Debt

6 Months Ended

Jun. 30, 2020

Debt

Debt

15.    Debt

Long-term debt consisted of the following:

	June 30,		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		786		785
0.875%, euro denominated, due March 2024		843		841
5.25% due July 2025		1,000		1,000
4.875% due March 2026		750		750
1.50%, euro denominated, due March 2027		618		617
Senior Credit Facility (at variable rates)
Term A loan, due March 2024		653		653
U.S. dollar revolver due March 2024		575		—
Multi-currency revolver due March 2024		225		—
Other (including debt issuance costs)		(38)		(54)
		7,162		7,791
Less: Current portion of long-term debt		(4)		(1,454)
	$	7,158	$	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 June 30, 2020, taking into account outstanding letters of credit, $918 million was available under the company’s existing long-term, revolving credit facilities. In addition to these facilities, the company had approximately $930 million of short-term uncommitted credit facilities available at June 30, 2020, of which $519 million was outstanding and due on demand. At December 31, 2019, the company had $26 million outstanding under short-term uncommitted credit facilities.

In the first quarter of 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 in the first quarter of 2020.

The fair value of long-term debt was estimated to be $7.4 billion at June 30, 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 as of June 30, 2020. The company was in compliance with all loan agreements and debt covenants at June 30, 2020, and December 31, 2019, and has met all debt payment obligations. In August 2020, Ball amended certain of its credit agreements which, among other things, modified the financial covenant to require Ball to maintain a leverage ratio (as defined) of no greater than 5.0 times, which changes to 4.5 times as of December 31, 2022.