Debt

The components of total debt are summarized in the following table ($ in millions):



	March 31, 2017			December 31, 2016
Term Loan A-1	$	60.0		$	60.0
Term Loan A-2	246.3			246.9
Revolving Credit Agreement - U.S. dollar borrowings	417.5			131.0
French Employee Profit Sharing	9.5			9.5
Less: Debt issuance costs	(7.2		)	(7.0		)
Total Debt	726.1			440.4
Less: Current debt	(2.9		)	(3.0		)
Long-Term Debt	$	723.2		$	437.4

Credit Agreement

On December 1, 2016, the Company entered into the First Amendment to Second Amended and Restated Credit Agreement ("First Amendment") with JPMorgan Chase Bank, N.A. as administrative agent. Under the terms of the First Amendment, and effective upon the closing of the Conwed acquisition on January 20, 2017, the Company's maximum net debt to EBITDA ratio, calculated on a trailing four fiscal quarter basis, is required to be not greater than 4.25 at December 31, 3017, reducing to 4.00 after December 31, 2017, 3.75 after March 31, 2018, 3.50 after June 30, 2018 and 3.00 after December 31, 2018.

On October 28, 2015, the Company, together with two of its Luxembourg-based wholly-owned holding subsidiaries, entered into the Second Amended and Restated Credit Agreement, or the Amended Credit Agreement, with JPMorgan Chase Bank, N.A., as administrative agent, providing for credit facilities in the aggregate principal amount of $1 billion, consisting of a $650 million revolving credit facility, or Revolving Credit Facility, available to the Company; a $100 million Term Loan A-1, or Term Loan A-1, made to the Company; and a $250 million Term Loan A-2, or Term Loan A-2 and, together with Term Loan A-1, the Term Loans, made to the Company. The Revolving Credit Facility matures on October 28, 2020. The Term Loan A-1 amortizes at the rate of 5.0% for the first two years, at the rate of 10.0% for the final three years and matures on October 28, 2020. The Term Loan A-2 amortizes at the rate of 1.0% per year and matures on October 28, 2022. The Term Loans are generally subject to mandatory repayment out of the net cash proceeds of asset sales which are not reinvested in operating assets. The credit facilities are secured by substantially all of the personal property of the Company and its domestic subsidiaries, while the obligations of the Luxembourg-based holding subsidiaries are secured by a pledge of certain of the equity interests held in their operating subsidiaries. In December 2015, the Company prepaid the full amount of amortization for Term Loan A-1, which totaled $40 million.

The interest rate margins applicable to the Revolving Credit Facility and the Term Loans under the Amended Credit Agreement are based on a fluctuating rate of interest measured by reference to either, at the Company's option, (i) a base rate, plus an applicable margin, which ranges from 0.25% to 1.50%, in the case of the Revolving Credit Facility and Term Loan A-1, and from 0.50% to 1.75%, in the case of Term Loan A-2, or (ii) an adjusted London interbank offered rate (adjusted for maximum reserves), or LIBOR, plus an applicable margin, which ranges from 1.25% to 2.50%, in the case of the Revolving Credit Facility and Term Loan A-1, and from 1.50% to 2.75%, in the case of Term Loan A-2. The applicable margin, in each case, will be adjusted from time to time based on the Company's ratio of net debt to EBITDA as defined in the Amended Credit Agreement. As of March 31, 2017, the average interest rate was 2.75% on outstanding Revolving Credit Facility borrowings, 2.75% on outstanding Term Loan A-1 borrowings and 3.00% on outstanding Term Loan A-2 borrowings. The weighted average effective interest rate on our debt facilities was approximately 2.81% and 2.28% for the three months ended March 31, 2017 and 2016, respectively.

In addition to the updated net debt to EBITDA ratios noted above, the Amended Credit Agreement also contains representations and warranties which are customary for facilities of this type and other covenants and provisions. The Company was in compliance with all of its covenants under the Amended Credit Agreement at March 31, 2017.

In conjunction with the First Amendment, the company capitalized approximately $0.6 million in deferred debt issuance costs which will be amortized over the term of the related debt instrument. As of March 31, 2017 and December 31, 2016, the Company's total deferred debt issuance costs, net of accumulated amortization, were $7.2 million and $7.0 million, respectively. Amortization expense of $0.4 million was recorded during both the three months ended March 31, 2017 and 2016, and has been included as a component of Interest expense in the accompanying consolidated statements of income.

Fair Value of Debt

At March 31, 2017 and December 31, 2016, the estimated fair values of the Company’s current and long-term debt approximated the respective carrying amounts as the interest rates were variable and based on current market indices.