| Schedule Of Long-Term Debt |
The following represents a summary of our long-term debt as of DecemberÌý31, 2014 and 2013:
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($ in Millions) |
Ìý |
DecemberÌý31, 2014 |
Ìý |
Debt Instrument |
Ìý |
Type |
Ìý |
Annual Effective Interest Rate |
Ìý |
Final Maturity |
Ìý |
Total Principal Amount |
Ìý |
Total Debt |
Ìý |
$700 Million 4.875% 2021 Senior Notes |
Ìý |
Fixed |
Ìý |
4.88% |
Ìý |
2021 |
Ìý |
$ |
690.0 |
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Ìý |
$ |
689.5 |
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(1) |
$1.3 Billion Senior Notes: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
$500 Million 4.80% 2020 Senior Notes |
Ìý |
Fixed |
Ìý |
4.83% |
Ìý |
2020 |
Ìý |
490.0 |
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Ìý |
489.4 |
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(2) |
$800 Million 6.25% 2040 Senior Notes |
Ìý |
Fixed |
Ìý |
6.34% |
Ìý |
2040 |
Ìý |
800.0 |
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Ìý |
790.5 |
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(3) |
$400 Million 5.90% 2020 Senior Notes |
Ìý |
Fixed |
Ìý |
5.98% |
Ìý |
2020 |
Ìý |
395.0 |
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Ìý |
393.7 |
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(4) |
$500 Million 3.95% 2018 Senior Notes |
Ìý |
Fixed |
Ìý |
5.17% |
Ìý |
2018 |
Ìý |
480.0 |
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Ìý |
477.4 |
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(5) |
$1.125 Billion Credit Facility: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Revolving Credit Agreement |
Ìý |
Variable |
Ìý |
2.94% |
Ìý |
2017 |
Ìý |
1,125.0 |
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Ìý |
— |
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(6) |
Equipment Loans |
Ìý |
Fixed |
Ìý |
Various |
Ìý |
2020 |
Ìý |
164.8 |
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Ìý |
140.8 |
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Ìý |
Fair Value Adjustment to Interest Rate Hedge |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
2.8 |
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Ìý |
Total debt |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
$ |
4,144.8 |
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Ìý |
$ |
2,984.1 |
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Ìý |
Less current portion |
Ìý |
Ìý |
Ìý |
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Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
21.8 |
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Ìý |
Long-term debt |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
$ |
2,962.3 |
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Ìý |
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($ in Millions) |
Ìý |
December 31, 2013 |
Ìý |
Debt Instrument |
Ìý |
Type |
Ìý |
Annual Effective Interest Rate |
Ìý |
Final Maturity |
Ìý |
Total Face Amount |
Ìý |
Total Debt |
Ìý |
$700 Million 4.875% 2021 Senior Notes |
Ìý |
Fixed |
Ìý |
4.88% |
Ìý |
2021 |
Ìý |
$ |
700.0 |
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Ìý |
$ |
699.4 |
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(1) |
$1.3 Billion Senior Notes: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
$500 Million 4.80% 2020 Senior Notes |
Ìý |
Fixed |
Ìý |
4.83% |
Ìý |
2020 |
Ìý |
500.0 |
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Ìý |
499.2 |
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(2) |
$800 Million 6.25% 2040 Senior Notes |
Ìý |
Fixed |
Ìý |
6.34% |
Ìý |
2040 |
Ìý |
800.0 |
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Ìý |
790.4 |
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(3) |
$400 Million 5.90% 2020 Senior Notes |
Ìý |
Fixed |
Ìý |
5.98% |
Ìý |
2020 |
Ìý |
400.0 |
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Ìý |
398.4 |
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(4) |
$500 Million 3.95% 2018 Senior Notes |
Ìý |
Fixed |
Ìý |
4.14% |
Ìý |
2018 |
Ìý |
500.0 |
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Ìý |
496.5 |
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(5) |
$1.75 Billion Credit Facility: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Revolving Loan |
Ìý |
Variable |
Ìý |
1.64% |
Ìý |
2017 |
Ìý |
1,750.0 |
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Ìý |
— |
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(6) |
Equipment Loans |
Ìý |
Fixed |
Ìý |
Various |
Ìý |
2020 |
Ìý |
164.8 |
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Ìý |
161.7 |
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Ìý |
Fair Value Adjustment to Interest Rate Hedge |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
(2.1 |
) |
Ìý |
Total debt |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
$ |
4,814.8 |
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Ìý |
$ |
3,043.5 |
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Ìý |
Less current portion |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
20.9 |
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Ìý |
Long-term debt |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
$ |
3,022.6 |
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Ìý |
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(1) |
During the fourth quarter of 2014, we purchased $10.0 million of outstanding 4.875 percent senior notes that were trading at a discount of 40.5 percent which resulted in a gain on the extinguishment of debt of $4.1 million. As of DecemberÌý31, 2014, the $700.0 million 4.875 percent senior notes were recorded at a par value of $690.0 million less unamortized discounts of $0.5 million, based on an imputed interest rate of 4.88 percent. As of DecemberÌý31, 2013, the $700.0 million 4.875 percent senior notes were recorded at a par value of $700.0 million less unamortized discounts of $0.6 million, based on an imputed interest rate of 4.88 percent.
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(2) |
During the fourth quarter of 2014, we purchased $10.0 million of outstanding 4.80 percent senior notes that were trading at a discount of 40.25 percent which resulted in a gain on the extinguishment of debt of $4.0 million. As of DecemberÌý31, 2014, the $500.0 million 4.80 percent senior notes were recorded at a par value of $490.0 million less unamortized discounts of $0.6 million, based on an imputed interest rate of 4.83 percent. As of DecemberÌý31, 2013, the $500.0 million 4.80 percent senior notes were recorded at a par value of $500.0 million less unamortized discounts of $0.8 million, based on an imputed interest rate of 4.83 percent.
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(3) |
As of DecemberÌý31, 2014 and DecemberÌý31, 2013, the $800.0 million 6.25 percent senior notes were recorded at par value of $800.0 million less unamortized discounts of $9.5 million and $9.6 million, respectively, based on an imputed interest rate of 6.34 percent.
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(4) |
During the fourth quarter of 2014, we purchased $5.0 million of outstanding 5.90 percent senior notes that were trading at a discount of 38.125 percent which resulted in a gain on the extinguishment of debt of $1.9 million. As of DecemberÌý31, 2014, the $400.0 million 5.90 percent senior notes were recorded at a par value of $395.0 million less unamortized discounts of $1.3 million, based on an imputed interest rate of 5.98 percent. As of DecemberÌý31, 2013, the $400.0 million 5.90 percent senior notes were recorded at a par value of $400.0 million less unamortized discounts of $1.6 million, based on an imputed interest rate of 5.98 percent.
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(5) |
During the fourth quarter of 2014, we purchased $20.0 million of outstanding 3.95 percent senior notes that were trading at a discount of 30.875 percent which resulted in a gain on the extinguishment of debt of $6.2 million. As of DecemberÌý31, 2014, the $500.0 million 3.95 percent senior notes were recorded at a par value of $480.0 million less unamortized discounts of $2.6 million, based on an imputed interest rate of 5.17 percent. As of DecemberÌý31, 2013, the $500.0 million 3.95 percent senior notes were recorded at a par value of $500.0 million less unamortized discounts of $3.5 million, based on an imputed interest rate of 4.14 percent.
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(6) |
As of DecemberÌý31, 2014 and 2013, no revolving loans were drawn under the credit facility. We had total availability of $1.125 billion and $1.75 billion on our credit facility as of December 31, 2014 and 2013, respectively. Additionally, as of December 31, 2014 and December 31, 2013, the principal amount of letter of credit obligations totaled $149.5 million and $8.4 million, respectively, thereby reducing available borrowing capacity to $1.0 billion and $1.7 billion for each period, respectively.
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