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Quarterly report pursuant to Section 13 or 15(d)

DEBT AND CREDIT FACILITIES

v3.19.1
DEBT AND CREDIT FACILITIES
 3 Months Ended
Mar. 31, 2019
Debt Disclosure [Abstract] Ìý
DEBT AND CREDIT FACILITIES
NOTE 7 - DEBT AND CREDIT FACILITIES
The following represents a summary of our long-term debt:
(In Millions)
MarchÌý31, 2019
Debt Instrument
Ìý
Annual Effective
Interest Rate
Ìý
Total Principal Amount
Ìý
Debt Issuance Costs
Ìý
Unamortized Discounts
Ìý
Total Debt
Secured Notes:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
$400 Million 4.875% 2024 Senior Notes
Ìý
5.00%
Ìý
$
400.0

Ìý
$
(5.5
)
Ìý
$
(2.1
)
Ìý
$
392.4

Unsecured Notes:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
$700 Million 4.875% 2021 Senior Notes
Ìý
4.89%
Ìý
114.0

Ìý
(0.2
)
Ìý
—

Ìý
113.8

$316.25 Million 1.50% 2025 Convertible Senior Notes
Ìý
6.26%
Ìý
316.3

Ìý
(5.3
)
Ìý
(73.0
)
Ìý
238.0

$1.075 Billion 5.75% 2025 Senior Notes
Ìý
6.01%
Ìý
1,073.3

Ìý
(9.5
)
Ìý
(14.1
)
Ìý
1,049.7

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

Ìý
(2.2
)
Ìý
(3.3
)
Ìý
292.9

ABL Facility
Ìý
N/A
Ìý
450.0

Ìý
N/A

Ìý
N/A

Ìý
—

Fair Value Adjustment to Interest Rate Hedge
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
0.2

Long-term debt
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
$
2,087.0

(In Millions)
DecemberÌý31, 2018
Debt Instrument
Ìý
Annual Effective
Interest Rate
Ìý
Total Principal Amount
Ìý
Debt Issuance Costs
Ìý
Unamortized Discounts
Ìý
Total Debt
Secured Notes:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
$400 Million 4.875% 2024 Senior Notes
Ìý
5.00%
Ìý
$
400.0

Ìý
$
(5.7
)
Ìý
$
(2.2
)
Ìý
$
392.1

Unsecured Notes:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
$700 Million 4.875% 2021 Senior Notes
Ìý
4.89%
Ìý
124.0

Ìý
(0.2
)
Ìý
—

Ìý
123.8

$316.25 Million 1.50% 2025 Convertible Senior Notes
Ìý
6.26%
Ìý
316.3

Ìý
(5.5
)
Ìý
(75.6
)
Ìý
235.2

$1.075 Billion 5.75% 2025 Senior Notes
Ìý
6.01%
Ìý
1,073.3

Ìý
(9.9
)
Ìý
(14.6
)
Ìý
1,048.8

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

Ìý
(2.3
)
Ìý
(3.3
)
Ìý
292.8

ABL Facility
Ìý
N/A
Ìý
450.0

Ìý
N/A

Ìý
N/A

Ìý
—

Fair Value Adjustment to Interest Rate Hedge
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
0.2

Long-term debt
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
$
2,092.9


Debt Extinguishment
The following is a summary of the debt extinguished with cash and the respective loss on extinguishment:
Ìý
(In Millions)
Ìý
Three Months Ended
March 31, 2019
Debt Instrument
Debt Extinguished
Ìý
Loss on Extinguishment
$700 Million 4.875% 2021 Senior Notes
$
10.0

Ìý
$
0.3

Ìý
$
10.0

Ìý
$
0.3


Debt Maturities
The following represents a summary of our maturities of debt instruments based on the principal amounts outstanding at MarchÌý31, 2019:
Ìý
Ìý
(In Millions)
Ìý
Ìý
Maturities of Debt
2019
Ìý
$
—

2020
Ìý
—

2021
Ìý
114.0

2022
Ìý
—

2023
Ìý
—

2024
Ìý
400.0

2025 and thereafter
Ìý
1,688.0

Total maturities of debt
Ìý
$
2,202.0


ABL Facility
The following represents a summary of our borrowing capacity under the ABL Facility:
Ìý
(In Millions)
Ìý
March 31, 2019
Ìý
December 31, 2018
Available borrowing base on ABL Facility1
$
305.4

Ìý
$
323.7

Letter of credit obligations and other commitments2
(65.4
)
Ìý
(55.0
)
Borrowing capacity available3
$
240.0

Ìý
$
268.7

Ìý
Ìý
Ìý
Ìý
1 The ABL Facility has a maximum borrowing base of $450 million, determined by applying customary advance rates to eligible accounts receivable, inventory and certain mobile equipment.
2 We issued standby letters of credit with certain financial institutions in order to support business obligations including, but not limited to, workers compensation, environmental obligations and certain Metallics' contracts.
3ÌýAs of March 31, 2019 and December 31, 2018, we had no loans drawn under the ABL Facility.