Long-Term Debt and Commitments

3 Months Ended

Mar. 29, 2015

Long-Term Debt and Commitments [Abstract]

Long-Term Debt and Commitments

Note 8.  Long-Term Debt and Commitments

The following is a summary of long-term debt:

	Mar. 29, 2015		Dec. 31, 2014
	(millions of dollars)
Term Loan Facilitydue May 9, 2021, net of unamortized discount of $13.6 and $14.2, respectively	$	1,414.6	$	1,454.0
China Loan Facilities		4.2		1.8
Total	$	1,418.8	$	1,455.8
Less: Current maturities		0.4		0.3
Long-term debt	$	1,418.4	$	1,455.5

On May 9, 2014, in connection with the acquisition of AMCOL, the Company entered into a credit agreement providing for the $1,560 million Term Facility and a $200 million senior secured revolving credit facility (the “Revolving Facility” and, together with the Term Facility, the “Facilities”).  During the first quarter of 2015, the Company repaid $40 million in principal on the Term Facility.  As of March 29, 2015, the Revolving Facility was unused.

During 2014, the Company entered into three committed loan facilities for the funding of new manufacturing facilities in China. The loan facilities are for a combined 73.8 million RMB and $1.8 million with an availability period until June 20, 2015. The Company has borrowed $4.2 million on these facilities as of March 29, 2015.  Principal will be repaid in accordance with the payment schedules beginning in 2015 and ending in 2018.

As of March 29, 2015, the Company had $39.1 million in uncommitted short-term bank credit lines, of which approximately $6.0 million was in use.