in November 2022	318.3		422.5
$600 million Senior Notes, due in 2024	600.0		600.0
$500 million Senior Notes, due in 2029	500.0		500.0
Promissory notes and deferred consideration weighted average maturity 1.9 years at 2021 and 2.1 years at 2020	30.6		42.3
Foreign bank debt weighted average maturity 0.9 years at 2021 and 1.1 years at 2020	30.1		32.3
Obligations under finance leases	23.5		24.8
Total debt	1,712.9		1,795.2
Less: current portion of total debt	95.5		91.0
Less: unamortized debt issuance costs	12.9		15.1
Long-term portion of total debt	$	1,604.5	$	1,689.1

The estimated fair value of our debt approximated $1.75 billion and $1.86 billion as of June 30, 2021 and December 31, 2020, respectively. These fair value amounts were estimated using an income approach by applying market interest rates for comparable instruments and developed based on inputs classified as Level 2.

On February 25, 2020, the Company executed a Fifth Amendment, which amended the Credit Agreement.

As of June 30, 2021, the Company was in compliance with its Credit Agreement Defined Debt Leverage Ratio covenant, with an actual ratio of 3.06 to 1.00, which was below the allowed maximum ratio of 4.75 to 1.00 as set forth in the Fifth Amendment. The Credit Agreement Defined Debt Leverage Ratio is 4.75 to 1.00 for fiscal quarters ending on or before December 31, 2021 and 4.25 to 1.00 for fiscal quarters ending on or after March 31, 2022.

Amounts committed to outstanding letters of credit and the unused portion of the Company’s Senior Credit Facility were as follows:


In millions
	June 30, 2021		December 31, 2020
Outstanding letters of credit under Senior Credit Facility	$	97.5	$	79.5
Unused portion of the Senior Credit Facility	892.1		947.2