
9.	DEBT

Short-term borrowings and long-term debt obligations are composed of the following.



(in millions)	September 30, 2016		December 31, 2015
Short-term borrowings:
Local overdraft facilities	$	39.4	24.6
Other short-term borrowings	16.3		24.6
Total short-term borrowings	55.7		49.2
Credit facility, net of debt issuance costs of $20.7 and $15.4	1,084.3		239.6
Long-term senior notes, 4.4%, face amount of $275.0, due November 2022, net of debt issuance costs of $2.4 and $2.7	272.6		272.3
Total debt	$	1,412.6	561.1

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 September 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.

The average outstanding borrowings under the Facility were $1,211.3 million and $334.7 million during the three months ended September 30, 2016 and 2015, respectively, and $904.2 million and $296.7 million during the nine months ended September 30, 2016 and 2015, respectively. In addition to outstanding borrowings under the Facility presented in the above table, we had outstanding letters of credit under the Facility of $18.2 million as of September 30, 2016 and December 31, 2015. The effective interest rates on our Facility were 1.4% and 1.2% for the three months ended September 30, 2016 and 2015, respectively, and 1.4% and 1.1% during the nine months ended September 30, 2016 and 2015, respectively.

We remained in compliance with all covenants under our Facility as of September 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 Borrowings and Long-Term Notes

In addition to our Facility, we have the capacity to borrow up to an additional $70.4 million under local overdraft facilities. Amounts outstanding are presented in the debt table presented above.

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