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DEBT | 12 Months Ended
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Dec. 31, 2018
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DEBT | NOTE 7 DEBT We maintain certain short-term notes payable, including revolving credit facilities. 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 $40.0 million and $64.5 million for 2018 and 2017, respectively. The average annual interest rate on short‑term notes payable remained stable at 1.9% for 2018 and 2017. 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 $79 million and $0 at December 31, 2018 and 2017, respectively. We incurred approximately $1.5 million in interest and fees related to this credit facility during both 2018 and 2017, respectively. We also maintain long-term notes obligations, including private placement facilities. During the third quarter of 2017, we 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% USD floating swapped to 1.36% EUR 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 |
The €150 million facility is available to us and €69.0 million was utilized as of December 31, 2018. No balance was utilized as of December 31, 2017. For the year ended December 31, 2018, the floating interest rate of the remaining $224 million of the original $280 million bank term loan was 4.0%. We also maintain a 5-year revolving credit facility that provides for unsecured financing of up to $300 million and matures in July 2022. No balance was utilized as of December 31, 2018 or 2017. Credit facility balances are included in notes payable, including revolving credit facilities on the Consolidated Balance Sheet. 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: a $75 million senior unsecured note due in 2018 bearing interest at 6.0% and the $84 million senior unsecured note due in 2020 bearing interest at 3.8%. At December 31, 2018, our long‑term obligations consisted of the following:
|  |  |  | Unamortized |  |  |
|  |  |  | Debt Issuance |  |  |
|  | Principal |  | Costs |  | Net |
Notes payable 0.00% – 16.00%, due in monthly and annual installments through 2028 |  | $ | 15,531 |  | $ | — |  | $ | 15,531 |
Senior unsecured notes 3.2%, due in 2022 |  |  | 75,000 |  |  | 88 |  |  | 74,912 |
Senior unsecured debts 4.0% floating, equal annual installments through 2022 |  |  | 224,000 |  |  | 541 |  |  | 223,459 |
Senior unsecured notes 3.5%, due in 2023 |  |  | 125,000 |  |  | 181 |  |  | 124,819 |
Senior unsecured notes 1.0%, due in 2023 |  |  | 114,535 |  |  | 432 |  |  | 114,103 |
Senior unsecured notes 3.4%, due in 2024 |  |  | 50,000 |  |  | 76 |  |  | 49,924 |
Senior unsecured notes 3.5%, due in 2024 |  |  | 100,000 |  |  | 181 |  |  | 99,819 |
Senior unsecured notes 1.2%, due in 2024 |  |  | 229,070 |  |  | 904 |  |  | 228,166 |
Senior unsecured notes 3.6%, due in 2025 |  |  | 125,000 |  |  | 207 |  |  | 124,793 |
Senior unsecured notes 3.6%, due in 2026 |  |  | 125,000 |  |  | 208 |  |  | 124,792 |
Capital lease obligations |  |  | 8,353 |  |  | — |  |  | 8,353 |
|  | $ | 1,191,489 |  | $ | 2,818 |  | $ | 1,188,671 |
Current maturities of long-term obligations |  |  | (62,678) |  |  | — |  |  | (62,678) |
Total long-term obligations |  | $ | 1,128,811 |  | $ | 2,818 |  | $ | 1,125,993 |
At December 31, 2017, our 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 |
Our revolving credit facility and corporate long-term obligations require us to satisfy certain financial and other covenants including:
|  | Requirement |  | Level at December 31, 2018
Consolidated Leverage Ratio (1) |  | Maximum of 3.50 to 1.00 |  | 2.09 to 1.00
Consolidated Interest Coverage Ratio (1) |  | Minimum of 3.00 to 1.00 |  | 14.57 to 1.00
| (1) |  | Definitions of ratios are included as part of the revolving credit facility agreement and the private placement agreements.
The aggregate long‑term maturities, excluding lease obligations, which is discussed in Note 8, due annually for the next five years are $61,350, $60,045, $59,116, $133,068, $239,889 and $629,668 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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