Long-term Debt

9 Months Ended

Sep. 30, 2019

Our long-term debt outstanding consists of the following (in millions):



	September 30, 2019			December 31, 2018
Credit Agreement—
Advances under revolving credit facility	$	—		$	30.0
Term loan facilities	269.1			280.1
Bonds payable—
5.125% Senior Notes due 2023	297.2			296.6
5.75% Senior Notes due 2024	1,095.6			1,194.7
5.75% Senior Notes due 2025	345.5			345.0
4.50% Senior Notes due 2028	491.5			—
4.75% Senior Notes due 2030	491.5			—
Other notes payable	44.9			104.2
Finance lease obligations	363.8			263.8
	3,399.1			2,514.4
Less: Current portion	(437.2		)	(35.8		)
Long-term debt, net of current portion	$	2,961.9		$	2,478.6

As a result of adopting ASC 842 on January 1, 2019, notes payable of approximately $52 million related to a sale/leaseback transaction involving real estate became a finance lease obligation. See Note 1, Basis of Presentation, “Recent Accounting Pronouncements,” for additional information on ASC 842.

In May 2019, we gave notice for redemption of $100 million of the outstanding principal amount of our existing 5.75% Senior Notes due 2024 (the “2024 Notes”). In June 2019, we completed this redemption using cash on hand and capacity under our revolving credit facility. Pursuant to the terms of the 2024 Notes, this optional redemption was made at a price of 101.917%, which resulted in a total cash outlay of approximately $102 million. As a result of this redemption, we recorded a $2.3 million Loss on early extinguishment of debt in the second quarter of 2019.

In September 2019, we issued $500 million of 4.50% Senior Notes due 2028 (the “2028 Notes”) at par and $500 million of 4.75% Senior Notes due 2030 (the “2030 Notes” and, together with the 2028 Notes, the “New Notes”) at par, which resulted in approximately $983 million in net proceeds from the public offering. We used approximately $218 million of the net proceeds from this offering to fund the purchase of equity and vested stock appreciation rights from management investors of our home health and hospice segment and another portion of the net proceeds to repay borrowings under our revolving credit facility. As of September 30, 2019, the remaining net proceeds from the offering of the New Notes were included in Cash and cash equivalents.

In September 2019, we also gave notice for redemption of $400 million of the outstanding principal amount of the 2024 Notes. Pursuant to the terms of the 2024 Notes, this redemption will be at a price of 100.958%, which will result in a total cash outlay of approximately $404 million when the transaction settles on November 1, 2019. We plan to use the net proceeds from the New Notes offering to fund the redemption. As a result of this redemption, we have classified approximately $400 million of the 2024 Notes as current in our accompanying September 30, 2019 condensed consolidated balance sheet, and we expect to record an approximate $5 million Loss on early extinguishment of debt in the fourth quarter of 2019.

For additional information regarding our indebtedness, see Note 9, Long-term Debt, to the consolidated financial statements accompanying the 2018 Form 10‑K.