| Schedule Of Long-Term Debt |
The following represents a summary of our long-term debt as of MarchÌý31, 2016 and DecemberÌý31, 2015:
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($ in Millions) |
Ìý |
MarchÌý31, 2016 |
Ìý |
Debt Instrument |
Ìý |
Annual Effective Interest Rate |
Ìý |
Total Principal Amount |
Ìý |
Debt Issuance Costs |
Ìý |
Undiscounted Interest/(Unamortized Discounts) |
Ìý |
Total Debt |
Ìý |
$700 Million 4.875% 2021 Senior Notes |
Ìý |
4.89% |
Ìý |
$ |
336.2 |
|
Ìý |
$ |
(1.3 |
) |
Ìý |
$ |
(0.2 |
) |
Ìý |
$ |
334.7 |
|
(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 |
4.83% |
Ìý |
261.9 |
|
Ìý |
(0.9 |
) |
Ìý |
(0.3 |
) |
Ìý |
260.7 |
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(2) |
$800 Million 6.25% 2040 Senior Notes |
Ìý |
6.34% |
Ìý |
298.4 |
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Ìý |
(2.6 |
) |
Ìý |
(3.5 |
) |
Ìý |
292.3 |
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(3) |
$400 Million 5.90% 2020 Senior Notes |
Ìý |
5.98% |
Ìý |
225.6 |
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Ìý |
(0.7 |
) |
Ìý |
(0.6 |
) |
Ìý |
224.3 |
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(4) |
$500 Million 3.95% 2018 Senior Notes |
Ìý |
6.12% |
Ìý |
283.6 |
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Ìý |
(0.8 |
) |
Ìý |
(0.9 |
) |
Ìý |
281.9 |
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(5) |
$540 Million 8.25% 2020 First Lien Notes |
Ìý |
9.97% |
Ìý |
540.0 |
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Ìý |
(9.8 |
) |
Ìý |
(30.5 |
) |
Ìý |
499.7 |
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Ìý |
$218.5 Million 8.00% 2020 1.5 Lien Notes |
Ìý |
N/A |
Ìý |
218.5 |
|
Ìý |
— |
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Ìý |
78.8 |
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Ìý |
297.3 |
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(6) |
$544.2 Million 7.75% 2020 Second Lien Notes |
Ìý |
15.55% |
Ìý |
430.1 |
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Ìý |
(7.1 |
) |
Ìý |
(99.5 |
) |
Ìý |
323.5 |
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(7) |
$550 Million ABL Facility: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
ABL Facility |
Ìý |
N/A |
Ìý |
550.0 |
|
Ìý |
N/A |
|
Ìý |
N/A |
|
Ìý |
— |
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(8) |
Fair Value Adjustment to Interest Rate Hedge |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
2.2 |
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Ìý |
Total debt |
Ìý |
Ìý |
Ìý |
$ |
3,144.3 |
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Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
$ |
2,516.6 |
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Ìý |
Less: Current portion |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
17.5 |
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Ìý |
Long-term debt |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
$ |
2,499.1 |
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Ìý |
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($ in Millions) |
Ìý |
December 31, 2015 |
Ìý |
Debt Instrument |
Ìý |
Annual Effective Interest Rate |
Ìý |
Total Principal Amount |
Ìý |
Debt Issuance Costs |
Ìý |
Unamortized Discounts |
Ìý |
Total Debt |
Ìý |
$700 Million 4.875% 2021 Senior Notes |
Ìý |
4.89% |
Ìý |
$ |
412.5 |
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Ìý |
$ |
(1.7 |
) |
Ìý |
$ |
(0.2 |
) |
Ìý |
$ |
410.6 |
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Ìý |
$1.3 Billion Senior Notes: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
$500 Million 4.80% 2020 Senior Notes |
Ìý |
4.83% |
Ìý |
306.7 |
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Ìý |
(1.1 |
) |
Ìý |
(0.4 |
) |
Ìý |
305.2 |
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Ìý |
$800 Million 6.25% 2040 Senior Notes |
Ìý |
6.34% |
Ìý |
492.8 |
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Ìý |
(4.3 |
) |
Ìý |
(5.8 |
) |
Ìý |
482.7 |
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Ìý |
$400 Million 5.90% 2020 Senior Notes |
Ìý |
5.98% |
Ìý |
290.8 |
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Ìý |
(1.1 |
) |
Ìý |
(0.8 |
) |
Ìý |
288.9 |
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Ìý |
$500 Million 3.95% 2018 Senior Notes |
Ìý |
6.30% |
Ìý |
311.2 |
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Ìý |
(0.9 |
) |
Ìý |
(1.2 |
) |
Ìý |
309.1 |
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Ìý |
$540 Million 8.25% 2020 First Lien Notes |
Ìý |
9.97% |
Ìý |
540.0 |
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Ìý |
(10.5 |
) |
Ìý |
(32.1 |
) |
Ìý |
497.4 |
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Ìý |
$544.2 Million 7.75% 2020 Second Lien Notes |
Ìý |
15.55% |
Ìý |
544.2 |
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Ìý |
(9.5 |
) |
Ìý |
(131.5 |
) |
Ìý |
403.2 |
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Ìý |
$550 Million ABL Facility: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
ABL Facility |
Ìý |
N/A |
Ìý |
550.0 |
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Ìý |
N/A |
Ìý |
N/A |
Ìý |
— |
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(9) |
Fair Value Adjustment to Interest Rate Hedge |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
2.3 |
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Ìý |
Total debt |
Ìý |
Ìý |
Ìý |
$ |
3,448.2 |
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Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
$ |
2,699.4 |
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Ìý |
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(1) |
On March 2, 2016, we exchanged as part of an exchange offer $76.3 million of the 4.875 percent senior notes for $30.5 million of the 8.00 percent 1.5 lien notes that are recorded at a carrying value of $41.5 million, including undiscounted interest payments as of MarchÌý31, 2016.
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(2) |
On March 2, 2016, we exchanged as part of an exchange offer $44.7 million of the 4.80 percent senior notes for $17.9 million of the 8.00 percent 1.5 lien notes that are recorded at a carrying value of $24.4 million, including undiscounted interest payments as of MarchÌý31, 2016.
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(3) |
On March 2, 2016, we exchanged as part of an exchange offer $194.4 million of the 6.25 percent senior notes for $75.8 million of the 8.00 percent 1.5 lien notes that are recorded at a carrying value of $103.0 million, including undiscounted interest payments as of MarchÌý31, 2016.
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(4) |
On March 2, 2016, we exchanged as part of an exchange offer $65.1 million of the 5.90 percent senior notes for $26.0 million of the 8.00 percent 1.5 lien notes that are recorded at a carrying value of $35.4 million, including undiscounted interest payments as of MarchÌý31, 2016.
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(5) |
On March 2, 2016, we exchanged as part of an exchange offer $17.6 million of the 3.95 percent senior notes for $11.4 million of the 8.00 percent 1.5 lien notes that are recorded at a carrying value of $15.5 million, including undiscounted interest payments as of MarchÌý31, 2016. Additionally, during the first quarter of 2016 we entered into a debt for equity exchange, see NOTE 15 - CAPITAL STOCK for further discussion of this transaction.
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(6) |
See the section entitled "$218.5 million 8.00 percent 2020 Senior Secured 1.5 Lien Notes - 2016 Exchange Offers" below for further discussion related to this instrument. As of MarchÌý31, 2016, $17.5 million of the undiscounted interest is recorded as current and classified as Other current liabilities in the Statements of Unaudited Condensed Consolidated Financial Position.
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(7) |
On March 2, 2016, we exchanged as part of an exchange offer $114.1 million of the 7.75 percent senior notes for $57.0 million of the 8.00 percent 1.5 lien notes that are recorded at a carrying value of $77.5 million, including undiscounted interest payments as of MarchÌý31, 2016.
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(8) |
As of MarchÌý31, 2016, no loans were drawn under the ABL Facility and we had total availability of $368.9 million as a result of borrowing base limitations. As of MarchÌý31, 2016, the principal amount of letter of credit obligations totaled $110.3 million, thereby further reducing available borrowing capacity on our ABL Facility to $258.6 million.
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(9) |
As of DecemberÌý31, 2015, no loans were drawn under the ABL Facility and we had total availability of $366.0 million as a result of borrowing base limitations. As of DecemberÌý31, 2015, the principal amount of letter of credit obligations totaled $186.3 million and commodity hedge obligations totaled $0.5 million, thereby further reducing available borrowing capacity on our ABL Facility to $179.2 million.
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| Schedule of Maturities of Long-term Debt |
Debt Maturities
The following represents a summary of our maturities of debt instruments, excluding borrowings on the ABL Facility, based on the principal amounts outstanding at MarchÌý31, 2016:
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Ìý |
(In Millions) |
Ìý |
Maturities of Debt |
2016 (April 1 - December 31) |
$ |
— |
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2017 |
— |
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2018 |
283.6 |
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2019 |
— |
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2020 |
1,676.1 |
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2021 |
336.2 |
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2022 and thereafter |
298.4 |
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Total maturities of debt |
$ |
2,594.3 |
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