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Annual report pursuant to Section 13 and 15(d)

DEBT AND CREDIT FACILITIES (Tables)

v3.6.0.2
DEBT AND CREDIT FACILITIES (Tables)
12 Months Ended
Dec. 31, 2016
Debt Disclosure [Abstract] Ìý
Schedule Of Long-Term Debt
The following represents a summary of our long-term debt as of DecemberÌý31, 2016 and 2015:
($ in Millions)
DecemberÌý31, 2016
Debt Instrument
Ìý
Annual Effective Interest Rate
Ìý
Total Principal Amount
Ìý
Debt Issuance Costs
Ìý
Undiscounted Interest/(Unamortized Discounts)
Ìý
Total Debt
Secured Notes
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
$540 Million 8.25% 2020 First Lien Notes
Ìý
9.97%
Ìý
$
540.0

Ìý
$
(8.0
)
Ìý
$
(25.7
)
Ìý
$
506.3

$218.5 Million 8.00% 2020 1.5 Lien Notes
Ìý
N/A
Ìý
218.5

Ìý
—

Ìý
65.7

Ìý
284.2

$544.2 Million 7.75% 2020 Second Lien Notes
Ìý
15.55%
Ìý
430.1

Ìý
(5.8
)
Ìý
(85.2
)
Ìý
339.1

Unsecured Notes
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
$400 Million 5.90% 2020 Senior Notes
Ìý
5.98%
Ìý
225.6

Ìý
(0.6
)
Ìý
(0.5
)
Ìý
224.5

$500 Million 4.80% 2020 Senior Notes
Ìý
4.83%
Ìý
236.8

Ìý
(0.7
)
Ìý
(0.2
)
Ìý
235.9

$700 Million 4.875% 2021 Senior Notes
Ìý
4.89%
Ìý
309.4

Ìý
(1.0
)
Ìý
(0.2
)
Ìý
308.2

$800 Million 6.25% 2040 Senior Notes
Ìý
6.34%
Ìý
298.4

Ìý
(2.5
)
Ìý
(3.4
)
Ìý
292.5

ABL Facility
Ìý
N/A
Ìý
550.0

Ìý
N/A

Ìý
N/A

Ìý
—

Fair Value Adjustment to Interest Rate Hedge
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
1.9

Total debt
Ìý
Ìý
Ìý

Ìý
Ìý
Ìý
Ìý
Ìý
$
2,192.6

Less current portion
Ìý

Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
17.5

Long-term debt
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
$
2,175.1

($ in Millions)
December 31, 2015
Debt Instrument
Ìý
Annual Effective Interest Rate
Ìý
Total Principal Amount
Ìý
Debt Issuance Costs
Ìý
Undiscounted Interest/(Unamortized Discounts)
Ìý
Total Debt
Secured Notes
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
$540 Million 8.25% 2020 First Lien Notes
Ìý
9.97%
Ìý
$
540.0

Ìý
$
(10.5
)
Ìý
$
(32.1
)
Ìý
$
497.4

$544.2 Million 7.75% 2020 Second Lien Notes
Ìý
15.55%
Ìý
544.2

Ìý
(9.5
)
Ìý
(131.5
)
Ìý
403.2

Unsecured Notes
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
$500 Million 3.95% 2018 Senior Notes
Ìý
6.30%
Ìý
311.2

Ìý
(0.9
)
Ìý
(1.2
)
Ìý
309.1

$400 Million 5.90% 2020 Senior Notes
Ìý
5.98%
Ìý
290.8

Ìý
(1.1
)
Ìý
(0.8
)
Ìý
288.9

$500 Million 4.80% 2020 Senior Notes
Ìý
4.83%
Ìý
306.7

Ìý
(1.1
)
Ìý
(0.4
)
Ìý
305.2

$700 Million 4.875% 2021 Senior Notes
Ìý
4.89%
Ìý
412.5

Ìý
(1.7
)
Ìý
(0.2
)
Ìý
410.6

$800 Million 6.25% 2040 Senior Notes
Ìý
6.34%
Ìý
492.8

Ìý
(4.3
)
Ìý
(5.8
)
Ìý
482.7

ABL Facility
Ìý
N/A
Ìý
550.0

Ìý
N/A

Ìý
N/A

Ìý
—

Fair Value Adjustment to Interest Rate Hedge
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
2.3

Long-term debt
Ìý
Ìý
Ìý


Ìý
Ìý
Ìý
Ìý
Ìý
$
2,699.4


Debt Instrument Redemption [Table Text Block]
The following is a summary of redemption prices for each of our secured senior notes:
Ìý
First Lien Notes
Ìý
1.5 Lien Notes
Ìý
Second Lien Notes
Ìý
Percent of Principal
Ìý
Period
Ìý
Percent of Principal
Ìý
Period
Ìý
Percent of Principal
Ìý
Period
Early redemption1,2
100.00
%
Prior to March 31, 2018
Ìý
100.00
%
Prior to September 30, 2017
Ìý
100.00
%
Prior to March 31, 2017
Initial redemption1
108.25
Ìý
Beginning on March 31, 2018
Ìý
104.00
Ìý
Beginning on September 30, 2017
Ìý
103.875
Ìý
Beginning on March 31, 2017
Secondary redemption1
100.00
Ìý
Beginning on June 30, 2019
Ìý
100.00
Ìý
Beginning on September 30, 2019
Ìý
100.00
Ìý
Beginning on March 31, 2019
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
1ÌýPlus accrued and unpaid interest, if any, up to but excluding the redemption date.
2ÌýPlus a "make-whole" premium. In addition, we may redeem in the aggregate up to 35% of the original aggregate principal amount (calculated after giving effect to any issuance of additional notes) with the net cash proceeds from certain equity offerings at a redemption price of 108.25%, 108.00% and 107.75% for the First, 1.5 and Second Lien Notes, respectively, so long as at least 65% of the original aggregate principal amount of the notes (calculated after giving effect to any issuance of additional notes) issued remain outstanding after each such redemption.

$218.5 1.5 Lien Notes Exchange [Table Text Block]
The following is a summary of the debt exchanged for our $218.5 million 1.5 Lien Notes:
($ In Millions)
Ìý
Ìý
Debt Extinguished
Ìý
1.5 Lien Amount Issued
Ìý
Carrying Value1
Ìý
Gain on Restructuring2
$544.2 Million 7.75% 2020 Second Lien Notes
Ìý
$
114.1

Ìý
$
57.0

Ìý
$
77.5

Ìý
$
6.9

$500 Million 3.95% 2018 Senior Notes
Ìý
17.6

Ìý
11.4

Ìý
15.5

Ìý
1.8

$400 Million 5.90% 2020 Senior Notes
Ìý
65.1

Ìý
26.0

Ìý
35.4

Ìý
28.3

$500 Million 4.80% 2020 Senior Notes
Ìý
44.7

Ìý
17.9

Ìý
24.4

Ìý
19.5

$700 Million 4.875% 2021 Senior Notes
Ìý
76.3

Ìý
30.5

Ìý
41.5

Ìý
33.3

$800 Million 6.25% 2040 Senior Notes
Ìý
194.4

Ìý
75.7

Ìý
103.0

Ìý
84.5

Ìý
Ìý
$
512.2

Ìý
$
218.5

Ìý
$
297.3

Ìý
$
174.3

Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
1ÌýIncludes undiscounted interest payments
2ÌýNet of amounts expensed for unamortized original issue discount and deferred origination fees

$544.2 2nd Lien Notes Exchange [Table Text Block]
The following is a summary of the debt exchanged for our $544.2 million Second Lien Notes:
($ In Millions)
Ìý
Ìý
Debt Extinguished
Ìý
Second Lien Notes Amount Issued
Ìý
Carrying Value1
Ìý
Gain on Restructuring2
$400 Million 5.90% 2020 Senior Notes
Ìý
$
67.0

Ìý
$
57.5

Ìý
$
42.0

Ìý
$
24.5

$500 Million 4.80% 2020 Senior Notes
Ìý
137.8

Ìý
112.9

Ìý
82.4

Ìý
54.6

$700 Million 4.875% 2021 Senior Notes
Ìý
208.5

Ìý
170.3

Ìý
124.3

Ìý
83.1

$800 Million 6.25% 2040 Senior Notes
Ìý
261.3

Ìý
203.5

Ìý
148.5

Ìý
107.3

Ìý
Ìý
$
674.6

Ìý
$
544.2

Ìý
$
397.2

Ìý
$
269.5

Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
1ÌýIncludes unamortized discounts
2ÌýNet of amounts expensed for unamortized original issue discount and deferred origination fees
Schedule of Maturities of Long-term Debt [Table Text Block]
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 DecemberÌý31, 2016:
Ìý
(In Millions)
Ìý
Maturities of Debt
2017
$
—

2018
—

2019
—

2020
1,651.0

2021
309.4

2022 and thereafter
298.4

Total maturities of debt
$
2,258.8