Long-term Debt

3 Months Ended

Mar. 31, 2020

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



	March 31, 2020			December 31, 2019
Credit Agreement—
Advances under revolving credit facility	$	350.0		$	45.0
Term loan facilities	261.9			265.2
Bonds payable—
5.125% Senior Notes due 2023	297.5			297.3
5.75% Senior Notes due 2024	697.5			697.3
5.75% Senior Notes due 2025	345.8			345.6
4.50% Senior Notes due 2028	491.9			491.7
4.75% Senior Notes due 2030	491.8			491.7
Other notes payable	44.5			44.7
Finance lease obligations	381.2			384.1
	3,362.1			3,062.6
Less: Current portion	(40.2		)	(39.3		)
Long-term debt, net of current portion	$	3,321.9		$	3,023.3

Borrowings under our revolving credit facility as of March 31, 2020 were primarily used for the purchase of equity and vested stock appreciation rights from management investors of our home health and hospice segment. For additional information see Note 4, Redeemable Noncontrolling Interests, and Note 6, Share-Based Payments.

In April 2020, we amended our existing credit agreement. The following are the changes made to the material

provisions of the credit agreement:


1.	Amendment of the financial covenants to update the applicable interest coverage ratio and leverage ratio included in that covenant. The revised applicable ratios are set forth below.



Fiscal Quarters Ending	Interest Coverage Ratio
December 31, 2019 and March 31, 2020	3.00 to 1.00
June 30, 2020, September 30, 2020, December 31, 2020, March 31, 2021, June 30, 2021, September 30, 2021 and December 31, 2021	2.00 to 1.00
March 31, 2022 and thereafter	3.00 to 1.00



Fiscal Quarters Ending	Leverage Ratio
December 31, 2019 and March 31, 2020	4.50 to 1.00
June 30, 2020	4.75 to 1.00
September 30, 2020	5.50 to 1.00
December 31, 2020	6.50 to 1.00
March 31, 2021	6.50 to 1.00
June 30, 2021	6.00 to 1.00
September 30, 2021	5.50 to 1.00
December 31, 2021	5.00 to 1.00
March 31, 2022 and thereafter	4.25 to 1.00


2.	Amendment of the definition of “Material Adverse Effect” to carve out the direct and indirect impacts of COVID-19 and the related legislative, regulatory and executive actions on us from that definition for a period of 364 days; and

Amendment of the investment limitation covenant and the restricted payment limitation covenant, to add to each a leverage ratio condition (not in excess of 4.50x) to the provisions allowing unlimited investments and restricted payments in the event certain conditions are met including a senior secured leverage ratio (not in excess of 2:00x) and the existence of no events of default in addition to the new leverage ratio condition.

All other material terms of the existing credit agreement remain the same and are described in Note 10, Long-term Debt, to the consolidated financial statements accompanying the 2019 Form 10‑K.