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Senior Bank Debt
12 Months Ended
Dec. 31, 2016
Debt Disclosure [Abstract]  
Senior Bank Debt
Senior Bank Debt
The Company has a senior unsecured multicurrency revolving credit facility and a senior unsecured term loan facility (together, the “credit facilities”).  In 2016, the Company amended the revolver to increase commitments from $1.3 billion to $1.45 billion, and amended the term loan to increase borrowings from $350.0 million to $385.0 million. The credit facilities mature on September 30, 2020.
Subject to certain conditions, the Company may further increase the commitments under the revolver by up to $350.0 million and borrow up to an additional $65.0 million under the term loan. The Company pays interest on any outstanding obligations under the credit facilities at specified rates, based either on the LIBOR rate or the prime rate as in effect from time to time.
As of December 31, 2015 and 2016, the Company had outstanding borrowings under the revolver of $295.0 million and $485.0 million, respectively, and the weighted-average interest rate on outstanding borrowings was 2.52% and 1.88%, respectively. As of December 31, 2015 and 2016, the Company had outstanding borrowings under the term loan of $350.0 million and $385.0 million, respectively, and the weighted-average interest rate on outstanding borrowings was 1.45% and 1.87%, respectively. The Company pays commitment fees on the unused portion of its revolver. For the years ended December 31, 2015 and 2016, these fees amounted to $1.9 million and $1.0 million, respectively.
The credit facilities contain financial covenants with respect to leverage and interest coverage, as well as customary affirmative and negative covenants, including limitations on priority indebtedness, asset dispositions and fundamental corporate changes, and certain customary events of default.