5. Long-Term Debt

3 Months Ended

Mar. 31, 2021

5. LONG-TERM DEBT

The principal components of long-term debt are as follows (in millions):


	March 31, 2021		December 31, 2020
Finance leases and other debt	$	12.6	$	14.1
Less current maturities	(1.7)		(1.8)
Long-term debt	$	10.9	$	12.3

Credit Agreement

In April 2019, Bio-Rad entered into a $200.0 million unsecured revolving credit facility ("Credit Agreement"). Borrowings under the Credit Agreement are on a revolving basis and can be used to make permitted acquisitions, for working capital and for other general corporate purposes. We had no outstanding borrowings under the Credit Agreement as of March 31, 2021; however, $0.2 million was utilized for domestic standby letters of credit that reduced our borrowing availability as of March 31, 2021. The Credit Agreement matures in April 2024. If we had borrowed against our Credit Agreement, the borrowing rate would have been 1.315% at March 31, 2021, which is based on the 3-month LIBOR.

The Credit Agreement requires Bio-Rad to comply with certain financial ratios and covenants, among other things. These ratios and covenants include a leverage ratio test and an interest coverage test, as well as restrictions on our ability to declare or pay dividends, incur debt, guarantee debt, enter into transactions with affiliates, merge or consolidate, sell assets, make investments and create liens. We were in compliance with all of these ratios and covenants as of March 31, 2021.