Debt

3 Months Ended

Mar. 31, 2020

Debt

Debt

15.    Debt

Long-term debt consisted of the following:

	March 31,		December 31,
($ in millions)	2020		2019
Senior Notes
4.375% due December 2020	$	—	$	1,000
3.50%, euro denominated, due December 2020		—		449
5.00% due March 2022		750		750
4.00% due November 2023		1,000		1,000
4.375%, euro denominated, due December 2023		772		785
0.875%, euro denominated, due March 2024		827		841
5.25% due July 2025		1,000		1,000
4.875% due March 2026		750		750
1.50%, euro denominated, due March 2027		607		617
Senior Credit Facility (at variable rates)
Multi-currency revolver due March 2024		780		—
Term A loan, due March 2024		653		653
U.S. dollar revolver due March 2024		381		—
Other (including debt issuance costs)		(39)		(54)
		7,481		7,791
Less: Current portion of long-term debt		(5)		(1,454)
	$	7,476	$	6,337

The company’s senior credit facilities include long-term multi-currency revolving facilities that mature in March 2024. The revolving facilities provide the company with up to the U.S. dollar equivalent of $1.75 billion. At March 31, 2020, taking into account outstanding letters of credit, approximately $555 million was available under the company’s existing long-term, revolving credit facilities. In addition to these facilities, the company had approximately $1.1 billion of short-term uncommitted credit facilities available at March 31, 2020, of which $517 million was outstanding and due on demand. At December 31, 2019, the company had $26 million outstanding under short-term uncommitted credit facilities.

In January 2020, Ball redeemed the outstanding euro-denominated 3.50% senior notes due in 2020 in the amount of €400 million and the outstanding 4.375% senior notes due in 2020 in the amount of $1 billion. The company recorded debt extinguishment costs of $40 million related to this redemption during the three months ended March 31, 2020.

The fair value of long-term debt was estimated to be $7.6 billion at March 31, 2020, and $8.3 billion at December 31, 2019. The fair value reflects the market rates at each period end for debt with credit ratings similar to the company’s ratings and is classified as Level 2 within the fair value hierarchy. Rates currently available to the company for loans with similar terms and maturities are used to estimate the fair value of long-term debt based on discounted cash flows.

The U.S. note agreements and bank credit agreement contain certain restrictions relating to dividend payments, share repurchases, investments, financial ratios, guarantees and the incurrence of additional indebtedness. The most restrictive of the company’s debt covenants requires the company to maintain a leverage ratio (as defined) of no greater than 4.5 times. The company was in compliance with all loan agreements and debt covenants at March 31, 2020, and December 31, 2019, and has met all debt payment obligations.