Type SizeAAA

Outstanding Debt Information

Print Page Print Page | E-mail Page Email Page | RSS Feeds RSS Feeds | E-mail Alerts Email Alerts | Financial Tear Sheet Financial Tear Sheet

The following summarizes GATX's outstanding debt as of December 31, 2016
(Including off-balance-sheet debt)



Outstanding Debt
The following table shows the carrying value of our debt by major component, including off-balance-sheet debt, as of December 31, 2016 (in millions):

 
Secured
Unsecured
Total
Commercial paper and borrowings under bank credit facilities (1)
     -
$ 3.8
$ 3.8
Recourse debt
     -
4,253.2
4,253.2
Nonrecourse debt (2)
     -
-
     -
Capital Lease Obligations
14.9
-
14.9
Balance sheet debt(3)
14.9
4,257.0
4,271.9
Recourse off-balance-sheet debt (4)
459.1

-
459.1

Off-balance-sheet debt
459.1

-

459.1
Total debt
$474.0


$4,257.0


$4,731.0


      (1) Short-term borrowings comprises commercial paper issued in the US and borrowings under bank credit facilities in Europe. Commercial paper is backed by a $600 million unsecured revolving credit facility in the US that matures in May 2021. At December 31, 2016, the full $600 million was available under the facility.
(2) Nonrecourse debt is primarily collateralized by assigned lease cash flows and a security interest in the underlying lease assets. Nonrecourse lenders take the credit risk of the transaction and have no claim on the unsecured assets of GATX. In the event of default by the lessee, the lender of nonrecourse debt may only look to the collateral for repayment.
(3) Includes adjustments for fair value hedges, debt discounts, and debt issuance costs.
(4) Off-balance-sheet debt represents the estimated present value of committed operating lease payments and is equivalent to the amount we report as off-balance sheet assets.

Note: All information is derived from the Company’s Form 10-K for the year ended December 31, 2016, as filed with the Securities and Exchange Commission.