

	2019			2018
2027 Notes	$	265,000		$	265,000
2023 Notes	348,069			348,069
Finance lease obligations	5,419			6,503
Other long-term borrowings	13,284			16,676
Subtotal	631,772			636,248
Discount on 2023 Notes	(2,504		)	(3,156		)
Premium on 2023 Notes	937			1,187
Deferred financing costs	(3,397		)	(4,019		)
Total	626,808			630,260
Current portion of long-term debt	3,233			3,836
Long-term debt, excluding current portion	$	623,575		$	626,424



				Principal as of December 31,
	Annual interest rate		Currency	2019		2018		Maturity
2027 Notes	5.875	%	USD	$	265,000	$	265,000	April 4, 2027
2023 Notes	6.625	%	USD	348,069		348,069		September 27, 2023



	Interest Expense (i)						DFC Amortization (i)						Amortization of Discount, net (i)
	2019		2018		2017		2019		2018		2017		2019		2018		2017
2027 Notes	$	15,569	$	15,569	$	11,547	$	299	$	299	$	224	$	—	$	—	$	—
2023 Notes	23,060		23,060		23,885		323		323		610		402		397		752

On September 27, 2013, the Company issued senior notes for an aggregate principal amount of $473.8 million, which are due in 2023 (the "2023 Notes"). Periodic payments of principal are not required and interest is paid semi-annually commencing on March 27, 2014. The Company incurred $3,313 of financing costs related to the cash issuance of 2023 Notes, which were capitalized as deferred financing costs ("DFC") and are being amortized over the life of the notes.

On June 1, 2016, the Company launched a cash tender offer to purchase $80,000 of its outstanding 2023 Notes, at a redemption price equal to 98%, which expired on June 28, 2016. The holders who tendered their 2023 Notes prior to June 14, received a redemption price equal to 101%. As a consequence of this transaction, the Company redeemed 16.90% of the outstanding principal. The total payment was $80,800 (including $800 of early tender payment) plus accrued and unpaid interest.

Furthermore, on March 16, 2017, the Company launched another cash tender offer to purchase $80,000 of its outstanding 2023 Notes, at a redemption price equal to 104%, which expired on April 12, 2017. The holders who tendered their 2023 Notes prior to March 29, 2017, received a redemption price equal to 107%. As a consequence of this transaction, the Company redeemed 11.6% of the outstanding principal. The total payment was $48,885 (including $3,187 of early tender payment) plus accrued and unpaid interest. The results related to the cash tender offer and the accelerated amortization of the related DFC were recognized as interest expense within the consolidated statement of income.

In April 2017, the Company issued senior notes for an aggregate principal amount of $265 million, which are due in 2027 (the “2027 Notes”). Periodic payments of principal are not required and interest is paid semi-annually commencing on October 4, 2017. The proceeds from the issuance of the 2027 Notes were used to repay the Secured Loan Agreement, unwind the related derivative instruments (described in Note 13), pay the principal and premium on the 2023 Notes (in connection with the aforementioned tender offer) and for general purposes. The Company incurred $3,001 of financing costs related to the issuance of 2027 Notes, which were capitalized as DFC and are being amortized over the life of the notes.

The Notes are redeemable, in whole or in part, at the option of the Company at any time at the applicable redemption price set forth in the indenture governing them. The Notes are fully and unconditionally guaranteed on a senior unsecured basis by certain of the Company’s subsidiaries. The Notes and guarantees (i) are senior unsecured obligations and rank equal in right of payment with all of the Company’s and guarantors’ existing and future senior unsecured indebtedness; (ii) will be effectively

junior to all of the Company’s and guarantors’ existing and future secured indebtedness to the extent of the value of the Company’s assets securing that indebtedness; and (iii) are structurally subordinated to all obligations of the Company’s subsidiaries that are not guarantors.

The indenture governing the Notes limits the Company’s and its subsidiaries’ ability to, among other things, (i) create certain liens; (ii) enter into sale and lease-back transactions; and (iii) consolidate, merge or transfer assets. In addition, the indenture governing the 2027 Notes, limits the Company’s and its subsidiaries’ ability to: incur in additional indebtedness and make certain restricted payments, including dividends. These covenants are subject to important qualifications and exceptions. The indenture governing the Notes also provides for events of default, which, if any of them occurs, would permit or require the principal, premium, if any, and interest on all of the then-outstanding Notes to be due and payable immediately.

On March 29, 2016, the Company’s Brazilian subsidiary signed a $167,262 Secured Loan Agreement (the "Loan") with five off-shore lenders namely: Citibank N.A., Itaú BBA International plc, Santander (Brasil) S.A., Cayman Islands Branch, Bank of America N.A. and JP Morgan Chase Bank, N.A. Each loan under the agreement bore interest at the following annual interest rates:



Lender		Annual Interest Rate
Citibank N.A.		3M LIBOR + 2.439%
Itaú BBA International plc		5.26%
Banco Santander (Brasil) S.A., Cayman Islands Branch		4.7863%
Bank of America N.A.		3M LIBOR + 4.00%
JP Morgan Chase Bank, N.A.		3M LIBOR + 3.92%

In order to fully convert each loan of the agreement into BRL, the Brazilian subsidiary entered into five cross-currency interest rate swap agreements with the local subsidiaries of the same lenders. Consequently, the loans were fully converted into BRL amounting to BRL 613,850. Refer to Note 13 for more details.

Considering the cross-currency interest rate swap agreements, the final interest rate of the Loan was the Interbank Market reference interest rate (known in Brazil as “CDI”) plus 4.50% per year. Interest payments were made quarterly, beginning June 2016 and principal payments were made semi-annually, beginning September 2017.

The Loan would have matured on March 30, 2020 and periodic payments of principal were required. Prepayments were allowed without penalty. On April 11, 2017, the Company repaid the Loan with a total payment of $169.7 million including the outstanding principal, plus accrued and unpaid interest and certain transaction costs.

The Company incurred $3,243 of financing costs related to the issuance of the Loan, which were capitalized as DFC and were amortized over the life of the Loan. As a consequence of the repayment, the remaining DFC were recognized as interest expense in the consolidated statement of income.



Interest Expense (i) (ii)						DFC Amortization (ii)						Other Costs (ii) (iii)
2019		2018		2017		2019		2018		2017		2019		2018		2017
$	—	$	—	$	2,570	$	—	$	—	$	3,251	$	—	$	—	$	2,249



	Principal			Interest			Total
2020	$	3,233		$	40,190		$	43,423
2021	3,173			39,896			43,069
2022	3,370			39,568			42,938
2023	350,959			39,292			390,251
2024	2,307			15,974			18,281
Thereafter	268,730			41,151			309,881
Total payments	631,772			216,071			847,843
Interest	—			(216,071		)	(216,071		)
Discount on 2023 Notes	(2,504		)	—			(2,504		)
Premium on 2023 Notes	937			—			937
Deferred financing cost	(3,397		)	—			(3,397		)
Long-term debt	$	626,808		$	—		$	626,808