As at March 31, 2018 1 Drawn Total Facility Current all-in rate 4 Maturity
US$ m US$ m LC2  m
2018 Euro Term Loan 185.8 185.8 EUR 150.8 3.75% 3 May 1, 2019
2019 Euro Term Loan 290.0 290.0 EUR 235.3 3.75% 3 Nov 1, 2021  6
2021 Euro Term Loan 577.6 577.6 EUR 468.8 4.25% 3 April 26, 2023 6
2021 Revolving Credit Facility - - USD 75.0 L+4.0% 5 April 26, 2023 6
Accrued guarantee and commitment fees 69.6  
Gross debt and related payables 1,123.0  
Lease Obligations 10.2  
Total debt and related payables 1,133.2  
Less: Unrestricted cash (74.3)  
Net debt 1,058.9  
Weighted average borrowing cost of gross debt ​4 4.06%  

Debt in currencies other than US$ are translated at FX rates as at March 31, 2018. Debt terms reflect transaction entered into April 25, 2018.

LC: local currency.

Reflects rates payable under new pricing grids in a transaction effective April 26, 2018, which depend on CME's net leverage ratio as outlined in the tables below. In addition, we can achieve a further reduction of up to 50 basis points in the all-in rate if we reduce our long-term debt to less than EUR 815.0 million, subject to certain adjustments in respect of specified debt repayments, on or prior to September 30, 2018.

 

2018 and 2019 Euro Term Loan

Consolidated Net Leverage Total Rate
≥ 7.0x 6.00%
< 7.0x - 6.0x 5.00%
< 6.0x - 5.0x 4.25%
< 5.0x - 4.0x 3.75%
< 4.0x 3.25%

2021 Euro Term Loan

Consolidated Net Leverage Total Rate
≥ 7.0x 6.50%
< 7.0x - 6.0x 5.50%
< 6.0x - 5.0x 4.75%
< 5.0x - 4.0x 4.25%
< 4.0x - 3.0x 3.75%
< 3.0x 3.50%

Rates are effective from May 2018.

Effective April 26, 2018, total all-in rate ranges from LIBOR+6.25% (subject to a floor of 2%) to LIBOR+3.25% (subject to a floor of 2%), depending on CME's net leverage ratio.

Maturity dates extended in transaction entered into April 25, 2018.