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Debt
 6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
Debt DEBT
Debt is composed of the following obligations.
($ in millions)June 30, 2022December 31, 2021
Short-term debt:
Local overdraft facilities$4.1 9.2 
Other short-term borrowings124.2 138.7 
Long-term senior notes, 4.4%, face amount of $275.0, due November 2022, net of debt issuance costs of $0.2 and $0.3
274.8 274.7 
Total short-term debt$403.1 422.6 
Credit facility, net of debt issuance costs of $10.7 and $11.8
1,364.3 138.2 
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
182.3 197.9 
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
182.1 197.7 
Total debt$2,131.8 956.4 
Credit Facility
On June 16, 2022, we executed Amendment No. 3 ("Amendment No. 3") to the Second Amended and Restated Multicurrency Credit Agreement dated as of June 21, 2016 (as amended, the "Credit Agreement") with a syndicate of lenders. The borrowing capacity under the Credit Agreement remains at $2.75 billion, with no changes to the maturity date of April 14, 2026. The features of the Credit Agreement, as amended, provide for (i) Greenhouse Gas Emissions KPI to align with the World Green Building Council ("WGBC") Commitment to reach net zero by 2030 and (ii) incorporates the Adjusted Term Secured Overnight Financing Rate ("SOFR") successor rates for USD and other currency borrowings.
Pricing on the unsecured revolving credit facility (the "Facility") ranges from Adjusted Term SOFR plus 0.875% to 1.35%, with pricing as of June 30, 2022 at Adjusted Term SOFR plus 0.95%. In addition to outstanding borrowings under the Facility presented in the above table, we had outstanding letters of credit under the Facility of $0.7 million as of both June 30, 2022 and December 31, 2021.
The following tables provides additional information on our Facility.
Three Months Ended June 30,Six Months Ended June 30,
($ in millions)2022202120222021
Average outstanding borrowings under the Facility$1,581.9 612.5 $1,135.0 399.6 
Effective interest rate on the Facility1.6 %1.0 %1.4 %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 and Long-Term Debt
In addition to our Facility, we have the capacity to borrow up to an additional $52.1 million under local overdraft facilities. Amounts outstanding are presented in the debt table above.
As of June 30, 2022, our issuer and senior unsecured ratings are investment grade: Baa1 from Moody’s Investors Service, Inc. and BBB+ from Standard & Poor’s Ratings Services.
Covenants
Our Facility and senior notes are subject to customary financial and other covenants, including cash interest coverage ratios and leverage ratios, as well as event of default conditions. We remained in compliance with all covenants as of June 30, 2022.
Warehouse Facilities
June 30, 2022December 31, 2021
($ in millions)Outstanding BalanceMaximum CapacityOutstanding BalanceMaximum Capacity
Warehouse facilities:
BSBY plus 1.30%, expires September 19, 2022
$226.4 700.0 516.9 700.0 
LIBOR plus 1.30%, expires September 16, 2022
301.7 1,200.0 74.7 1,200.0 
LIBOR plus 1.30%, expires August 27, 2022
94.6 300.0 192.8 300.0 
LIBOR plus 1.60%, expires July 30, 2022(1)
— 400.0 — 400.0 
Fannie Mae ASAP(2) program, SOFR plus 1.25%
— n/a12.5 n/a
Gross warehouse facilities622.7 2,600.0 796.9 2,600.0 
Debt issuance costs(0.4)n/a(1.2)n/a
Total warehouse facilities$622.3 2,600.0 795.7 2,600.0 
(1) In July 2022, we extended the term of the Warehouse facility to July 28, 2023 and amended the interest rate to SOFR plus 1.40%.
(2) 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 June 30, 2022.