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Debt | 3 Months Ended
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Mar. 31, 2019
Debt Disclosure [Abstract] |
Debt |
8. | Debt
Financial Covenants The 2017 Credit Agreement contains customary representations, warranties and covenants, including, but not limited to, covenants restricting the company’s ability to incur indebtedness and liens and merge or consolidate with another entity. The 2017 Credit Agreement also contains financial covenants requiring us to maintain a net leverage ratio of consolidated net indebtedness to consolidated earnings before income, taxes, depreciation and amortization, subject to certain adjustments ("Adjusted EBITDA") of not greater than 4.00 to 1, as well as requiring us to maintain a interest coverage ratio of consolidated Adjusted EBITDA to consolidated interest expense of no less than 3.50 to 1 for the quarter ended March 31, 2019. The 2017 Credit Agreement also contains a financial covenant requiring us to maintain a senior secured net leverage ratio of consolidated senior secured net indebtedness to consolidated Adjusted EBITDA ratio of not greater than 3.50 to 1. These financial covenants may restrict our ability to pay dividends and purchase outstanding shares of our common stock. In connection with the closing of the Gaomei acquisition, the Company elected an acquisition holiday as provided for under the 2017 Credit Agreement, which increased the net leverage ratio from 4.00 to 1 to 4.50 to 1 and the senior secured net leverage ratio from 3.50 to 1 to 4.00 to 1 during each quarter of 2019. We were in compliance with our financial covenants at March 31, 2019. Debt Outstanding Debt outstanding at March 31, 2019 and December 31, 2018 consisted of the following:
| March 31, 2019 |  | December 31, 2018
Bank Borrowings | $ | — |  |  | $ | 3.9 |
Senior Unsecured Notes | 300.0 |  |  | 300.0 |
Credit Facility Borrowings | 62.0 |  |  | 53.0 |
Secured Borrowings | 2.3 |  |  | 2.4 |
Finance Lease Liabilities | 0.4 |  |  | 0.5 |
Unamortized Debt Issuance Costs | (4.5 | ) |  | (4.7 | )
Total Debt | 360.2 |  |  | 355.1 |
Less: Current Portion of Long-Term Debt(1) | (30.1 | ) |  | (27.0 | )
Long-Term Debt | $ | 330.1 |  |  | $ | 328.1 |
(1) | Current portion of long-term debt includes $7.5 million of current maturities, a $21.5 million anticipated additional repayment on Credit Facility Borrowings, less $0.1 million of unamortized debt issuance costs, under our 2017 Credit Agreement, $0.9 million of current maturities of secured borrowings and $0.3 million of current maturities of finance lease liabilities.
As of March 31, 2019, we had outstanding borrowings under our Senior Unsecured Notes of $300.0 million. We had outstanding borrowings under our 2017 Credit Agreement, totaling $18.0 million under our term loan facility. In addition, we had outstanding borrowings of $44.0 million under our revolving facility and had letters of credit and bank guarantees outstanding in the amount of $3.3 million, leaving approximately $152.7 million of unused borrowing capacity on our revolving facility. Although we are only required to make a minimum principal payment of $7.5 million during the next 12 months, we have both the intent and the ability to pay an additional $10.5 million on our term loan facility and an additional $11.0 million on our credit facility borrowings during the next year. As such, we have classified $29.0 million as current maturities of long-term debt. Commitment fees on unused lines of credit for the three months ended March 31, 2019 were $0.1 million. The overall weighted average cost of debt is approximately 5.3% and net of a related cross-currency swap instrument is approximately 4.5%. Further details regarding the cross-currency swap instrument are discussed in Note 10.

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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