DEBT | DEBT The Company’s debt and capital lease obligations consisted of the following: ($ amounts in millions) Maturity Date Interest Rate December 31, 2018 December 31, 2017 Senior Notes - USD 1.10 billion (1) 2022 6.50% $ 1,067.1 $ 1,086.1 Senior Notes - EUR 350 million (1) 2023 6.00% 397.4 415.1 Senior Notes - USD 800 million (1) 2025 5.875% 784.9 783.2 First Lien Credit Facility - USD Term Loans (2) 2020 > of 3.50% or LIBOR plus 2.50% 624.3 620.4 First Lien Credit Facility - USD Term Loans (2) 2021 > of 4.00% or LIBOR plus 3.00% 1,124.7 1,121.2 First Lien Credit Facility - Euro Term Loans (2) 2020 > of 3.25% or EURIBOR plus 2.50% 666.2 694.3 First Lien Credit Facility - Euro Term Loans (2) 2021 > of 3.50% or EURIBOR plus 2.75% 685.3 716.0 Borrowings under the Revolving Credit Facility LIBOR plus 3.00% 25.0 — Other 1.1 10.9 Total debt and capital lease obligations 5,376.0 5,447.2 Less: current installments of long-term debt and revolving credit facilities 25.3 10.1 Total long-term debt and capital lease obligations $ 5,350.7 $ 5,437.1 (1) Net of unamortized premium, discounts and debt issuance costs of $29.9 million and $35.5 million at December 31, 2018 and 2017 , respectively. Weighted average effective interest rate of 6.5% at December 31, 2018 and 2017 . (2) First Lien Credit Facility term loans net of unamortized discounts and debt issuance costs of $22.4 million and $33.3 million at December 31, 2018 and 2017 , respectively. Weighted average effective interest rate of 4.6% and 4.5% at December 31, 2018 and 2017 , respectively, including the effects of interest rate swaps. See Note 13 , Financial Instruments, to the Consolidated Financial Statements for further information regarding the Company's interest rate swaps. Minimum future principal payments on long-term debt were as follows: ($ amounts in millions) Long-Term Debt 2019 $ — 2020 1,300.0 2021 (*) 1,822.8 2022 1,078.0 2023 401.4 Thereafter 800.0 Total $ 5,402.2 (*) In the event the Company is able to prepay, redeem or otherwise retire and/or refinance in full its $1.10 billion , 6.50% USD Notes due 2022, as permitted under the Credit Agreement, on or prior to November 2, 2021, the maturity date of approximately $1.82 billion of first lien debt will be extended to June 7, 2023 from November 2, 2021. Credit Agreement At December 31, 2018, the Company was party to the Credit Agreement, which governed the First Lien Credit Facility and the Revolving Credit Facility (in U.S. dollar or multicurrency). A portion of the Revolving Credit Facility not in excess of $30.0 million was available for the issuance of letters of credit. At December 31, 2018 , the maximum borrowing capacity under the Credit Agreement totaled $485 million , which consisted of (i) an aggregate principal amount of up to $240 million under the Revolving Credit Facility to be denominated in U.S. dollars, and (ii) an aggregate principal amount of up to $245 million under the Revolving Credit Facility to be denominated in multicurrency. Loans under the Revolving Credit Facility bore interest at a rate per annum equal to 3.00% plus an adjusted eurocurrency rate, or 2.00% plus an adjusted base rate, each as calculated as set forth in the Credit Agreement. The Company was required to pay a quarterly commitment fee of 0.50% on the unused balance of the Revolving Credit Facility. The obligations incurred under the Credit Agreement were guaranteed by substantially all of the Company’s domestic subsidiaries, and with respect to the obligations denominated in euros, the Company and certain of its international subsidiaries. Substantially all of the Company’s domestic subsidiaries, and certain of its international subsidiaries, had granted security interests in substantially all of their assets in connection with such guarantees, including, but not limited to, their equity interests and personal property. Covenants, Events of Default and Provisions At December 31, 2018 , the Company was in compliance with the debt covenants contained in its Credit Facilities and, in accordance with applicable debt covenants, had full availability of its remaining borrowing capacity of $450 million , net of letters of credit, under the Revolving Credit Facility. Subsequent Event Using the proceeds from the Arysta Sale, on January 31, 2019, the Company paid down the Credit Facilities, including the First Lien Credit Facility and the Revolving Credit Facility under the Credit Agreement and expensed the related unamortized premiums, discounts and debt issuance costs during the first quarter of 2019. The Credit Agreement was then terminated and replaced, on January 31, 2019, with the New Credit Agreement, which provides for new senior secured credit facilities in an aggregate principal amount of $1.08 billion , consisting of a revolving facility in an aggregate principal amount of $330 million maturing in 2024 and a term loan in an aggregate principal amount of $750 million maturing in 2026. On the closing date of the Arysta Sale, the $750 million term loan was borrowed under the New Credit Agreement. Borrowings under the New Credit Agreement bear interest at a rate per annum equal to a base rate, as defined in the New Credit Agreement, plus, in each case, an applicable rate equal to a spread of 1.25% with respect to Base Rate Loans and a spread of 2.25% with respect to Eurocurrency Rate Loans. The Company will pay a commitment fee in respect of any undrawn portion of the Revolver of 0.50% per annum, subject to a stepdown to 0.375% based on the Company’s first lien net leverage ratio. The credit facilities under the New Credit Agreement are guaranteed, jointly and severally, by certain of the Company’s domestic subsidiaries and secured by a first-priority security interest in substantially all of the assets of the borrowers and the guarantors, including mortgages on material real property, subject to certain exceptions. The New Credit Agreement also contains customary representations and warranties, and affirmative and negative covenants, including limitations on additional indebtedness, dividends, and other distributions, entry into new lines of business, use of loan proceeds, capital expenditures, restricted payments, restrictions on liens on the assets of the borrowers or any guarantor, transactions with affiliates, amendments to organizational documents, accounting changes, sale and leaseback transactions, and dispositions. If the borrowers have total outstanding borrowings under the revolver (subject to certain exceptions) in excess of 30.0% of the commitment amount under the revolver, the revolver requires that the Company maintain a first lien net leverage ratio of at least 5.0 to 1.0 , subject to a right to cure. The New Credit Agreement requires the borrowers to make mandatory prepayments of borrowings, subject to certain exceptions, as described in the New Credit Agreement. In addition, the New Credit Agreement contains customary events of default that include, among others, non-payment of principal, interest or fees, violation of covenants, inaccuracy of representations and warranties, failure to make payment on, or defaults with respect to, certain other material indebtedness, bankruptcy and insolvency events, material judgments and change of control provisions. Upon the occurrence of an event of default, and after the expiration of any applicable grace period, payment of any outstanding loans under the New Credit Agreement may be accelerated and the lenders could foreclose on their security interests in the assets of the borrowers and the guarantors. Senior Notes 5.875% USD Notes due 2025 The 5.875% USD Notes due 2025 are governed by the 5.875% USD Notes Indenture which provides, among other things, for customary affirmative and negative covenants, events of default and other customary provisions. The Company also has the option to redeem the 5.875% USD Notes due 2025 prior to their maturity, subject to, in certain cases, the payment of an applicable make-whole premium. The 5.875% USD Notes due 2025 are unsecured. At December 31, 2018, the 5.875% USD Notes due 2025 were fully and unconditionally guaranteed on a senior unsecured basis by generally all of the Company’s domestic subsidiaries that used to guarantee the obligations of the borrowers under the Credit Agreement. Prior Senior Notes At December 31, 2018, the Prior Senior Notes were governed by the Prior Senior Notes Indenture which provided, among other things, for customary affirmative and negative covenants, events of default and other customary provisions. The Company also had the option to redeem the Prior Senior Notes prior to their maturity, subject to, in certain cases, the payment of an applicable make-whole premium. The Prior Senior Notes were unsecured and fully and unconditionally guaranteed on a senior unsecured basis by generally all of the Company’s domestic subsidiaries that used to guarantee the obligations of the borrowers under the Credit Agreement. Subsequent Events On February 1, 2019, the Company completed the redemption of all outstanding Prior Senior Notes and, as a result, the Prior Senior Notes Indenture was terminated, releasing the Company and the guarantors named therein from their obligation under the Prior Senior Notes and the Prior Senior Notes Indenture. In connection with this redemption, the Company paid approximately $29.5 million of call premiums and wrote-off the related unamortized premiums, discounts and debt issuance costs during the first quarter of 2019. The Company funded the redemption with a portion of the net proceeds from the Arysta Sale and a portion of the borrowings under the New Credit Agreement, as described above. The 5.875% USD Notes due 2025 were not redeemed and remain outstanding. At January 31, 2019, these notes are fully and unconditionally guaranteed on a senior unsecured basis by generally all of the Company’s domestic subsidiaries that guarantee the obligations of the borrowers under the New Credit Agreement. Lines of Credit and Other Debt Facilities The Company has access to various revolving lines of credit, short-term debt facilities, and overdraft facilities worldwide which are used to fund short-term cash needs. At December 31, 2018 , the aggregate principal amount outstanding under such facilities totaled $25.0 million . There were no amounts outstanding at December 31, 2017. The Company had letters of credit outstanding of $10.2 million and $19.3 million at December 31, 2018 and 2017 , respectively, of which $9.7 million and $18.6 million at December 31, 2018 and 2017 , respectively, reduced the borrowings available under the various facilities. At December 31, 2018 and 2017 , the availability under these facilities was approximately $481 million and $509 million , respectively, net of outstanding letters of credit. Subsequent Event The revolving facility under the New Credit Agreement includes borrowing capacity in the form of letters of credit of up to $100 million |