Debt

6 Months Ended

Jun. 30, 2019

Debt maturing within one year:



(in Millions)	June 30, 2019		December 31, 2018
Short-term foreign debt ⁽¹⁾	$	171.2	$	106.5
Commercial paper ⁽²⁾	535.8		55.2
Total short-term debt	$	707.0	$	161.7
Current portion of long-term debt	387.2		386.0
Total short-term debt and current portion of long-term debt	$	1,094.2	$	547.7

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(1)	At June 30, 2019, the average interest rate on the borrowings was 17.6 percent.


(2)	At June 30, 2019, the average effective interest rate on the borrowings was 2.9 percent.

Long-term debt:



(in Millions)	June 30, 2019
(in Millions)	Interest Rate Percentage	Maturity Date	June 30, 2019			December 31, 2018
Pollution control and industrial revenue bonds (less unamortized discounts of $0.2 and $0.2, respectively)	2.1 - 6.5%	2021 - 2032	$	51.6		$	51.6
Senior notes (less unamortized discount of $0.7 and $0.8, respectively)	3.95 - 5.2%	2019 - 2024	999.3			999.2
2017 Term Loan Facility	3.7%	2022	1,400.0			1,400.0
Revolving Credit Facility ⁽¹⁾	5.0%	2024	—			—
Foreign debt	0 - 6.7%	2019 - 2024	89.2			89.1
Debt issuance cost			(8.6		)	(8.9		)
Total long-term debt			$	2,531.5		$	2,531.0
Less: debt maturing within one year			387.2			386.0
Total long-term debt, less current portion			$	2,144.3		$	2,145.0

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(1)	Letters of credit outstanding under our Revolving Credit Facility totaled $217.0 million and available funds under this facility were $747.2 million at June 30, 2019.

Revolving Credit Facility

On May 17, 2019, we entered into an amended and restated credit agreement (the "Revolving Credit Agreement"). The unsecured Revolving Credit Agreement provides for a $1.5 billion revolving credit facility, $400 million of which is available for the issuance of letters of credit for the account of the Revolving Borrowers and $50 million of which is available for swing loans to certain of the Revolving Borrowers, with an option, subject to certain conditions and limitations, to increase the aggregate amount of the revolving credit commitments to $2.25 billion (the “Revolving Credit Facility”). The current termination date of the Revolving Credit Facility is May 17, 2024.

Revolving loans under the Revolving Credit Agreement will bear interest at a floating rate, which will be a base rate or a Eurocurrency rate equal to the London interbank offered rate for the relevant interest period, plus, in each case, an applicable margin, as determined in accordance with the provisions of the Revolving Credit Agreement. The base rate will be the highest of: the rate of interest announced publicly by Citibank, N.A. in New York, New York from time to time as its “base rate”; the federal funds effective rate plus 1/2 of 1%; and the Eurocurrency rate for a one-month period plus 1%. The Company is required to pay a facility fee on the average daily amount (whether used or unused) of each Revolving Credit Lender’s revolving credit commitment from the effective date for such Revolving Credit Lender until the termination date of such Revolving Credit Lender at a rate per annum equal to an applicable percentage in effect from time to time for the facility fee, as determined in accordance with the provisions of the Revolving Credit Agreement. The initial facility fee is 0.125% per annum. The applicable margin and the facility fee are subject to adjustment as provided in the Revolving Credit Agreement.

The Revolving Credit Agreement contains customary financial and other covenants, including a maximum leverage ratio and minimum interest coverage ratio.

Fees incurred to secure the Revolving Credit Facility have been deferred and will be amortized over the term of the arrangement.

Covenants

Among other restrictions, our Revolving Credit Facility and 2017 Term Loan Facility contain financial covenants applicable to FMC and its consolidated subsidiaries related to leverage (measured as the ratio of debt to adjusted earnings) and interest coverage (measured as the ratio of adjusted earnings to interest expense). Our actual leverage for the four consecutive quarters ended June 30, 2019 was 2.8, which is below the maximum leverage of 4.3 at June 30, 2019. Our actual interest coverage for the four consecutive quarters ended June 30, 2019 was 8.8, which is above the minimum interest coverage of 3.5. We were in compliance with all covenants at June 30, 2019.