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DEBT
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
DEBT DEBT
Long-term debt consisted of the following (in millions):
September 30, 2024December 31, 2023
4.00% Senior Notes due August 15, 2028
$750.0 $750.0 
6.375% Senior Notes due January 15, 2030
500.0 — 
Acquisition Line168.7 325.0 
Other Debt:
Real estate related1,142.2 751.0 
Finance leases 339.5 272.7 
Other7.6 8.8 
Total other debt1,489.4 1,032.5 
Total debt2,908.1 2,107.5 
Less: unamortized debt issuance costs17.08.7
Less: current maturities196.0109.4
Total long-term debt$2,695.1 $1,989.4 
6.375% Senior Notes Issuance
On July 30, 2024, the Company issued the following notes, at par:
DescriptionPrincipal Amount
(in millions)		Maturity Date
Effective Interest Rate (1)
Interest Payment Dates
6.375% Senior Notes
$500.0January 15, 20306.661%
January 15th, July 15th
(1) The effective interest rate is after the impact of associated debt issuance costs.
The Company may redeem up to 40% of the original principal amount of the notes, plus accrued and unpaid interest, at any time prior to July 15, 2026, subject to certain conditions. The Company, at its option, may redeem some or all of the 6.375% Senior Notes at the redemption prices (expressed as percentages of principal amount of the notes) set forth below, plus accrued and unpaid interest.
Redemption PeriodRedemption Price
July 15, 2026103.188%
July 15, 2027101.594%
July 15, 2028 and thereafter 100.000%
The 6.375% Senior Notes are unsecured obligations and rank equal in right of payment to all of the Company’s existing and future senior unsecured debt and senior in right of payment to all of the Company’s future subordinated debt. The 6.375% Senior Notes are subordinated to all existing and future senior secured debt of the Company and subordinated to all existing and future liabilities (including trade payables) of any non-guarantor subsidiaries. The 6.375% Senior Notes are guaranteed by substantially all of the Company’s U.S. subsidiaries. The U.S. subsidiary guarantees rank equally in the right of payment to all of the Company’s guarantor’s existing and future senior debt and rank senior in right of payment to all of the Company’s guarantor’s existing and future subordinated debt.
The Company may be required to purchase the 6.375% Senior Notes if it sells certain assets or triggers the change in control provisions defined in the indenture governing the 6.375% Senior Notes. The indenture governing the 6.375% Senior Notes contains customary restrictions on the Company, including the ability to pay dividends, incur additional indebtedness, create liens, sell or otherwise dispose of assets and repurchase shares of outstanding common stock, which are consistent with those contained in the indenture governing the Company’s 4.00% Senior Notes.
Acquisition Line
The proceeds of the Acquisition Line (as defined in Note 9. Floorplan Notes Payable) are used for working capital, general corporate and acquisition purposes. As of September 30, 2024, borrowings under the Acquisition Line, a component of the Revolving Credit Facility (as defined in Note 9. Floorplan Notes Payable), totaled $168.7 million. The average interest rate on this facility was 6.34% during the three months ended September 30, 2024.
Real Estate Related
The Company has mortgage loans in the U.S. and the U.K. that are paid in installments. As of September 30, 2024, borrowings outstanding under these facilities totaled $1,142.2 million, gross of debt issuance costs, comprised of $886.6 million in the U.S. and $255.6 million in the U.K., respectively.
In February 2024, the Company entered into a master credit agreement with Wells Fargo Bank, National Association (the “Wells Fargo Credit Agreement”), which provides for delayed draw term loans with a maximum borrowing capacity of $258.3 million. The Wells Fargo Credit Agreement accrues interest at SOFR plus 175 basis points and matures on March 1, 2031. As of September 30, 2024, borrowings outstanding under the Wells Fargo Credit Agreement totaled $257.2 million and are included in the total U.S. mortgage loans described above.