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Debt and Letters of Credit
 9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
Debt and Letters of Credit Debt and Letters of Credit
Debt consisted of the following:
(in thousands)September 30, 2021December 31, 2020
Borrowings under credit facility$— $— 
Current:
Other borrowings$4,639 $4,890 
Long-term:
Senior Notes
2023 Notes$196,589 $611,250 
Unamortized discount on 2023 Notes(61)(283)
Unamortized deferred financing costs(257)(1,203)
2024 Notes381,014 500,000 
Unamortized discount on 2024 Notes(1,316)(2,130)
Unamortized deferred financing costs(1,032)(1,670)
2028 Notes600,000 600,000 
Unamortized discount on 2028 Notes(886)(981)
Unamortized deferred financing costs(3,507)(3,885)
Total long-term$1,170,544 $1,701,098 

Credit Facility

As of September 30, 2021, letters of credit totaling $399 million were outstanding under our $1.65 billion credit facility, which matures in February 2023. The credit facility contains customary financial covenants, including a debt-to-capitalization ratio that cannot exceed 0.65 to 1.0, a limitation on the aggregate amount of debt of the greater of $750 million or €750 million for our subsidiaries, and a minimum liquidity threshold of $1.25 billion, defined in the amended credit facility. The credit facility also contains provisions that will require us to provide collateral to secure the facility should we be downgraded to BB by S&P and Ba2 by Moody's, such collateral consisting broadly of our U.S. assets. Borrowings under the facility, which may be denominated in USD, EUR, GBP or CAD, bear interest at a base rate, plus an applicable borrowing margin. As of September 30, 2021, we could have borrowed an additional $795 million under our existing credit facility.
Uncommitted Lines of Credit
As of September 30, 2021, letters of credit totaling $900 million were outstanding under uncommitted lines of credit, although no amounts were drawn.
Senior Notes
In September 2021, we completed a tender offer in which we repurchased $375 million of 2023 Notes and $108 million of 2024 Notes, excluding accrued interest. Additionally, we redeemed $26 million of outstanding 2023 and 2024 Notes in open market transactions during the 2021 Period. We used the proceeds from the issuance of preferred stock to redeem the 2023 and 2024 Notes. We recognized $20 million in losses related to these redemptions which is included in interest expense.