Page 30 - 2019 Annual Report

NOTES TO FINANCIAL STATEMENTS (continued)

Note H: Long‐Term Debt

December 31
(in millions) 2019 2018
4.25% Senior Notes, due 2024 $ 397.0 $ 396.4
7% Debentures, due 2025 124.4 124.3
3.450% Senior Notes, due 2027 297.3 296.9
3.500% Senior Notes, due 2027 495.3 494.8
6.25% Senior Notes, due 2037 228.1 228.1
4.250% Senior Notes, due 2047 591.7 591.5
Floating Rate Senior Notes, due 2020, interest rate of 2.55%
and 3.30% at December 31, 2019 and 2018, respectively 299.7 299.0
Floating Rate Senior Notes, due 2019, interest rate of
3.29% at December 31, 2018 — 299.2
Trade Receivable Facility, interest rate of 2.42% and 3.07% at December 31,
2019 and 2018, respectively 340.0 390.0
Other notes 0.1 0.2
Total 2,773.6 3,120.4
Less: current maturities (340.0 ) (390.0 )
Long‐term debt $ 2,433.6 $ 2,730.4

The Company’s 4.25% Senior Notes due 2024, 7% Debentures due 2025, 3.450% Senior Notes due 2027, 3.500% Senior Notes
due 2027, 6.25% Senior Notes due 2037, 4.250% Senior Notes due 2047 and Floating Rate Senior Notes due 2020 (collectively,
the “Senior Notes”) are senior unsecured obligations of the Company, ranking equal in right of payment with the Company’s
existing and future unsubordinated indebtedness. Upon a change‐of‐control repurchase event and a resulting below‐
investment‐grade credit rating, the Company would be required to make an offer to repurchase all outstanding Senior Notes,
with the exception of the 7% Debentures due 2025, at a price in cash equal to 101% of the principal amount of the Senior
Notes, plus any accrued and unpaid interest.
The Senior Notes are carried net of original issue discount, which is being amortized by the effective interest method over the
life of the issue. With the exception of the Floating Rate Senior Notes, due 2020, the Senior Notes are redeemable prior to their
respective maturity dates at a make‐whole redemption price. The principal amount, effective interest rate and maturity date
for the Senior Notes are as follows:

Principal Effective
Amount Interest
(in millions) Rate Maturity Date
4.25% Senior Notes $ 400.0 4.25% July 2, 2024
7% Debentures $ 125.0 7.12% December 1, 2025
3.450% Senior Notes $ 300.0 3.47% June 1, 2027
3.500% Senior Notes $ 500.0 3.53% December 15, 2027
6.25% Senior Notes $ 230.0 6.45% May 1, 2037
4.250% Senior Notes $ 600.0 4.27% December 15, 2047
Three‐month LIBOR +

Floating Rate Senior Notes, due 2020 $ 300.0 0.65% May 22, 2020

The Company has a credit agreement with JPMorgan Chase Bank, N.A., as Administrative Agent, Truist Bank, as successor by
merger to SunTrust Bank and formerly known as Branch Banking and Trust Company (BB&T), Deutsche Bank Securities, Inc.,
and Wells Fargo Bank, N.A., as Co‐Syndication Agents, and the lenders party thereto (the “Credit Agreement”), which provides
for a $700.0 million five‐year senior unsecured revolving facility (the “Revolving Facility”). Borrowings under the Revolving
Facility bear interest, at the Company’s option, at rates based upon LIBOR or a base rate, plus, for each rate, a margin
determined in accordance with a ratings‐based pricing grid.
The Credit Agreement requires the Company’s ratio of consolidated debt‐to‐consolidated earnings before interest, taxes,
depreciation, depletion and amortization (EBITDA), as defined, for the trailing‐twelve months (the “Ratio”) to not exceed 3.50x

Page 28 ♦ Annual Report Celebrating 25 Years as a Public Company