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Debt
 3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
Debt DEBT
Debt is composed of the following obligations.
($ in millions)March 31, 2022December 31, 2021
Short-term debt:
Local overdraft facilities$7.7 9.2 
Other short-term borrowings110.5 138.7 
Long-term senior notes, 4.4%, face amount of $275.0, due November 2022, net of debt issuance costs of $0.3 and $0.3
274.7 274.7 
Total short-term debt$392.9 422.6 
Credit facility, net of debt issuance costs of $11.3 and $11.8
1,113.7 138.2 
Long-term senior notes, 1.96%, face amount of €175.0, due June 2027, net of debt issuance costs of $0.6 and $0.6
194.0 197.9 
Long-term senior notes, 2.21%, face amount of €175.0, due June 2029, net of debt issuance costs of $0.8 and $0.8
193.8 197.7 
Total debt$1,894.4 956.4 
Credit Facility
We have a $2.75 billion unsecured revolving credit facility (the "Facility") that matures on April 14, 2026. Pricing on the Facility ranges from LIBOR plus 0.875% to 1.35%, with pricing as of March 31, 2022 at LIBOR plus 0.88%. In addition to outstanding borrowings under the Facility presented in the above table, we had outstanding letters of credit under the Facility of $0.7 million as of both March 31, 2022 and December 31, 2021.
The following tables provides additional information on our Facility.
Three Months Ended March 31,
($ in millions)20222021
Average outstanding borrowings under the Facility$683.2 184.4 
Effective interest rate on the Facility1.0 %1.0 %
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, share repurchases and capital expenditures.
Short-Term Borrowings and Long-Term Debt
In addition to our Facility, we have the capacity to borrow up to an additional $55.0 million under local overdraft facilities. Amounts outstanding are presented in the debt table above.
As of March 31, 2022, our issuer and senior unsecured ratings are investment grade: Baa1 from Moody’s Investors Service, Inc. and BBB+ from Standard & Poor’s Ratings Services.
Covenants
Our Facility and senior notes are subject to customary financial and other covenants, including cash interest coverage ratios and leverage ratios, as well as event of default conditions. We remained in compliance with all covenants as of March 31, 2022.
Warehouse Facilities
March 31, 2022December 31, 2021
($ in millions)Outstanding BalanceMaximum CapacityOutstanding BalanceMaximum Capacity
Warehouse facilities:
BSBY plus 1.30%, expires September 19, 2022
$123.4 700.0 516.9 700.0 
LIBOR plus 1.30%, expires September 16, 2022
404.2 1,200.0 74.7 1,200.0 
LIBOR plus 1.30%, expires August 27, 2022
136.8 300.0 192.8 300.0 
LIBOR plus 1.60%, expires July 30, 2022
— 400.0 — 400.0 
Fannie Mae ASAP(1) program, SOFR plus 1.25%
41.7 n/a12.5 n/a
Gross warehouse facilities706.1 2,600.0 796.9 2,600.0 
Debt issuance costs(0.8)n/a(1.2)n/a
Total warehouse facilities$705.3 2,600.0 795.7 2,600.0 
(1) As Soon As Pooled ("ASAP") funding program.
We have lines of credit established for the sole purpose of funding our Warehouse receivables. These lines of credit exist with financial institutions and are secured by the related warehouse receivables. Pursuant to these facilities, we are required to comply with certain financial covenants regarding (i) minimum net worth, (ii) minimum servicing-related loans and (iii) minimum adjusted leverage ratios. We remained in compliance with all covenants under our facilities as of March 31, 2022.