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Long-Term Debt and Commercial Paper
 3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
Long-Term Debt and Commercial Paper LONG-TERM DEBT AND COMMERCIAL PAPER
Long-term debt consists of the following:
Debt DescriptionMaturity DateInterest PayableMarch 31,
2022		December 31,
2021
3.5% Senior Notes
November 15, 2024May 15 and November 15$450.0 $450.0 
4.5% Senior Notes
October 1, 2025April 1 and October 1450.0 450.0 
3.8% Senior Notes
November 15, 2027May 15 and November 15300.0 300.0 
1.95% Senior Notes
August 1, 2028February 1 and August 1400.0 400.0 
4.75% Senior Notes
June 1, 2030June 1 and December 1500.0 500.0 
2.4% Senior Notes
August 1, 2031February 1 and August 1450.0 450.0 
3.85% Senior Notes
March 1, 2032March 1 and September 1 700.0 — 
Revolving credit facilityMarch 26, 2025Monthly— — 
Finance leases and other debt
Various dates through 2041
327.4 330.6 
3,577.4 2,880.6 
Less: unamortized debt discounts and debt issuance costs(29.1)(22.2)
Less: current maturities(11.8)(12.2)
Long-term debt, net of current maturities$3,536.5 $2,846.2 
Senior Unsecured Notes and Credit Agreement
On February 28, 2022, we issued $700 million aggregate principal amount of 3.85% Senior Notes due 2032, which were sold at 99.835% of the aggregate principal amount.
The interest rates payable on our 3.5% Senior Notes, 4.5% Senior Notes, 3.8% Senior Notes, and 4.75% Senior Notes are subject to adjustment upon the occurrence of certain credit rating events as provided in the indentures for these senior unsecured notes.
Under our amended and restated credit agreement, we have a $1.8 billion revolving credit facility that matures on March 26, 2025. The credit agreement also contains an accordion feature that allows us, subject to credit availability and certain other conditions, to increase the amount of the revolving credit facility, together with any added term loans, by up to $500.0 million in the aggregate. As of March 31, 2022, we had no borrowings outstanding under our revolving credit facility. We have a $200.0 million letter of credit sublimit as part of our revolving credit facility. The amount available to be borrowed under the revolving credit facility is reduced on a dollar-for-dollar basis by the cumulative amount of any outstanding letters of credit, which was $39.8 million at March 31, 2022, leaving a borrowing capacity under the revolving credit facility of $1.8 billion at March 31, 2022.
Our revolving credit facility under the amended credit agreement provides for a commitment fee on undrawn amounts ranging from 0.125% to 0.20% and interest on borrowings at LIBOR or the base rate, in each case plus an applicable margin. The applicable margin ranges from 1.125% to 1.50% for LIBOR borrowings and 0.125% to 0.50% for base rate borrowings. The interest rate charged for our revolving credit facility is affected by our leverage ratio. For instance, an increase in our leverage ratio from greater than or equal to 2.0x but less than 3.25x to greater than or equal to 3.25x would result in a 12.5 basis point increase in the applicable margin.
Within the meaning of Regulation S-X, Rule 3-10, AutoNation, Inc. (the parent company) has no independent assets or operations. If guarantees of our subsidiaries were to be issued under our existing registration statement, we expect that such guarantees would be full and unconditional and joint and several, and any subsidiaries other than the guarantor subsidiaries would be minor.
Other Long-Term Debt
At March 31, 2022, we had finance leases and other debt obligations of $327.4 million, which are due at various dates through 2041.
Commercial Paper
We have a commercial paper program pursuant to which we may issue short-term, unsecured commercial paper notes on a private placement basis up to a maximum aggregate amount outstanding at any time of $1.0 billion. The interest rate for the commercial paper notes varies based on duration and market conditions. The maturities of the commercial paper notes may vary, but may not exceed 397 days from the date of issuance. Proceeds from the issuance of commercial paper notes are used to repay borrowings under the revolving credit facility, to finance acquisitions, and for strategic initiatives, working capital, capital expenditures, share repurchases, and/or other general corporate purposes. We plan to use the revolving credit facility under our credit agreement as a liquidity backstop for borrowings under the commercial paper program. A downgrade in our credit ratings could negatively impact our ability to issue, or the interest rates for, commercial paper notes.
We had no commercial paper notes outstanding at March 31, 2022. At December 31, 2021, we had $340.0 million commercial paper notes outstanding with a weighted-average annual interest rate of 0.47% and weighted-average remaining term of 10 days.