Debt

9 Months Ended

Sep. 30, 2020

Debt for the Company consists of the following:


	September 30, 2020			December 31, 2019
(in millions, except percentages)	Amount		Rate	Amount		Rate	Maturity Date
2019 Credit Agreement:
Term A Facility	$	409.1	(1)	$	425.0	(2)	October 16, 2024
Revolver	—		(1)	—		(2)	October 16, 2024
2026 Senior Notes	600.0		5.500%	600.0		5.500%	June 15, 2026
2023 Senior Notes	450.0		5.625%	450.0		5.625%	October 15, 2023
Securitized debt	—		(3)	—		(3)	April 6, 2021
Finance lease obligations (4)	73.1			64.1			Various
Other	3.1			7.9			Various
Total debt	1,535.3			1,547.0
Less: Deferred financing costs	5.3			7.0
Total debt, net	1,530.0			1,540.0
Less: Current portion	35.4			37.4
Total long-term debt, net	$	1,494.6		$	1,502.6


(1)			Interest at LIBOR plus applicable margin of 1.250% as of September 30, 2020.
(2)			Interest at LIBOR plus applicable margin of 1.625% as of December 31, 2019.
(3)			Interest at one month LIBOR index plus 80 basis points.
(4)			Finance lease obligations are a non-cash financing activity. Refer to Note 6, "Leases".

As of September 30, 2020, the Company was in compliance with all applicable debt covenants.

2019 Credit Agreement

On October 16, 2019, the Company entered into the 2019 Credit Agreement with a syndicate of banks. The 2019 Credit Agreement provides for a $425.0 million revolving credit facility, a $425.0 million term loan facility, and an incremental facility in an aggregate amount of up to $550.0 million plus the amount of certain prepayments plus an additional unlimited amount subject to compliance with a maximum consolidated secured leverage ratio test. The 2019 Credit Agreement has a $60.0 million sub-facility for the issuance of letters of credit. As of September 30, 2020, total availability under the revolving credit facility was $424.9 million after a $0.1 million reduction for outstanding letters of credit.

On May 13, 2020, the Company and certain of its subsidiaries entered into an amendment to the existing 2019 Credit Agreement. The amendment provided for a new 364-day $200.0 million term loan (the "364-Day Loan"). The Company used the proceeds of the 364-Day Loan to repay borrowings under the existing $425.0 million revolving credit facility and to pay fees and expenses in connection with the amendment. On September 14, 2020, the Company repaid the 364-Day Loan. Repayment of the 364-Day Loan lifted certain restrictions on dividends, share repurchases and the Company's ability to make certain investments.

Securitized Debt

The Company and certain of its subsidiaries are party to a securitization transaction with respect to certain accounts receivable due to the Company and certain of its subsidiaries (as amended, the "Accounts Receivable Securitization"). As of September 30, 2020, the Company had availability of $83.6 million under the Accounts Receivable Securitization.

2023 Senior Notes

On October 8, 2020, the Company announced its election to conditionally redeem $200.0 million of the $450.0 million of its issued and outstanding 2023 Senior Notes on November 9, 2020 (the "Redemption Date"). The 2023 Senior Notes selected for redemption will be redeemed at 101.406% of their principal amount, plus the accrued and unpaid interest. The redemption is conditioned on the determination by the Company's Chief Financial Officer, in his sole discretion, as of the second business day before the Redemption Date, that the redemption continues to be reasonably prudent and consistent with the Company's objectives concerning liquidity, financing needs and funding costs. The Company intends to primarily use current cash and cash equivalents to fund the redemption.

Fair Value of Financial Instruments

Financial instruments, although not recorded at fair value on a recurring basis, include cash and cash equivalents, accounts receivable, accounts payable and the Company's debt obligations. The carrying value of cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the short-term maturity of those instruments. Borrowings under the 2019 Credit Agreement and the securitized debt are at variable interest rates and accordingly their carrying amounts approximate fair value. The fair value of the following material financial instruments were based on observable inputs estimated using discounted cash flows and market-based expectations for interest rates, credit risk and the contractual terms of debt instruments. The fair values of these material financial instruments are as follows:


	Fair Value
(in millions)	September 30, 2020		December 31, 2019
2023 Senior Notes	$	457.6	$	464.2
2026 Senior Notes	623.9		634.9