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DEBT

9 Months Ended

Sep. 30, 2021

DEBT

DEBT

6.          DEBT

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As of September 30, 2021 and December 31, 2020, the Company’s debt consisted of the following:

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​	​	​	​	​	​	​	​
​	​	September 30,		​	December 31,		​
(In millions)		2021			2020
Private Placement Term Loans:	​	​	​	​	​	​	​
3.66 %, payable through 2023	​	$	18.2	​	$	22.8	​
4.16 %, payable through 2027	​		31.4	​		34.0	​
3.37 %, payable through 2027	​	​	75.0	​	​	75.0	​
3.14 %, payable through 2031	​	​	151.2	​	​	169.6	​
4.31 %, payable through 2032	​		26.7	​		27.9	​
Title XI Debt:	​	​	​	​	​	​	​
5.34 %, payable through 2028	​		15.4	​		17.6	​
5.27 %, payable through 2029	​		17.6	​		19.8	​
1.22 %, payable through 2043	​	​	178.0	​	​	182.0	​
1.35 %, payable through 2044	​	​	133.7	​	​	139.6	​
Revolving credit facility, maturity date of March 31, 2026	​		—	​		71.8	​
Total Debt	​		647.2	​		760.1	​
Less: Current portion	​		(65.0)	​		(59.2)	​
Total Long-term Debt	​	​	582.2	​	​	700.9	​
Less: Deferred loan fees	​	​	(14.7)	​		(15.3)	​
Total Long-term Debt, net of deferred loan fees	​	$	567.5	​	$	685.6	​

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Except as described below, the Company’s debt is described in Note 8 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 and in Note 6 to the Condensed Consolidated Financial Statements included in the Company’s Quarterly Report on Form 10-Q for the three months ended March 31, 2021.

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Revolving Credit Facility: As of September 30, 2021, the Company had $641.9 million of remaining borrowing availability under the revolving credit facility. The Company used $8.1 million of the sublimit for letters of credit outstanding as of September 30, 2021. Although there were no outstanding borrowings under the facility at September 30, 2021, based on the Company’s consolidated net leverage ratio, which stipulates borrowing margins, the interest rate applicable to the revolving credit facility would have been approximately 1.10 percent at September 30, 2021. Borrowings under the revolving credit facility are classified as long-term debt in the Condensed Consolidated Balance Sheets, as principal payments are not required until the maturity date.

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Debt Security and Guarantees: All of the debt of the Company and MatNav, including related guarantees, as of September 30, 2021 was unsecured, except for the Title XI debt.

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Debt Maturities: As of September 30, 2021, debt maturities during the next five years and thereafter are as follows:

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​	​	​	​
​	​	As of
Year (in millions)		September 30, 2021
Remainder of 2021	​	$	18.1
2022	​		65.0
2023	​		60.4
2024	​		51.7
2025	​		51.7
Thereafter	​		400.3
Total Debt	​	$	647.2

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The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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