Debt and Credit Arrangements (Tables)

9 Months Ended

Sep. 30, 2020

The following table represents the components of our borrowings:


	September 30, 2020		December 31, 2019
Senior secured revolving credit facility and term loan:
Term loan due June 2024 ⁽¹⁾	$	438.8	$	447.2
Senior secured revolving credit facility due June 2024 ⁽²⁾	54.4		119.0
Unamortized debt issuance costs	(5.4)		(5.5)
Senior secured revolving credit facility and term loan, net of debt issuance costs	487.8		560.7

Convertible notes due November 2024:
Principal amount	$	258.8	$	258.8
Unamortized discount	(36.8)		(42.8)
Unamortized debt issuance costs	(3.3)		(3.8)
Convertible notes due November 2024, net of unamortized discount and debt issuance costs	218.7		212.2

Foreign facilities	0.2		4.4

Total debt, net of unamortized discount and debt issuance costs	706.7		777.3
Less: current maturities	11.3		16.3
Long-term debt	$	695.4	$	761.0

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⁽¹⁾As of September 30, 2020, there were $438.8 in borrowings outstanding under the term loan bearing an interest rate of 3.1%. The term loan is repayable annually in quarterly installments of 2.5% of the loan amount over the first two years, 5.0% for the third year, 7.5% for the fourth year and 10.0% for the fifth and final year. Subsequent to the end of the third quarter of 2020, on October 2, 2020, $335.7 was paid down on our term loan due 2024 from proceeds of the Divestiture and other available cash on hand.

⁽²⁾The senior secured revolving credit facility due 2024 includes $100.0 sub limit for letters of credit, a $250.0 sub limit for discretionary letters of credit and $50.0 sub limit for swingline loans. As of September 30, 2020, there were $54.4 in borrowings outstanding under the senior secured revolving credit facility due 2024 bearing a weighted-average interest rate of 2.1% and $65.5 in letters of credit and bank guarantees outstanding supported by the senior secured revolving credit facility due 2024. As of September 30, 2020, the senior secured revolving credit facility due 2024 had availability of $430.1.

Schedule of interest expense and financing cost amortization

The following table summarizes interest expense and financing costs amortization related to the 2024 Credit Facilities and our previous senior secured revolving credit facility:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2020		2019		2020		2019
Interest expense, term loan due June 2024	$	3.4	$	4.6	$	11.6	$	4.6
Interest expense, senior secured revolving credit facility	0.4		1.0		1.6		6.8
Interest expense, senior secured revolving credit facility and term loan due June 2024	$	3.8	$	5.6	$	13.2	$	11.4

Financing costs amortization, senior secured revolving credit facility and term loan due 2024	$	0.9	$	0.8	$	2.6	$	1.2

Schedule of Interest Accretion

The following table summarizes interest accretion of the 2024 Notes discount, 1.0% contractual interest coupon and financing costs amortization associated with the 2024 Notes:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2020		2019		2020		2019
2024 Notes, interest accretion of convertible notes discount	$	2.0	$	2.0	$	5.9	$	5.7
2024 Notes, 1.0% contractual interest coupon	0.6		0.6		1.9		1.9
2024 Notes, total interest expense	$	2.6	$	2.6	$	7.8	$	7.6

2024 Notes, financing costs amortization	$	0.2	$	0.2	$	0.6	$	0.5