Debt

The Company's debt consists of the following (in millions):



	Weighted Average Effective Interest Rate at March 31, 2019	Weighted Average Stated Interest Rate at March 31, 2019	Fixed or Floating Interest Rate	Maturity	March 31, 2019			December 31, 2018
Senior Secured Second Priority Notes
2022 Notes	7.88%	7.50%	Fixed	2022	$	427.0		$	427.0
2024 Notes	8.06%	7.75%	Fixed	2024	437.5			437.5
Other Debt
ABL Credit Facility	N/A	4.44%	Floating	2021	999.5			1,085.2
AR Facility	N/A	3.24%	Floating	2020	151.5			175.0
Finance lease liabilities	3.81%	N/A	Fixed	2019-2024	33.6			38.1
Other borrowings	N/A	4.79%	Floating	2020	4.0			4.6
Unamortized Debt Issuance Costs^(a)					(10.1		)	(10.6		)
Total debt					2,043.0			2,156.8
Less: Current maturities of long-term debt					(23.6		)	(26.9		)
Long-term debt, net					$	2,019.4		$	2,129.9


(a)	Unamortized debt issuance costs totaling $9.3 million and $10.4 million related to the ABL Credit Facility and the AR Facility (as each is defined below) are included in "Other long-term assets" in the condensed consolidated balance sheets as of March 31, 2019 and December 31, 2018, respectively.

The effective interest rates for the fixed rate 2022 Notes and 2024 Notes (as defined below) include the stated interest on the notes and the amortization of any debt issuance costs.

Senior Secured Second Priority Notes

In June 2016, Herc issued $610.0 million aggregate principal amount of 7.50% senior secured second priority notes due 2022 (the "2022 Notes") and $625.0 million aggregate principal amount of 7.75% senior secured second priority notes due 2024 (the "2024 Notes" and, together with the 2022 Notes, the "Notes"). In March 2017, October 2017 and July 2018, Herc drew down on its ABL Credit Facility (as defined below) and cumulatively redeemed $183.0 million in aggregate principal amount of the 2022 Notes and $187.5 million in aggregate principal amount of the 2024 Notes.

ABL Credit Facility

The Company's asset-based revolving credit agreement, executed by its Herc subsidiary, provides for senior secured revolving loans up to a maximum aggregate principal amount of $1,750 million (subject to availability under a borrowing base), including revolving loans in an aggregate principal amount of $350 million available to Canadian borrowers and U.S. borrowers, that matures on June 30, 2021 (the "ABL Credit Facility"). Up to $250 million of the revolving loan facility is available for the issuance of letters of credit, subject to certain conditions including issuing lender participation. Extensions of credit under the ABL Credit Facility are limited by a borrowing base calculated periodically based on specified percentages of the value of eligible rental equipment, eligible service vehicles, eligible spare parts and merchandise, eligible accounts receivable, and eligible unbilled accounts subject to certain reserves and other adjustments. Subject to the satisfaction of certain conditions and limitations, the ABL Credit Facility allows for the addition of incremental revolving and/or term loan commitments. In addition, the ABL Credit Facility permits Herc to increase the amount of commitments under the ABL Credit Facility with the consent of each lender providing an additional commitment, subject to satisfaction of certain conditions.

Accounts Receivable Securitization Facility

In September 2018, the Company entered into an accounts receivable securitization facility (the "AR Facility") with aggregate commitments of $175 million that matures on September 16, 2020. In connection with the AR Facility, Herc and one of its wholly-owned subsidiaries sell their accounts receivables on an ongoing basis to Herc Receivables U.S. LLC, a wholly-owned special-purpose entity (the "SPE"). The SPE's sole business consists of the purchase by the SPE of accounts receivable from Herc and the Herc subsidiary seller and borrowing by the SPE against the eligible accounts receivable from the lenders under the facility. The borrowings are secured by liens on the accounts receivable and other assets of the SPE. Collections on the accounts receivable are used to service the borrowings. The SPE is a separate legal entity that is consolidated in the Company's financial statements. The SPE assets are owned by the SPE and are not available to settle the obligations of the Company or any of its other subsidiaries. Herc is the servicer of the accounts receivable under the AR Facility. All of the obligations of the Herc subsidiary seller and the servicer and certain indemnification obligations of the SPE under the agreements governing the AR Facility are guaranteed by Herc pursuant to a performance guarantee.

Other Borrowings

The Company's subsidiary in China has uncommitted credit agreements with a bank for up to the aggregate principal amount of $10.0 million. Interest accrues on the loans drawn under these facilities at a rate of 110% of the prevailing base lending rates published by People's Bank of China and is payable quarterly. As of March 31, 2019, the Company had short-term borrowings under these facilities totaling $4.0 million.

Borrowing Capacity and Availability

After outstanding borrowings, the following was available to the Company under the ABL Credit Facility and AR Facility as of March 31, 2019 (in millions):



	Remaining Capacity		Availability Under Borrowing Base Limitation
ABL Credit Facility	$	725.9	$	725.9
AR Facility	23.5		3.6
Total	$	749.4	$	729.5

In addition, as of March 31, 2019, the Company's subsidiary in China had uncommitted credit facilities of which $6.0 million was available for borrowing.

Letters of Credit

As of March 31, 2019, $24.6 million of standby letters of credit were issued and outstanding, none of which have been drawn upon. The ABL Credit Facility had $225.4 million available under the letter of credit facility sublimit, subject to borrowing base restrictions.