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Long-term Debt and Short-term Borrowings (Tables)
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Summary of Notes Payable and Long-Term Debt

Notes payable and long-term debt, listed in order of the priority of security interests in assets of the Company, consisted of the following as of September 30, 2024 and December 31, 2023:

 

(in millions)

 

September 30,
2024

 

 

December 31,
2023

 

Euro Senior Secured Term Loan A, due March 2026 (floating interest rate of 5.35% at September 30, 2024 and 5.93% at December 31, 2023)

 

$

205.5

 

 

$

218.2

 

USD Senior Secured Term Loan A, due March 2026 (floating interest rate of 6.94% at September 30, 2024 and 7.50% at December 31, 2023)

 

 

72.8

 

 

 

78.0

 

Australian Dollar Senior Secured Term Loan A, due March 2026 (floating interest rate of 6.48% at September 30, 2024 and 6.42% at December 31, 2023)

 

 

30.7

 

 

 

32.5

 

U.S. Dollar Senior Secured Revolving Credit Facility, due March 2026 (floating interest rate of 6.94% at September 30, 2024 and 7.4% at December 31, 2023)

 

 

13.5

 

 

 

7.3

 

Australian Dollar Senior Secured Revolving Credit Facility, due March 2026 (floating interest rate of 6.40% at September 30, 2024 and 6.42% at December 31, 2023)

 

 

9.0

 

 

 

14.3

 

Senior Unsecured Notes, due March 2029 (fixed interest rate of 4.25%)

 

 

575.0

 

 

 

575.0

 

Other borrowings

 

 

7.9

 

 

 

0.3

 

Total debt

 

 

914.4

 

 

 

925.6

 

Less:

 

 

 

 

 

 

Current portion

 

 

59.2

 

 

 

36.7

 

Debt issuance costs, unamortized

 

 

5.4

 

 

 

6.7

 

Long-term debt, net

 

$

849.8

 

 

$

882.2

 
Schedule of Applicable Rate and Undrawn Fee Based on Company's Consolidated Leverage Ratio

As of September 30, 2024, the maturity of the Credit Agreement was March 31, 2026 and the pricing was as follows:

Consolidated Leverage Ratio

 

Applicable Rate on Euro/AUD/CDN Dollar Loans

 

Applicable Rate on Base Rate Loans

 

Undrawn Fee

> 4.50 to 1.00

 

2.50 %

 

1.50 %

 

0.500 %

≤ 4.50 to 1.00 and > 4.00 to 1.00

 

2.25 %

 

1.25 %

 

0.375 %

≤ 4.00 to 1.00 and > 3.50 to 1.00

 

2.00 %

 

1.00 %

 

0.350 %

≤ 3.50 to 1.00 and > 3.00 to 1.00

 

1.75 %

 

0.75 %

 

0.300 %

≤ 3.00 to 1.00 and > 2.00 to 1.00

 

1.50 %

 

0.50 %

 

0.250 %

≤ 2.00 to 1.00

 

1.25 %

 

0.25 %

 

0.200 %
Summary of Financial Covenants and Pricing

No changes were made to the financial covenants and the pricing was updated as follows:

 

Level

 

Consolidated Leverage Ratio

 

SOFR Spread

 

Undrawn Fee

I

 

> 4.25x

 

225 bps

 

37.5 bps

II

 

> 3.50x

 

200 bps

 

35.0 bps

III

 

> 2.50x

 

175 bps

 

30.0 bps

IV

 

≤ 2.50x

 

150 bps

 

25.0 bps