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Quarterly report pursuant to Section 13 or 15(d)

DEBT AND CREDIT FACILITIES (Tables)

v3.19.3
DEBT AND CREDIT FACILITIES (Tables)
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Debt Disclosure [Abstract] Ìý Ìý
Schedule Of Long-Term Debt
The following represents a summary of our long-term debt:
(In Millions)
SeptemberÌý30, 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
$
(4.9
)
Ìý
$
(1.9
)
Ìý
$
393.2

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

Ìý
(4.8
)
Ìý
(67.7
)
Ìý
243.8

$1.075 Billion 5.75% 2025 Senior Notes
Ìý
6.01%
Ìý
473.3

Ìý
(3.8
)
Ìý
(5.8
)
Ìý
463.7

$750 Million 5.875% 2027 Senior Notes
Ìý
6.49%
Ìý
750.0

Ìý
(6.5
)
Ìý
(28.0
)
Ìý
715.5

$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
—

Long-term debt
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
$
2,109.1

(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


Ìý
Debt Instrument Redemption The following is a summary of redemption prices for our 5.875% 2027 Senior Notes:
Redemption Period
Ìý
Redemption Price1
Ìý
Restricted Amount
Prior to June 1, 2022 - using proceeds of equity issuance
Ìý
105.875
%
Ìý
Up to 35% of original aggregate principal
Prior to June 1, 20222
Ìý
100.000
Ìý
Ìý
Ìý
Beginning on June 1, 2022
Ìý
102.938
Ìý
Ìý
Ìý
Beginning on June 1, 2023
Ìý
101.958
Ìý
Ìý
Ìý
Beginning on June 1, 2024
Ìý
100.979
Ìý
Ìý
Ìý
Beginning on June 1, 2025 and thereafter
Ìý
100.000
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
1ÌýÌýPlus accrued and unpaid interest, if any, up to but excluding the redemption date.
2ÌýÌýPlus a "make-whole" premium.

Ìý
Schedule of Extinguishment of Debt The following is a summary of the debt extinguished and the respective loss on extinguishment:
Ìý
Ìý
(In Millions)
Ìý
Ìý
Nine Months Ended
September 30, 2019
Debt Instrument
Ìý
Debt Extinguished
Ìý
(Loss) on Extinguishment
$700 Million 4.875% 2021 Senior Notes
Ìý
$
124.0

Ìý
$
(5.3
)
$1.075 Billion 5.75% 2025 Senior Notes
Ìý
600.0

Ìý
(12.9
)
Ìý
Ìý
$
724.0

Ìý
$
(18.2
)

The following is a summary of the debt extinguished with cash and the respective gain on extinguishment:
Ìý
Ìý
(In Millions)
Ìý
Ìý
Three Months Ended
September 30, 2018
Ìý
Nine Months Ended
September 30, 2018
Debt Instrument
Ìý
Debt Extinguished
Ìý
Gain on Extinguishment
Ìý
Debt Extinguished
Ìý
Gain on Extinguishment
$400 Million 5.90% 2020 Senior Notes
Ìý
$
—

Ìý
$
—

Ìý
$
0.5

Ìý
$
—

$500 Million 4.80% 2020 Senior Notes
Ìý
—

Ìý
—

Ìý
0.1

Ìý
—

$700 Million 4.875% 2021 Senior Notes
Ìý
1.0

Ìý
—

Ìý
14.2

Ìý
0.1

$1.075 Billion 5.75% 2025 Senior Notes
Ìý
—

Ìý
—

Ìý
1.7

Ìý
0.1

Ìý
Ìý
$
1.0

Ìý
$
—

Ìý
$
16.5

Ìý
$
0.2


Schedule of Maturities of Long-term Debt
The following represents a summary of our maturities of debt instruments based on the principal amounts outstanding at SeptemberÌý30, 2019:
Ìý
Ìý
(In Millions)
Ìý
Ìý
Maturities of Debt
2019
Ìý
$
—

2020
Ìý
—

2021
Ìý
—

2022
Ìý
—

2023
Ìý
—

2024
Ìý
400.0

2025 and thereafter
Ìý
1,838.0

Total maturities of debt
Ìý
$
2,238.0


Ìý
Schedule of Line of Credit Facilities
The following represents a summary of our borrowing capacity under the ABL Facility:
Ìý
(In Millions)
Ìý
September 30, 2019
Ìý
December 31, 2018
Available borrowing base on ABL Facility1
$
400.8

Ìý
$
323.7

Letter of credit obligations2
(34.1
)
Ìý
(55.0
)
Borrowing capacity available3
$
366.7

Ìý
$
268.7

Ìý
Ìý
Ìý
Ìý
1 The ABL Facility has a maximum borrowing base of $450 million. The available borrowing base is 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 and environmental obligations.
3 As of September 30, 2019 and December 31, 2018, we had no loans drawn under the ABL Facility.

Ìý