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DEBT
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
DEBT DEBT
Long-term debt consisted of the following (in millions):
December 31,
20212020
4.00% Senior Notes due August 15, 2028
$750.0 $550.0 
Acquisition Line329.3 47.8 
Other debt:
Real estate related627.7 607.8 
Finance leases172.7 124.7 
Other166.9 15.7 
Total other debt967.4 748.3 
Total debt2,046.7 1,346.1 
Less: unamortized debt issuance costs11.09.5
Less: current maturities220.456.0
Total long-term debt$1,815.3 $1,280.6 
The aggregate annual maturities of debt for the next five years, excluding debt issuance costs, are as follows (in millions):
 Total
Years Ended December 31,
2022$220.8 
202396.7 
2024432.4 
202599.3 
2026182.4 
Thereafter1,015.0 
Total$2,046.7 
Additional 4.00% Senior Notes Issuance
On October 21, 2021, the Company issued an additional $200.0 million aggregate principal amount of its 4.00% Senior Notes due 2028 (the “New Notes”) for net proceeds of approximately $199.7 million. The New Notes will have identical terms as the initial 4.00% Senior Notes issued on August 17, 2020, and will be treated as a single class of securities.
Acquisition Line
The proceeds of the Acquisition Line are used for working capital, general corporate and acquisition purposes. As of December 31, 2021, borrowings under the Acquisition Line, a component of the Revolving Credit Facility (as described in Note 13. Floorplan Notes Payable), totaled $329.3 million. The average interest rate on this facility was 1.09% as of December 31, 2021.
Real Estate Related
The Company has mortgage loans in the U.S. and the U.K. that are paid in installments. As of December 31, 2021, borrowings outstanding under these facilities totaled $627.7 million, gross of debt issuance costs, comprised of $537.5 million in the U.S. and $90.3 million in the U.K.
The Company’s mortgage loans are secured by real property owned by the Company. The carrying values of the related collateralized real estate as of December 31, 2021 and 2020 was $983.1 million and $893.6 million, respectively.
Finance Leases
Refer to Note 11. Leases for further information regarding the Company’s finance leases.
Bridge Facility
In connection with entering into the Purchase Agreement, the Company entered into a commitment letter, dated September 12, 2021 (the “Commitment Letter”), with Wells Fargo Bank, National Association (“Wells Fargo”), pursuant to which, among other things, Wells Fargo committed to provide a portion of the debt financing for the Prime Acquisition, consisting of a $250.0 million unsecured bridge loan (the “Bridge Facility”), on the terms and subject to the conditions set forth in the Commitment Letter. Once drawn upon, the Bridge Facility is subject to mandatory prepayment at 100% of the outstanding principal amount thereof with the net proceeds from the issuance of any debt securities of the Company and upon other specified events.
As of December 31, 2021, borrowings outstanding under the Bridge Facility totaled $140.0 million, and the average interest rate was 2.65%. The aggregate principal will be due on the 364-day anniversary of the closing date of the Prime Acquisition (the “Maturity Date”). Due to the short-term nature of the Bridge Facility, it has been reported within Current maturities of long-term debt on the Consolidated Balance Sheets.