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DEBT | 12 Months Ended
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Dec. 31, 2017
DEBT |
DEBT | NOTE 6 DEBT The Company maintains certain short-term notes payable, including a revolving credit facility. These short-term notes payable are reported as notes payable in the current liabilities section of the Consolidated Balance Sheets. Average borrowings under these short-term notes payable were $64.5 million and $90.9 million for 2017 and 2016, respectively. The average annual interest rate on short‑term notes payable was approximately 1.9% for 2017 and 2.2% for 2016. The lower average annual interest rate in 2017 is due to the extinguishment of higher interest rate debt. Our credit facility has a lower interest rate than our short-term borrowings in other countries. There are no compensating balance requirements associated with short‑term borrowings. Each borrowing under the credit facility will bear interest at rates based on LIBOR, prime rates or other similar rates, in each case plus an applicable margin. A facility fee on the total amount of the facility is also payable quarterly, regardless of usage. The applicable margins for borrowings under the credit facility and the facility fee percentage may change from time to time depending on changes in AptarGroup’s consolidated leverage ratio. The outstanding balance under the credit facility was $0 and $166.0 million at December 31, 2017 and 2016, respectively. We incurred approximately $1.5 million and $2.0 million in interest and fees related to this credit facility during 2017 and 2016, respectively. The Company also maintains long-term notes obligations, including private placement facilities. During the third quarter of 2017, the Company entered into the borrowing arrangements summarized below through our wholly owned UK subsidiary to better balance our capital structure.
Debt Type |  | Amount |  | Term/Maturity |  | Interest Rate |
Bank term loan |  | $ | 280,000 |  | 5 year amortizing/July 2022 |  | 2.62% floating swapped to 1.36% fixed |
Bank revolver |  | € | 150,000 |  | 5 year/July 2022 |  | 1.10% floating |
Private placement |  | € | 100,000 |  | 6 year/July 2023 |  | 0.98% fixed |
Private placement |  | € | 200,000 |  | 7 year/July 2024 |  | 1.17% fixed |
Our repatriation of foreign earnings to the U.S. in the third quarter of 2017 also enabled us to prepay two of our higher interest private placement facilities during the fourth quarter of 2017: the $75 million senior unsecured note due in 2018 and the $84 million senior unsecured note due in 2020. At December 31, 2017, the Company’s long‑term obligations consisted of the following:
|  |  |  | Unamortized |  |  |
|  |  |  | Debt Issuance |  |  |
|  | Principal |  | Costs |  | Net |
Notes payable 0.61% – 18.00%, due in monthly and annual installments through 2025 |  | $ | 15,349 |  | $ | — |  | $ | 15,349 |
Senior unsecured notes 3.2%, due in 2022 |  |  | 75,000 |  |  | 113 |  |  | 74,887 |
Senior unsecured debts 2.6% floating, equal annual installments through 2022 |  |  | 280,000 |  |  | 692 |  |  | 279,308 |
Senior unsecured notes 3.5%, due in 2023 |  |  | 125,000 |  |  | 217 |  |  | 124,783 |
Senior unsecured notes 1.0%, due in 2023 |  |  | 120,095 |  |  | 526 |  |  | 119,569 |
Senior unsecured notes 3.4%, due in 2024 |  |  | 50,000 |  |  | 89 |  |  | 49,911 |
Senior unsecured notes 3.5%, due in 2024 |  |  | 100,000 |  |  | 217 |  |  | 99,783 |
Senior unsecured notes 1.2%, due in 2024 |  |  | 240,190 |  |  | 1,066 |  |  | 239,124 |
Senior unsecured notes 3.6%, due in 2025 |  |  | 125,000 |  |  | 238 |  |  | 124,762 |
Senior unsecured notes 3.6%, due in 2026 |  |  | 125,000 |  |  | 238 |  |  | 124,762 |
Capital lease obligations |  |  | 741 |  |  | — |  |  | 741 |
|  | $ | 1,256,375 |  | $ | 3,396 |  | $ | 1,252,979 |
Current maturities of long-term obligations |  |  | (61,833) |  |  |  |  |  | (61,833) |
Total long-term obligations |  | $ | 1,194,542 |  | $ | 3,396 |  | $ | 1,191,146 |
At December 31, 2016, the Company’s long-term obligations consisted of the following:
|  |  |  | Unamortized |  |  |
|  |  |  | Debt Issuance |  |  |
|  | Principal |  | Costs |  | Net |
Notes payable 0.61% – 16.00%, due in monthly and annual installments through 2025 |  | $ | 18,246 |  | $ | — |  | $ | 18,246 |
Senior unsecured notes 6.0%, due in 2018 |  |  | 75,000 |  |  | 37 |  |  | 74,963 |
Senior unsecured notes 3.8%, due in 2020 |  |  | 84,000 |  |  | 119 |  |  | 83,881 |
Senior unsecured notes 3.2%, due in 2022 |  |  | 75,000 |  |  | 138 |  |  | 74,862 |
Senior unsecured notes 3.5%, due in 2023 |  |  | 125,000 |  |  | 256 |  |  | 124,744 |
Senior unsecured notes 3.4%, due in 2024 |  |  | 50,000 |  |  | 104 |  |  | 49,896 |
Senior unsecured notes 3.5%, due in 2024 |  |  | 100,000 |  |  | 256 |  |  | 99,744 |
Senior unsecured notes 3.6%, due in 2025 |  |  | 125,000 |  |  | 269 |  |  | 124,731 |
Senior unsecured notes 3.6%, due in 2026 |  |  | 125,000 |  |  | 269 |  |  | 124,731 |
Capital lease obligations |  |  | 1,542 |  |  | — |  |  | 1,542 |
|  | $ | 778,788 |  | $ | 1,448 |  | $ | 777,340 |
Current maturities of long-term obligations |  |  | (4,603) |  |  | — |  |  | (4,603) |
Total long-term obligations |  | $ | 774,185 |  | $ | 1,448 |  | $ | 772,737 |
Our revolving credit facility and corporate long-term obligations require us to satisfy certain financial and other covenants including:
|  | Requirement |  | Level at December 31, 2017
Consolidated Leverage Ratio (a) |  | Maximum of 3.50 to 1.00 |  | 1.21 to 1.00
Consolidated Interest Coverage Ratio (a) |  | Minimum of 3.00 to 1.00 |  | 11.77 to 1.00
| (a) |  | Definitions of ratios are included as part of the revolving credit facility agreement and the private placement agreements.
The aggregate long‑term maturities, excluding capital lease obligations, which is discussed in Note 7, due annually for the five years are $61,227, $59,663, $57,941, $57,943, $132,944 and $885,916 thereafter.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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