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Quarterly report pursuant to Section 13 or 15(d)

DEBT AND CREDIT FACILITIES (Tables)

v2.4.1.9
DEBT AND CREDIT FACILITIES (Tables)
3 Months Ended
Mar. 31, 2015
Debt Disclosure [Abstract] Ìý
Schedule Of Long-Term Debt
The following represents a summary of our long-term debt as of MarchÌý31, 2015 and DecemberÌý31, 2014:
($ in Millions)
Ìý
MarchÌý31, 2015
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
4.89%
Ìý
2021
Ìý
$
423.2

Ìý
$
422.9

(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
308.5

Ìý
308.1

(2)
$800 Million 6.25% 2040 Senior Notes
Ìý
Fixed
Ìý
6.34%
Ìý
2040
Ìý
492.8

Ìý
487.0

(3)
$400 Million 5.90% 2020 Senior Notes
Ìý
Fixed
Ìý
5.98%
Ìý
2020
Ìý
326.8

Ìý
325.7

(4)
$500 Million 3.95% 2018 Senior Notes
Ìý
Fixed
Ìý
6.32%
Ìý
2018
Ìý
436.0

Ìý
433.8

(5)
$540 Million 8.25% 2020 First Lien Notes
Ìý
Fixed
Ìý
9.97%
Ìý
2020
Ìý
540.0

Ìý
503.5

(6)
$544.2 Million 7.75% 2020 Second Lien Notes
Ìý
Fixed
Ìý
15.55%
Ìý
2020
Ìý
544.2

Ìý
397.2

(7)
$550 Million ABL Facility:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Asset-Based Revolving Credit Facility
Ìý
Variable
Ìý
—%
Ìý
2020
Ìý
550.0

Ìý
—

(8)
Fair Value Adjustment to Interest Rate Hedge
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
2.7

Ìý
Total debt
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
$
3,621.5

Ìý
$
2,880.9

Ìý
Less: Short-term and current portion of long-term debt
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
—

Ìý
Long-term debt
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
$
2,880.9

Ìý
($ in Millions)
Ìý
December 31, 2014
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
$
690.0

Ìý
$
689.5

(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

Ìý
489.4

(2)
$800 Million 6.25% 2040 Senior Notes
Ìý
Fixed
Ìý
6.34%
Ìý
2040
Ìý
800.0

Ìý
790.5

(3)
$400 Million 5.90% 2020 Senior Notes
Ìý
Fixed
Ìý
5.98%
Ìý
2020
Ìý
395.0

Ìý
393.7

(4)
$500 Million 3.95% 2018 Senior Notes
Ìý
Fixed
Ìý
5.17%
Ìý
2018
Ìý
480.0

Ìý
477.4

(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

Ìý
—

(9)
Fair Value Adjustment to Interest Rate Hedge
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
2.8

Ìý
Total debt
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
$
3,980.0

Ìý
$
2,843.3

Ìý
Less: Short-term and current portion of long-term debt
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
—

Ìý
Long-term debt
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
$
2,843.3

Ìý

(1)
During the first quarter of 2015, we purchased $58.3 million of outstanding 4.875 percent senior notes that were trading at a discount of 52.0 percent which resulted in a gain on extinguishment of $20.0 million. In addition, on March 27, 2015, we exchanged as part of a tender offer $208.5 million of the 4.875 percent senior notes for $170.3 million of the 7.75 percent second lien notes at a discount of $46.0 million based on an imputed interest rate of 15.55 percent, resulting in a gain on extinguishment of $83.1 million, net of amounts expensed for unamortized original issue discount and deferred origination fees. As of MarchÌý31, 2015, the $700.0 million 4.875 percent senior notes were recorded at a par value of $423.2 million less unamortized discounts of $0.3 million, based on an imputed interest rate of 4.89 percent. 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.
(2)
During the first quarter of 2015, we purchased $43.8 million of outstanding 4.80 percent senior notes that were trading at a discount of 54.3 percent, which resulted in a gain on extinguishment of $15.6 million. In addition, on March 27, 2015, we exchanged as part of a tender offer $137.8 million of the 4.80 percent senior notes for $112.9 million of the 7.75 percent second lien notes at a discount of $30.5 million based on an imputed interest rate of 15.55 percent, resulting in a gain on extinguishment of $54.6 million, net of amounts expensed for unamortized original issue discount and deferred origination fees. As of MarchÌý31, 2015, the $500.0 million 4.80 percent senior notes were recorded at a par value of $308.5 million less unamortized discounts of $0.4 million, based on an imputed interest rate of 4.83 percent. 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.
(3)
During the first quarter of 2015, we purchased $45.9 million of outstanding 6.25 percent senior notes that were trading at a discount of 52.5 percent, which resulted in a gain on extinguishment of $15.0 million. In addition, on March 27, 2015, we exchanged as part of a tender offer $261.3 million of the 6.25 percent senior notes for $203.5 million of the 7.75 percent second lien notes at a discount of $55.0 million based on an imputed interest rate of 15.55 percent, resulting in a gain on extinguishment of $107.3 million, net of amounts expensed for unamortized original issue discount and deferred origination fees. As of MarchÌý31, 2015, the $800 million 6.25 percent senior notes were recorded at a par value of $492.8 million less unamortized discounts of $5.8 million, based on an imputed interest rate of 6.34 percent. As of DecemberÌý31, 2014, the $800 million 6.25 percent senior notes were recorded at a par value of $800.0 million less unamortized discounts of $9.5 million based on an imputed interest rate of 6.34 percent.
(4)
During the first quarter of 2015, we purchased $1.3 million of outstanding 5.90 percent senior notes that were trading at a discount of 58.0 percent, which resulted in a gain on extinguishment of $0.3 million. In addition, on March 27, 2015, we exchanged as part of a tender offer $67.0 million of the 5.90 percent senior notes for $57.5 million of the 7.75 percent second lien notes at a discount of $15.5 million based on an imputed interest rate of 15.55 percent, resulting in a gain on extinguishment of $24.5 million, net of amounts expensed for unamortized original issue discount and deferred origination fees. As of MarchÌý31, 2015, the $400.0 million 5.90 percent senior notes were recorded at a par value of $326.8 million less unamortized discounts of $1.1 million, based on an imputed interest rate of 5.98 percent. 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.
(5)
During the first quarter of 2015, we purchased $44.0 million of outstanding 3.95 percent senior notes that were trading at a discount of 77.5 percent, which resulted in a gain on the extinguishment of debt of $7.1 million. As of MarchÌý31, 2015, the $500.0 million 3.95 percent senior notes were recorded at a par value of $436.0 million less unamortized discounts of $2.2 million, based on an imputed interest rate of 6.32 percent. 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.
(6)
As of MarchÌý31, 2015, the $540.0 million 8.25 percent first lien notes were recorded at a par value of $540.0 million less unamortized discounts of $36.5 million, based on an imputed interest rate of 9.97 percent.
(7)
As of MarchÌý31, 2015, the $544.2 million 7.75 percent second lien notes were recorded at a par value of $544.2 million less unamortized discounts of $147.0 million, based on an imputed interest rate of 15.55 percent. See NOTE 6 - FAIR VALUE MEASUREMENTS for further discussion of unamortized discount as a result of the exchange offers.
(8)
As of MarchÌý31, 2015, no loans were drawn under the ABL Facility and we had total availability of $441.1 million as a result of borrowing base limitations. As of MarchÌý31, 2015, the principal amount of letter of credit obligations totaled $136.2 million and foreign exchange hedge obligations totaled $5.5 million, thereby further reducing available borrowing capacity on our ABL Facility to $299.4 million.
(9)
As of DecemberÌý31, 2014, we had no revolving loans drawn under the revolving credit agreement of which had $1.125 billion availability. As of DecemberÌý31, 2014, the principal amount of letter of credit obligations totaled $149.5 million, thereby further reducing available borrowing capacity on the revolving credit agreement to $975.5 million.
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 MarchÌý31, 2015:
Ìý
(In Millions)
Ìý
Maturities of Debt
2015 (April 1 - December 31)
$
—

2016
—

2017
—

2018
436.0

2019
—

2020
1,719.5

2021 and thereafter
916.0

Total maturities of debt
$
3,071.5