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Quarterly report pursuant to Section 13 or 15(d)

DEBT AND CREDIT FACILITIES (Tables)

v3.4.0.3
DEBT AND CREDIT FACILITIES (Tables)
3 Months Ended
Mar. 31, 2016
Debt Disclosure [Abstract] Ìý
Schedule Of Long-Term Debt
The following represents a summary of our long-term debt as of MarchÌý31, 2016 and DecemberÌý31, 2015:
($ 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

(2)
$800 Million 6.25% 2040 Senior Notes
Ìý
6.34%
Ìý
298.4

Ìý
(2.6
)
Ìý
(3.5
)
Ìý
292.3

(3)
$400 Million 5.90% 2020 Senior Notes
Ìý
5.98%
Ìý
225.6

Ìý
(0.7
)
Ìý
(0.6
)
Ìý
224.3

(4)
$500 Million 3.95% 2018 Senior Notes
Ìý
6.12%
Ìý
283.6

Ìý
(0.8
)
Ìý
(0.9
)
Ìý
281.9

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

Ìý
(9.8
)
Ìý
(30.5
)
Ìý
499.7

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

Ìý
—

Ìý
78.8

Ìý
297.3

(6)
$544.2 Million 7.75% 2020 Second Lien Notes
Ìý
15.55%
Ìý
430.1

Ìý
(7.1
)
Ìý
(99.5
)
Ìý
323.5

(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
—

(8)
Fair Value Adjustment to Interest Rate Hedge
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
2.2

Ìý
Total debt
Ìý
Ìý
Ìý
$
3,144.3

Ìý
Ìý
Ìý
Ìý
Ìý
$
2,516.6

Ìý
Less: Current portion
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
17.5

Ìý
Long-term debt
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
$
2,499.1

Ìý
($ 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

Ìý
$
(1.7
)
Ìý
$
(0.2
)
Ìý
$
410.6

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

Ìý
(1.1
)
Ìý
(0.4
)
Ìý
305.2

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

Ìý
(4.3
)
Ìý
(5.8
)
Ìý
482.7

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

Ìý
(1.1
)
Ìý
(0.8
)
Ìý
288.9

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

Ìý
(0.9
)
Ìý
(1.2
)
Ìý
309.1

Ìý
$540 Million 8.25% 2020 First Lien Notes
Ìý
9.97%
Ìý
540.0

Ìý
(10.5
)
Ìý
(32.1
)
Ìý
497.4

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

Ìý
(9.5
)
Ìý
(131.5
)
Ìý
403.2

Ìý
$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
—

(9)
Fair Value Adjustment to Interest Rate Hedge
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
2.3

Ìý
Total debt
Ìý
Ìý
Ìý
$
3,448.2

Ìý
Ìý
Ìý
Ìý
Ìý
$
2,699.4

Ìý

(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.
(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.
(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.
(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.
(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.
(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.
(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.
(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.
(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.
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:
Ìý
(In Millions)
Ìý
Maturities of Debt
2016 (April 1 - December 31)
$
—

2017
—

2018
283.6

2019
—

2020
1,676.1

2021
336.2

2022 and thereafter
298.4

Total maturities of debt
$
2,594.3