Maximum priority debt to total assets ratio (percent)

[T](#ic6799676e16f4a73b9fbe61f891b870d_7)[able of Contents](#ic6799676e16f4a73b9fbe61f891b870d_7)NOTE 4: FINANCING ARRANGEMENTSThe components of our short-term and long-term debt and the associated interest rates were as follows (dollars in thousands):

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|  |  | Average interest rate as of |  |  |  | Carrying value as of |
|  |  | December 31, 2021 |  | December 31, 2020 |  | Maturity |  | December 31, 2021 |  | December 31, 2020 |
| Revolving credit facility |  | 1.23  | % |  | —  | % |  | October 2023 |  | $ | 525,000  |  |  | $ | —  |  |
| Senior Notes, Series A |  | 3.97  | % |  | 3.97  | % |  | August 2023 |  | 175,000  |  |  | 175,000  |  |
| Senior Notes, Series B |  | 4.26  | % |  | 4.26  | % |  | August 2028 |  | 150,000  |  |  | 150,000  |  |
| Senior Notes, Series C |  | 4.60  | % |  | 4.60  | % |  | August 2033 |  | 175,000  |  |  | 175,000  |  |
| Receivables securitization facility (1) |  | 0.73  | % |  | —  | % |  | November 2023 |  | 299,481  |  |  | —  |  |
| Senior Notes (1) |  | 4.20  | % |  | 4.20  | % |  | April 2028 |  | 594,168  |  |  | 593,301  |  |
| Total debt |  | 1,918,649  |  |  | 1,093,301  |  |
| Less: Current maturities and short-term borrowing |  | (525,000) |  |  | —  |  |
| Long-term debt |  | $ | 1,393,649  |  |  | $ | 1,093,301  |  |

\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ (1) Net of unamortized discounts and issuance costs.SENIOR UNSECURED REVOLVING CREDIT FACILITYWe have a senior unsecured revolving credit facility (the “Credit Agreement”) with a total availability of $1 billion and a maturity date of October 24, 2023. Borrowings under the Credit Agreement generally bear interest at a variable rate determined by a pricing schedule or the base rate (which is the highest of (a) the administrative agent's prime rate, (b) the federal funds rate plus 0.50 percent, or (c) the sum of one-month LIBOR plus a specified margin). As of December 31, 2021, the variable rate equaled LIBOR plus 1.13 percent. In addition, there is a commitment fee on the average daily undrawn stated amount under each letter of credit issued under the facility ranging from 0.075 percent to 0.200 percent. The recorded amount of borrowings outstanding approximates fair value because of the short maturity period of the debt; therefore, we consider these borrowings to be a Level 2 financial liability. The Credit Agreement contains various restrictions and covenants that require us to maintain certain financial ratios, including a maximum leverage ratio of 3.50 to 1.00. The Credit Agreement also contains customary events of default. If an event of default under the Credit Agreement occurs and is continuing, then the administrative agent may declare any outstanding obligations under the Credit Agreement to be immediately due and payable. In addition, if we become the subject of voluntary or involuntary proceedings under any bankruptcy, insolvency, or similar law, then any outstanding obligations under the Credit Agreement will automatically become immediately due and payable. On November 19, 2021, we amended the Credit Agreement to among other things, facilitate the terms of the Receivables Securitization Facility and include provisions for benchmark replacements to LIBOR. NOTE PURCHASE AGREEMENTOn August 23, 2013, we entered into a Note Purchase Agreement with certain institutional investors (the “Purchasers”). On August 27, 2013, the Purchasers purchased an aggregate principal amount of $500 million of our Senior Notes, Series A, Senior Notes Series B, and Senior Notes Series C, collectively (the “Notes”). Interest on the Notes is payable semi-annually in arrears. The fair value of the Notes approximated $543.5 million at December 31, 2021. We estimate the fair value of the Notes primarily using an expected present value technique, which is based on observable market inputs using interest rates currently available to companies of similar credit standing for similar terms and remaining maturities, and considering our own risk. If the Notes were recorded at fair value, they would be classified as Level 2. The Note Purchase Agreement contains various restrictions and covenants that require us to maintain certain financial ratios, including a maximum leverage ratio of 3.00 to 1.00, a minimum interest coverage ratio of 2.00 to 1.00, and a maximum consolidated priority debt to consolidated total asset ratio of 15 percent. The Note Purchase Agreement provides for customary events of default. The occurrence of an event of default would permit certain Purchasers to declare certain Notes then outstanding to be immediately due and payable. Under the terms of the Note Purchase Agreement, the Notes are redeemable, in whole or in part, at 100 percent of the principal amount being redeemed together with a “make-whole amount” (as defined in the Note Purchase Agreement), and accrued and unpaid interest with respect to each Note. The obligations of the company under the Note Purchase Agreement and the Notes are guaranteed by C.H. Robinson Company, a Delaware corporation and a wholly-owned subsidiary of the company, and by C.H. Robinson 50
