Summary of Debt Outstanding (as of June 30, 2018)
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During the third quarter of 2016, the company entered into a commercial paper program under which the company may issue commercial paper notes up to a maximum amount of $1.0 billion. Borrowings under the commercial paper program are backstopped by the 2015 Credit Facility. Amounts under the commercial paper program may be re-borrowed. The maturity of the commercial paper program notes will vary, but may not exceed 397 days from the date of issue. The commercial paper notes are sold at a discount from par, or alternatively, sold at par and bear interest at rates that will vary based upon market conditions. The rates of interest will depend on whether the commercial paper notes will be a fixed or floating rate. At June 30, 2018, the company had commercial paper borrowing outstanding of $90.0 million with a weighted average maturity date at the time of issuance of 33 days. Indebtedness is net of unamortized discount of $0.1 million in 2018 and $0.1 million in 2017. At June 30, 2018, the weighted average remaining maturity and interest rate on commercial paper outstanding was 11 days and 2.35%, respectively.
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During the first quarter of 2017, the company issued $300 million aggregate principal amount of publicly traded senior unsecured floating rate notes which mature on September 4, 2018. The notes bear interest at a floating rate which is calculated as three-month LIBOR as determined on the interest determination date plus 0.35%. Interest will accrue from March 2, 2017, and will be paid quarterly and on the maturity date to the record holders at the close of business on the business date preceding the interest payment date. Indebtedness is net of an unamortized debt issuance cost of $0.1 million in 2018 and $0.5 million in 2017.
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During the third quarter of 2014, the company issued $450 million of 2.750% publicly traded Senior Notes which mature on July 15, 2019. Indebtedness is net of unamortized discount of $0.2 million in 2018 and $0.2 million in 2017, and includes a fair value adjustment on an interest rate hedge of $(4.4) million in 2018 and $(2.2) million in 2017 and an unamortized debt issuance cost of $0.7 million in 2018 and $1.1 million in 2017.
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During the second quarter of 2017, the company entered into a three-year term loan facility with the capacity to borrow up to $500.0 million. In the third quarter of 2017, the company borrowed $500.0 million under the 2017 Term Loan for which the proceeds were used to fund the acquisition of Bureau van Dijk and to pay acquisition-related fees and expenses. In the second quarter of 2018, the company repaid $450.0 million and as of June 30, 2018, $50.0 million remained outstanding. At the company’s election, interest on borrowings under the 2017 Term Loan is payable at rates that are based on either (a) Alternate Base Rate (as defined in the 2017 Term Loan Facility agreement) plus an applicable rate (ranging from 0 BPS to 50 BPS per annum) or (b) the Adjusted LIBO Rate (as defined in the 2017 Term Loan Facility agreement) plus an applicable rate (ranging from 87.5 BPS to 150 BPS per annum), in each case, depending on the company’s index debt rating, as set forth in the 2017 Term Loan agreement. The 2017 Term Loan contains a financial covenant that requires the Company to maintain a debt to EBITDA ratio of not more than: (i) 4.5 to 1.0 as of the end of each fiscal quarter ending on September 30, 2017, December 31, 2017 and March 31, 2018 and (ii) 4.0 to 1.0 as of the end of the fiscal quarter ended on June 30, 2018.
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During the third quarter of 2010, the company issued $500 million of 5.500% publicly traded Senior Notes which mature on September 1, 2020. Indebtedness is net of unamortized discount of $0.8 million in 2018 and $1.0 million in 2017, and includes a fair value adjustment on an interest rate hedge of $(7.3) million in 2018 and an unamortized debt issuance cost of $0.9 million in 2018 and $1.2 million in 2017.
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During the first quarter of 2017, the company issued $500 million of 2.75% publicly traded Senior Notes which mature on December 15, 2021. Indebtedness is net of unamortized discount of $1.1 million in 2018 and $1.3 million in 2017 and an unamortized debt issuance cost of $2.9 million and $3.2 million 2017.
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During the second quarter of 2018, the company issued $300 million of 3.250% publicly traded Senior Notes which mature on June 7, 2021. Indebtedness is net of unamortized discount of $0.4 million in 2018 and includes an unamortized debt issuance cost of $1.7 million in 2018.
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During the third quarter of 2012, the company issued $500 million of 4.500% publicly traded Senior Notes which mature on September 1, 2022. Indebtedness is net of unamortized discount of $1.8 million in 2018 and $2.0 million in 2017 and includes a fair value adjustment on an interest rate hedge of $(2.8) million in 2018 and $(0.8) million in 2017 and includes an unamortized debt issuance cost of $1.6 million in 2018 and $1.7 million in 2017.
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During the second quarter of 2017, the company issued $500 million of 2.625% Notes which mature on January 15, 2023. Indebtedness is net of unamortized discount of $1.0 million in 2018 and $1.1 million in 2017 and includes an unamortized debt issuance cost of $3.2 million in 2018 and $3.5 million in 2017.
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During the third quarter of 2013, the company issued $500 million of 4.875% publicly traded Senior Notes which mature on February 15, 2024. Indebtedness is net of unamortized discount of $1.7 million in 2018 and $1.8 million in 2017 and includes an unamortized debt issuance cost of $2.2 million in 2018 and $2.4 million in 2017.
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During the first quarter of 2015, the company issued €500 million of 1.750% publicly traded Senior Notes which mature on March 9, 2027. Indebtedness is net of an unamortized debt issuance cost of $3.3 million in 2018 and $3.6 million in 2017. The table above reflects the conversion to USD using the spot rate as of June 30, 2018 of $1.17 to €1.
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During the second quarter of 2017, the company issued $500 million of 3.250% Notes which mature on January 15, 2028. Indebtedness is net of unamortized discount of $5.0 million in 2018 and $5.2 million in 2017 and includes an unamortized debt issuance cost of $3.8 million in 2018 and $3.9 million in 2017.
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During the third quarter of 2014, the company issued $300 million of 5.250% publicly traded Senior Notes which mature on July 15, 2044. During the fourth quarter of 2015, the company issued an additional $300 million of 5.250% publicly traded Senior Notes which mature on July 15, 2044. Indebtedness includes an unamortized premium of $3.3 million in 2018 and $3.3 million in 2017 and an unamortized debt issuance cost of $5.6 million in 2018 and $5.7 million in 2017.
*2015 Senior Notes due 2027 have been converted to USD using the spot rate as of June 30, 2018 of $1.17 to €1. See footnote (k) in above table for details.