	March 31,		December 31,
	2020		2019
	(Dollars in millions)
Term Debt, interest rate of 3.5% and 4.8% as of March 31, 2020, and December 31, 2019, respectively	$	669.8	$	671.5
Revolving Credit Facility ($300.0 million available capacity less amounts reserved for letters of credit, which were $1.9 million and $1.9 million as of March 31, 2020, and December 31, 2019, respectively)		—		—
Canada Line of Credit (CDN $7.0 million letter of credit capacity as of March 31, 2020, and December 31, 2019, which was fully utilized; USD $5.0 million as of March 31, 2020, and USD $5.4 million as of December 31, 2019)		—		—
Financing lease liabilities (Please refer to Note 12)		11.4		12.4
Total debt		681.2		683.9
Less unamortized discount on Term Debt		1.4		1.4
Less unamortized debt issuance costs on Term Debt		5.1		5.4
Less current portion of long-term debt		9.7		10.8
Long-term debt, less current portion	$	665.0	$	666.3

On April 30, 2018, Ceridian completed the refinancing of its debt by entering into a new credit agreement. Pursuant to the terms of the new credit agreement, Ceridian became borrower of (i) a $680.0 million term loan debt facility (the “2018 Term Debt”) and (ii) a $300.0 million revolving credit facility (the “2018 Revolving Credit Facility”) (the 2018 Term Debt and the 2018 Revolving Credit Facility are together referred to as the “2018 Senior Secured Credit Facility”). The 2018 Senior Secured Credit Facility is secured by substantially all assets of Ceridian. The 2018 Term Debt has a maturity date of April 30, 2025, and the 2018 Revolving Credit Facility has a maturity date of April 30, 2023. The 2018 Term Debt was initially subject to an interest rate of LIBOR plus 3.25%. As a result of a ratings upgrade on March 26, 2019, of our senior secured credit facilities by Moody’s Investors Service, from B3 to B2, the Company’s floating rate term debt interest rate has been reduced from LIBOR plus 3.25% to LIBOR plus 3.00%, so long as the rating is maintained. On February 19, 2020, Ceridian completed the first amendment to the 2018 Senior Secured Credit Facility in which the 2018 Term Debt interest rate was reduced from LIBOR plus 3.00% to LIBOR plus 2.50%. Further, the interest rate trigger under the applicable rating by Moody’s Investor Service was removed by the first amendment. Accrued interest related to the 2018 Senior Secured Credit Facility was $0.1 million and $0.1 million as of March 31, 2020, and December 31, 2019, respectively, and is included within Other accrued expenses in our condensed consolidated balance sheets.

On April 2, 2020, in light of the current uncertainty and volatility in the global financial markets resulting from the COVID-19 pandemic, Ceridian elected to borrow $295.0 million under the 2018 Revolving Credit Facility as a precautionary measure to increase our cash position and to preserve financial flexibility. We may use a portion of the proceeds from the borrowing for general corporate purposes.

The future principal payments and maturities of our indebtedness, excluding financing lease obligations, are as follows:

Years Ending December 31,	Amount
	(Dollars in millions)
2020	$	5.1
2021		6.8
2022		6.8
2023		6.8
2024		6.8
Thereafter		637.5
	$	669.8

Our debt does not trade in active markets. Based on the borrowing rates currently available to us for bank loans with similar terms and average maturities and the limited trades of our debt, the fair value of our debt was estimated to be $636.3 million and $675.1 million as of March 31, 2020, and December 31, 2019, respectively.