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External Debt and Financing Arrangements | 12 Months Ended
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Dec. 31, 2015
External Debt and Financing Arrangements | 8. External Debt and Financing Arrangements In June 2015, we issued $900 million of unsecured senior notes (“Senior Notes”) in a registered public offering. The Senior Notes consist of two tranches: $400 million of five-year notes due 2020 with a coupon of 3% and $500 million of ten-year notes due 2025 with a coupon of 4%. We used the proceeds from the Senior Notes offering to pay down our revolving credit facility and for general corporate purposes. On December 31, 2015, the outstanding amount of the Senior Notes, net of underwriting commissions and price discounts, was $891.6 million. We have a $975 million committed revolving credit facility, as well as a term loan in the initial amount of $525 million, both of which expire in July 2018. Both facilities can be used for general corporate purposes. On December 31, 2015 and 2014, our outstanding borrowings under the revolving credit facility were zero and $145.0 million, respectively; the amounts outstanding under the term loan were $280.0 million and $525.0 million, respectively. The interest rates under these facilities are variable based on LIBOR at the time of the borrowing and the Company’s leverage as measured by a debt to Adjusted EBITDA ratio. Based upon the Company’s debt to Adjusted EBITDA ratio, the Company’s borrowing rate could range from LIBOR + 1.0% to LIBOR + 2.0%. The credit facilities also include a minimum Consolidated Interest Coverage Ratio requirement of 3.0 to 1.0. The Consolidated Interest Coverage Ratio is defined as the ratio of Adjusted EBITDA to Consolidated Interest Expense. Adjusted EBITDA is defined as consolidated net income before interest expense, income taxes, depreciation, amortization of intangible assets, losses from asset impairments, and certain other one-time adjustments. Consolidated Interest Expense is as disclosed in our financial statements. The credit facilities also include a Maximum Leverage Ratio of 3.5 to 1.0 as measured by the ratio of our debt to Adjusted EBITDA. The Maximum Leverage Ratio is permitted to increase to 3.75 to 1.0 for three succeeding quarters in the event of an acquisition. At December 31, 2015, we were in compliance with our debt covenant ratios. At December 31, 2015 and 2014, the current portion of long-term debt was zero and $26.3 million, respectively. We currently have uncommitted bank lines of credit in China, which provide for unsecured borrowings for working capital of up to $25.7 million in aggregate, of which $0.8 million and zero were outstanding, as of December 31, 2015 and 2014. The weighted-average interest rates on these borrowings were 1.0%, 7.6% and 12.3% in 2015, 2014 and 2013, respectively. The components of external long-term debt were as follows:
(In millions) |  | 2015 |  |  | 2014 |
$400 million unsecured senior note due June 2020 |  | $ | 397.7 |  |  | $ | — |
$500 million unsecured senior note due June 2025 |  |  | 493.9 |  |  |  | — |
$975 million revolving credit agreement due July 2018 |  |  | — |  |  |  | 145.0 |
$525 million term loan due July 2018 |  |  | 280.0 |  |  |  | 525.0 |
Total debt |  |  | 1,171.6 |  |  |  | 670.0 |
Less: current portion |  |  | — |  |  |  | 26.3 |
Total long-term debt |  | $ | 1,171.6 |  |  | $ | 643.7 |
Senior Notes payments during the next five years as of December 31, 2015 are zero in 2016 through 2019 and $400 million in 2020. Term loan amortization payments during the next five years as of December 31, 2015 are zero in 2016, $52.5 million in 2017, $227.5 million in 2018, zero in 2019 and 2020. In our debt agreements, there are normal and customary events of default which would permit the lenders to accelerate the debt if not cured within applicable grace periods, such as failure to pay principal or interest when due or a change in control of the Company. There were no events of default as of December 31, 2015.

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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