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Borrowings | 6 Months Ended
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Jun. 30, 2023
Debt Disclosure [Abstract] |
Borrowings | BORROWINGS Borrowings are summarized as follows:
|  | June 30, 2023 |  | December 31, 2022
2029 Dollar Term Loans |  | $ | 1,845.0 |  |  | $ | 2,000.0 |
2025 Euro Senior Notes |  | 491.1 |  |  | 479.1 |
2027 Dollar Senior Notes |  | 500.0 |  |  | 500.0 |
2029 Dollar Senior Notes |  | 700.0 |  |  | 700.0 |
Short-term and other borrowings |  | 75.3 |  |  | 74.5 |
Unamortized original issue discount |  | (19.5) |  |  | (22.4) |
Unamortized deferred financing costs |  | (24.0) |  |  | (26.9) |
Total borrowings, net |  | 3,567.9 |  |  | 3,704.3 |
Less: |  |  |  |
Short-term borrowings |  | 19.0 |  |  | 16.0 |
Current portion of long-term borrowings |  | 20.0 |  |  | 15.0 |
Long-term debt |  | $ | 3,528.9 |  |  | $ | 3,673.3 |
Our senior secured credit facilities (the "Senior Secured Credit Facilities") consist of a term loan due 2029 (the "2029 Dollar Term Loans") and a revolving credit facility (the "Revolving Credit Facility") that is governed by a credit agreement (as amended, the "Credit Agreement"). Revolving Credit Facility At June 30, 2023 and December 31, 2022, letters of credit issued under the Revolving Credit Facility totaled $20.4 million and $20.7 million, respectively, which reduced the availability under the Revolving Credit Facility. Availability under the Revolving Credit Facility was $529.6 million and $529.3 million at June 30, 2023 and December 31, 2022, respectively. Pursuant to the Credit Agreement, on July 1, 2023, an interest rate based on the London interbank offered rate was automatically replaced with an interest rate based on the Secured Overnight Financing Rate ("SOFR") as the interest rate benchmark for loans denominated in U.S. Dollars under the Revolving Credit Facility available under the Credit Agreement. On the same date, an amendment to the Credit Agreement was effected to reflect this transition and make other related conforming changes to the Credit Agreement. Significant Transactions During the three and six months ended June 30, 2023 we voluntarily prepaid $75.0 million and $150.0 million, respectively, of the outstanding principal amount of the 2029 Dollar Term Loans. As a result of these prepayments, we recorded a loss on extinguishment of debt of $1.2 million and $2.4 million for the three and six months ended June 30, 2023, respectively, which comprised the proportionate write off of unamortized deferred financing costs and original issue discounts. Future repayments Below is a schedule of required future repayments of all borrowings outstanding at June 30, 2023.
Remainder of 2023 |  | $ | 26.5 |
2024 |  | 24.3 |
2025 |  | 514.6 |
2026 |  | 23.6 |
2027 |  | 523.9 |
Thereafter |  | 2,498.5 |
Total borrowings |  | 3,611.4 |
Unamortized original issue discount |  | (19.5) |
Unamortized deferred financing costs |  | (24.0) |
Total borrowings, net |  | $ | 3,567.9 |

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