v3.24.2
Debt
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Debt
9.    Debt
The following table presents information about our debt:
(dollars in millions)
June 30, 2024
December 31, 2023
Interest termsRateAmount
Receivables facility
SOFR1 plus 0.80%
6.24%
$233.3 $221.0 
Senior secured credit facilities:
Euro term loans B-4
EURIBOR plus 2.50%
6.15%
264.5 630.1 
Euro term loans B-5
EURIBOR plus 2.00%
5.65%
337.8 350.4 
U.S. dollar term loans B-5
SOFR1 plus —%
—%
— 787.6 
U.S. dollar term loans B-6
SOFR1 plus 2.00%
7.44%
760.5 — 
2.625% secured notesfixed rate
2.625%
696.5 718.7 
3.875% unsecured notesfixed rate
3.875%
800.0 800.0 
3.875% unsecured notesfixed rate
3.875%
428.6 442.3 
4.625% unsecured notesfixed rate
4.625%
1,550.0 1,550.0 
Finance lease liabilities67.0 68.3 
Other10.1 11.6 
Total debt, gross5,148.3 5,580.0 
Less: unamortized deferred financing costs(33.3)(43.4)
Total debt$5,115.0 $5,536.6 
Classification on balance sheets:
Current portion of debt$258.4 $259.9 
Debt, net of current portion4,856.6 5,276.7 
━━━━━━━━━
1.SOFR includes credit spread adjustment.
Interest expense, net includes interest income of $17.9 million and $15.5 million for the three months ended June 30, 2024 and June 30, 2023, respectively, and $35.8 million and $30.0 million for the six months ended June 30, 2024 and June 30, 2023, respectively. The interest income primarily relates to
income on our interest rate swaps and cross currency swaps. Refer to note 14 to the unaudited consolidated financial statements for more information.
Credit facilities
The following table presents availability under our credit facilities:
(in millions)
June 30, 2024
Receivables facilityRevolving credit facilityTotal
Capacity$333.5 $975.0 $1,308.5 
Undrawn letters of credit outstanding(14.5)— (14.5)
Outstanding borrowings(233.3)— (233.3)
Unused availability$85.7 $975.0 $1,060.7 
Capacity under the receivables facility is calculated as the lower of eligible borrowing base or facility limit of $400.0 million. Eligible borrowing base is determined as total available accounts receivable less ineligible accounts receivable and other adjustments. At June 30, 2024, total available accounts receivable under the receivables facility were $547.2 million.
In June 2023, we amended the revolving credit facility to increase its funding limit up to $975.0 million and extended the term to June 29, 2028. We capitalized $2.3 million of fees in connection with this transaction.
Senior secured credit facilities
On April 2, 2024, we amended the credit agreement to reprice the U.S. Dollar term loan under our senior secured credit facilities. Pursuant to the agreement, the interest rate applicable to the U.S. Dollar term loan reduced from SOFR plus a spread of 2.25% per annum to SOFR plus a spread of 2.00% per annum. The principal amount of U.S. Dollar term loan outstanding immediately prior to the amendment and the outstanding principal amount of U.S. Dollar term loan immediately following the amendment each totaled $772.4 million. The final stated maturity of the U.S. Dollar term loan remains November 6, 2027. The costs to complete the amendment were not material.
During the quarter ended June 30, 2024, we made prepayments of $10.0 million on our U.S. dollar term loan B-6 that matures on November 6, 2027 and prepayments of $156.2 million on our Euro term loan B-4 that matures on June 10, 2028. In connection with these prepayments, we expensed $1.9 million of previously unamortized deferred financing costs as a loss on extinguishment of debt.
Debt covenants
Our debt agreements include representations and covenants that we consider usual and customary, and our receivables facility and senior secured credit facilities include a financial covenant that becomes applicable for periods in which we have drawn more than 35% of our revolving credit facility under the senior secured credit facilities. In this circumstance, we are not permitted to have combined borrowings on our senior secured credit facilities and secured notes in excess of a pro forma net leverage ratio, as defined in our credit agreements. As we had not drawn more than 35% of our revolving credit facility in this period, this covenant was not applicable at June 30, 2024.