Debt

3 Months Ended

Mar. 31, 2020

Financial Covenants

In 2017, the Company and certain of our foreign subsidiaries entered into a secured Credit Agreement (the "2017 Credit Agreement") with JPMorgan, as administrative agent, Goldman Sachs Bank USA, as syndication agent, Wells Fargo National Association, U.S. Bank National Association, and HSBC Bank USA, National Association, as co-documentation agents, and the lenders (including JPMorgan) from time to time party thereto. The 2017 Credit Agreement contains customary representations, warranties and covenants, including, but not limited to, covenants restricting the Company’s ability to incur indebtedness and liens and merge or consolidate with another entity, and expires in April 2022. The 2017 Credit Agreement also contains financial covenants requiring us to maintain a net leverage ratio of consolidated net indebtedness to consolidated earnings before income, taxes, depreciation and amortization, subject to certain adjustments ("Adjusted EBITDA") of not greater than 4.00 to 1, as well as requiring us to maintain an interest coverage ratio of consolidated Adjusted EBITDA to consolidated interest expense of no less than 3.50 to 1 for the quarter ended March 31, 2020. The 2017 Credit Agreement also contains a financial covenant requiring us to maintain a senior secured net leverage ratio of consolidated senior secured net indebtedness to consolidated Adjusted EBITDA ratio of not greater than 3.50 to 1. These financial covenants may restrict our ability to pay dividends and purchase outstanding shares of our common stock. We were in compliance with our financial covenants at March 31, 2020.

Debt Outstanding

Debt outstanding at March 31, 2020 and December 31, 2019 consisted of the following:



	March 31, 2020			December 31, 2019
Senior Unsecured Notes	$	300.0		$	300.0
Credit Facility Borrowings	165.0			40.0
Secured Borrowings	2.1			2.4
Finance Lease Liabilities	0.1			0.2
Unamortized Debt Issuance Costs	(3.6		)	(3.8		)
Total Debt	463.6			338.8
Less: Current Portion of Long-Term Debt^(a)	(1.1		)	(31.3		)
Long-Term Debt	$	462.5		$	307.5


^(a)	Current portion of long-term debt includes $1.0 million of current maturities of secured borrowings and $0.1 million of current maturities of finance lease liabilities.

As of March 31, 2020, we had outstanding borrowings under our Senior Unsecured Notes of $300.0 million. In addition, we had outstanding borrowings of $165.0 million under our revolving facility and had letters of credit and bank guarantees outstanding in the amount of $3.2 million, leaving approximately $31.8 million of unused borrowing capacity on our revolving facility. Commitment fees on unused lines of credit for the three months ended March 31, 2020 were $0.1 million. The overall weighted average cost of debt is approximately 4.8% and net of a related cross-currency swap instrument is approximately 4.1%. Further details regarding the cross-currency swap instrument are discussed in Note 10.