
9.	DEBT

Credit Facility

On June 21, 2016, we amended and expanded our credit facility (the "Facility"), which resulted in: (1) an increase in our borrowing capacity from $2.0 billion to $2.75 billion; (2) an extension of the maturity date from February 25, 2020 to June 21, 2021; (3) modifications to certain add-backs to Adjusted EBITDA (as defined in the Facility) for the calculation of the leverage ratio to provide additional operating flexibility; (4) a range of pricing from LIBOR plus 0.95% to 2.05%, with pricing as of June 30, 2016 at LIBOR plus 1.05%; (5) an increase in the permitted amount for certain new indebtedness; and (6) the removal of limitations on the amount of Investments in real estate ventures. Consistent with our prior agreement, our leverage ratio cannot exceed 3.50 to 1, except immediately following a material acquisition, in which case, the leverage ratio maximum is 4.00 to 1 for up to four consecutive quarters. Other key terms and conditions of the Facility were unchanged as part of the current amendment and expansion.

As of June 30, 2016, we had outstanding borrowings under the Facility of $830.0 million and outstanding letters of credit of $18.2 million. As of December 31, 2015, we had outstanding borrowings under the Facility of $255.0 million and outstanding letters of credit of $18.2 million. The average outstanding borrowings under the Facility were $941.5 million and $397.4 million during the three months ended June 30, 2016 and 2015, respectively, and $747.9 million and $277.7 million during the six months ended June 30, 2016 and 2015, respectively.

The effective interest rates on our Facility were 1.5% and 1.1% for the three months ended June 30, 2016 and 2015, respectively, and 1.5% and 1.1% during the six months ended June 30, 2016 and 2015, respectively.

We remained in compliance with all covenants under our Facility as of June 30, 2016, including a minimum cash interest coverage ratio of 3.00 to 1 and the maximum leverage ratio discussed above.

We will continue to use the Facility for, but not limited to, business acquisitions, working capital needs (including payment of accrued incentive compensation), co-investment activities, dividend payments, share repurchases and capital expenditures.

Short-Term

In addition to our Facility, we have the capacity to borrow up to an additional $43.1 million under local overdraft facilities. We had short-term borrowings (including capital lease obligations, overdrawn bank accounts and local overdraft facilities) of $20.6 million and $49.2 million as of June 30, 2016 and December 31, 2015, respectively, of which $10.5 million and $24.6 million as of June 30, 2016 and December 31, 2015, respectively, was attributable to local overdraft facilities.

Long-Term Senior Notes

As of June 30, 2016 and December 31, 2015, we had $275.0 million of Long-term senior notes due November 2022 (the "Notes") outstanding. The Notes bear interest at an annual rate of 4.4%, subject to adjustment if a credit rating assigned to the Notes is downgraded below an investment grade rating (or subsequently upgraded). Interest is payable semi-annually on May 15 and November 15.

Our issuer and senior unsecured ratings are investment grade as of June 30, 2016: BBB+ (stable outlook) from Standard & Poor’s Ratings Services and Baa2 (positive outlook) from Moody’s Investors Service, Inc.