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DEBT (Tables)
 12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Schedule of Components of Long-Term Debt
As of December 31, 2019 and December 31, 2018, the Company's debt balances consisted of the following:
December 31,December 31,
20192018
2019 Term Loan Facility due 2023, net of discounts and debt issuance costs (see (a) below)$187.1  $—  
2018 Foreign Asset-Based Term Facility due 2021, net of discounts and debt issuance costs (see (e) below)82.3  82.7  
Amended 2016 Revolving Credit Facility due 2021, net of debt issuance costs (see (c) and (d) below)269.9  330.0  
2016 Term Loan Facility: 2016 Term Loan due 2023, net of discounts and debt issuance costs (see (f) below)1,713.6  1,724.6  
5.75% Senior Notes due 2021, net of debt issuance costs (see (g) below) 498.1  496.6  
6.25% Senior Notes due 2024, net of debt issuance costs (see (h) below)
442.8  441.4  
Spanish Government Loan due 20250.4  0.5  
Debt$3,194.2  $3,075.8  
Less current portion(*)
(288.0) (348.1) 
Long-term debt$2,906.2  $2,727.7  
Short-term borrowings(**)
$2.2  $9.3  
(*) At December 31, 2019, the Company classified $288.0 million as its current portion of long-term debt, comprised primarily of $269.9 million of net borrowings under the Amended 2016 Revolving Credit Facility, net of debt issuance costs, and $18.0 million of amortization payments on the 2016 Term Loan Facility scheduled to be paid over the next four calendar quarters. At December 31, 2018, the Company classified $348.1 million as its current portion of long-term debt, comprised primarily of $330.0 million of net borrowings under the Amended 2016 Revolving Credit Facility, net of debt issuance costs, and $18.0 million of amortization payments on the 2016 Term Loan Facility.
(**) The weighted average interest rate on these short-term borrowings outstanding at December 31, 2019 and 2018 was 8.3% and 6.2%, respectively.
Schedule of Debt Instrument Redemption Products Corporation may redeem the 6.25% Senior Notes at its option, at any time as a whole, or from time to time in part, at the following redemption prices (expressed as percentages of principal amount), plus accrued interest to (but not including) the date of redemption, if redeemed during the 12-month period beginning on August 1 of the years indicated below:
PeriodOptimal Redemption Premium Percentage
2020103.125%  
2021101.563%  
2022 and thereafter100.000%  
Schedule of Line of Credit Facilities At December 31, 2019, the aggregate principal amounts outstanding and availability under Products Corporation’s various revolving credit facilities were as follows:
CommitmentBorrowing BaseAggregate principal amount outstanding at December 31, 2019
Availability at December 31, 2019 (a)
Tranche A of the Amended 2016 Revolving Credit Facility$400.0  $400.0  $230.9  $157.7  
Tranche B of the Amended 2016 Revolving Credit Facility41.5  41.5  41.5  —  
Total Tranche A & B of the Amended 2016 Revolving Credit Facility(a)
$441.5  $441.5  $272.4  $157.7  
Amended 2019 Senior Line of Credit Facility$30.0  N/A  $—  $30.0  
(a) Availability as of December 31, 2019 is based upon the borrowing base then in effect under the Amended 2016 Revolving Credit Facility of $441.5 million, less $11.4 million of outstanding undrawn letters of credit and $272.4 million then drawn. As Products Corporation’s consolidated fixed charge coverage ratio was greater than 1.0 to 1.0 as of December 31, 2019, all of the $157.7 million of availability under the Amended 2016 Revolving Credit Facility was available as of such date.
Schedule of Maturities of Long-term Debt
The aggregate amounts of contractual long-term debt maturities at December 31, 2019 in the years 2020 through 2024 and thereafter are as follows:
Years Ended December 31,Long-Term Debt Maturities
2020$290.5  
(a)
2021604.4  
(b)
202218.1  
(c)
20231,887.6  
(d)
2024450.0  
(e)
Thereafter—  
Total long-term debt3,250.6  
Discounts and deferred finance charges(56.4) 
Total long-term debt, net of discounts and deferred finance charges$3,194.2  

(a) Amount consists primarily of: (i) $41.5 million in aggregate principal amount of borrowings under Tranche B of the Amended 2016 Revolving Credit Facility outstanding as of December 31, 2019, which is scheduled to mature in April 2020; (ii) $230.9 million in aggregate principal amount of borrowings under Tranche A of the Amended 2016 Revolving Credit Facility outstanding as of December 31, 2019, which is scheduled to mature on the earlier of: (x) September 7, 2021; and (y) the 91st day prior to the maturity of Products Corporation’s 5.75% Senior Notes due February 15, 2021 if, on that date (and solely for so long as), (i) any of Products Corporation’s 5.75% Senior Notes remain outstanding and (ii) Products Corporation’s available liquidity does not exceed the aggregate principal amount of its then outstanding 5.75% Senior Notes by at least $200 million; and (iii) the quarterly amortization payments payable in 2020 under the 2016 Term Loan Facility.
(b) Amount consists primarily of: (i) the U.S. dollar equivalent of the €77 million in aggregate principal amount under the 2018 Foreign Asset-Based Term Facility outstanding as of December 31, 2019, which is scheduled to mature in July 2021; (ii) the $500 million in aggregate principal amount under the 5.75% Senior Notes, which are scheduled to mature in February 2021; and (iii) $18.0 million of the quarterly amortization payments described in (a)(iii) above payable in 2021.
(c) Amount consists of the $18.0 million quarterly amortization payments described in (a)(iii) above payable in 2022.
(d) Amount consists primarily of: (i) the $9.0 million of quarterly amortization payments due under the 2016 Term Loan Facility during 2023; (ii) the $1,678.5 million remaining aggregate principal amount outstanding at December 31, 2019, net of the amortization payments made in 2020 through 2023, under the 2016 Term Loan Facility, which is scheduled to mature in September 2023 (subject to a springing maturity in November 2020, as described above in this Note 9); and (iii) the $200 million aggregate principal amount outstanding at December 31, 2019 under the 2019 Term Loan Facility, which is scheduled to mature in August 2023 (subject to a springing maturity in November 2020, as described above in this Note 9).
(e) Amount consists of the $450 million aggregate principal amount outstanding at December 31, 2019 under the 6.25% Senior Notes, which are scheduled to mature in August 2024.