DEBT

Short-term borrowings and the current portion of long-term debt at March 31, 2017 and December 31, 2016 consisted of the following:



	March 31, 2017			December 31, 2016
Zero-coupon convertible subordinated notes	$	11.8		$	42.4
2.20% senior notes due 2017	500.0			500.0
Debt issuance costs	(1.1		)	(1.3		)
Current portion of capital leases	7.4			8.4
Current portion of note payable	1.1			—
Total short-term borrowings and current portion of long-term debt	$	519.2		$	549.5

Long-term debt at March 31, 2017 and December 31, 2016 consisted of the following:



	March 31, 2017			December 31, 2016
2.50% senior notes due 2018	$	400.0		$	400.0
4.625% senior notes due 2020	618.5			614.6
2.625% senior notes due 2020	500.0			500.0
3.75% senior notes due 2022	500.0			500.0
3.20% senior notes due 2022	500.0			500.0
4.00% senior notes due 2023	300.0			300.0
3.60% senior notes due 2025	1,000.0			1,000.0
4.70% senior notes due 2045	900.0			900.0
Revolving credit facility	96.0			—
Term loan	565.0			565.0
Debt issuance costs	(41.2		)	(43.0		)
Capital leases	55.4			56.2
Note payable	8.2			7.2
Total long-term debt	$	5,401.9		$	5,300.0

Senior Notes

On September 30, 2016, the Company announced the successful completion of the consent solicitations for the 5.00% convertible senior notes due 2017 and 2018, totaling $130.0, assumed as part of the 2016 acquisition of Sequenom. On October 20, 2016, the Company retired $129.9 of these outstanding notes, and paid an additional $5.6 relating to the early retirement of the subsidiary indebtedness (recorded as interest expense in the Condensed Consolidated Statement of Operations).

During the third quarter of 2013, the Company entered into two fixed-to-variable interest rate swap agreements for its 4.625% senior notes due 2020 with an aggregate notional amount of $600.0 and variable interest rates based on one-month LIBOR plus 2.298% to hedge against changes in the fair value of a portion of the Company's long-term debt. These derivative financial instruments are accounted for as fair value hedges of the senior notes due 2020. These interest rate swaps are included in other long-term assets and added to the value of the senior notes, with an aggregate fair value of $18.5 at March 31, 2017 and $14.6 at December 31, 2016.

Zero-Coupon Subordinated Notes

On March 13, 2017, the Company announced that for the period from March 12, 2017 to September 11, 2017, the zero-coupon subordinated notes will accrue contingent cash interest at a rate of no less than 0.125% of the average market price of a zero-coupon subordinated note for the five trading days ended March 8, 2017, in addition to the continued accrual of the original issue discount.

During the three months ended March 31, 2017, the Company settled notices to convert $20.0 aggregate principal amount at maturity of its zero-coupon subordinated notes with a conversion value of $62.1. The total cash used for these settlements was $30.8 and the Company also issued 0.2 shares of common stock. As a result of these conversions, the Company also reversed deferred tax liabilities of $12.8.

On April 3, 2017, the Company announced that its zero-coupon subordinated notes may be converted into cash and common stock at the conversion rate of 13.4108 per $1,000.0 principal amount at maturity of the notes, subject to the terms of the zero-coupon subordinated notes and the indenture, dated as of October 24, 2006 between the Company and The Bank of New York Mellon, as trustee and the conversion agent. In order to exercise the option to convert all or a portion of the zero-coupon subordinated notes, holders are required to validly surrender their zero-coupon subordinated notes at any time during the calendar quarter beginning April 1, 2017 through the close of business on the last business day of the calendar quarter, which is 5:00 p.m., New York City time, on Friday, June 30, 2017. If notices of conversion are received, the Company plans to settle the cash portion of the conversion obligation with cash on hand and/or borrowings under the revolving credit facility.

Credit Facilities

As part of its financing of the Acquisition, the Company entered into a $1,000.0 term loan in December 2014. The term loan credit facility will mature five years after the closing date of the Acquisition and may be prepaid without penalty. The term loan balance at March 31, 2017 and December 31, 2016 was $565.0.

On December 19, 2014, the Company entered into an amendment and restatement of its existing senior revolving credit facility, which was originally entered into on December 21, 2011. The senior revolving credit facility consists of a five-year revolving facility in the principal amount of up to $1,000.0, with the option of increasing the facility by up to an additional $250.0, subject to the agreement of one or more new or existing lenders to provide such additional amounts and certain other customary conditions. The revolving credit facility also provides for a subfacility of up to $100.0 for swing line borrowings and a subfacility of up to $125.0 for issuances of letters of credit. The revolving credit facility is permitted to be used for general corporate purposes, including working capital, capital expenditures, funding of share repurchases and certain other payments, and acquisitions and other investments. The outstanding balance on the Company's revolving credit facility was $96.0 and $0.0 at March 31, 2017 and December 31, 2016, respectively.

Under the term loan facility and the revolving credit facility, the Company is subject to negative covenants limiting subsidiary indebtedness and certain other covenants typical for investment grade-rated borrowers, and the Company is required to maintain certain leverage ratios that decline over time. The Company was in compliance with all covenants in the term loan facility and the revolving credit facility at March 31, 2017. As of March 31, 2017, the ratio of total debt to consolidated trailing 12 month EBITDA was 3.1 to 1.0.

The term loan credit facility accrues interest at a per annum rate equal to, at the Company’s election, either a LIBOR rate plus a margin ranging from 1.125% to 2.00%, or a base rate determined according to a prime rate or federal funds rate plus a margin ranging from 0.125% to 1.00%. Advances under the revolving credit facility will accrue interest at a per annum rate equal to, at the Company’s election, either a LIBOR rate plus a margin ranging from 1.00% to 1.60%, or a base rate determined according to a prime rate or federal funds rate plus a margin ranging from 0.00% to 0.60%. Fees are payable on outstanding letters of credit under the revolving credit facility at a per annum rate equal to the applicable margin for LIBOR loans, and the Company is required to pay a facility fee on the aggregate commitments under the revolving credit facility, at a per annum rate ranging from 0.125% to 0.40%. The interest margin applicable to the credit facilities, and the facility fee and letter of credit fees payable under the revolving credit facility, are based on the Company’s senior credit ratings as determined by Standard & Poor’s and Moody’s, which are currently BBB and Baa2, respectively.

As of March 31, 2017, the effective interest rate on the revolving credit facility was 2.02% and the effective interest rate on the term loan was 2.23%.