| Schedule Of Long-Term Debt |
The following represents a summary of our long-term debt as of June 30, 2015 and December 31, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in Millions) |
|
June 30, 2015 |
|
Debt Instrument |
|
Type |
|
Annual Effective Interest Rate |
|
Final Maturity |
|
Total Face Amount |
|
Total Debt |
|
$700 Million 4.875% 2021 Senior Notes |
|
Fixed |
|
4.89% |
|
2021 |
|
$ |
423.2 |
|
|
$ |
422.9 |
|
(1) |
$1.3 Billion Senior Notes: |
|
|
|
|
|
|
|
|
|
|
|
$500 Million 4.80% 2020 Senior Notes |
|
Fixed |
|
4.83% |
|
2020 |
|
308.5 |
|
|
308.1 |
|
(2) |
$800 Million 6.25% 2040 Senior Notes |
|
Fixed |
|
6.34% |
|
2040 |
|
492.8 |
|
|
487.0 |
|
(3) |
$400 Million 5.90% 2020 Senior Notes |
|
Fixed |
|
5.98% |
|
2020 |
|
326.8 |
|
|
325.8 |
|
(4) |
$500 Million 3.95% 2018 Senior Notes |
|
Fixed |
|
6.22% |
|
2018 |
|
436.0 |
|
|
434.0 |
|
(5) |
$540 Million 8.25% 2020 First Lien Notes |
|
Fixed |
|
9.97% |
|
2020 |
|
540.0 |
|
|
504.9 |
|
(6) |
$544.2 Million 7.75% 2020 Second Lien Notes |
|
Fixed |
|
15.55% |
|
2020 |
|
544.2 |
|
|
402.2 |
|
(7) |
$550 Million ABL Facility: |
|
|
|
|
|
|
|
|
|
|
|
ABL Facility |
|
Variable |
|
2.25% |
|
2020 |
|
550.0 |
|
|
— |
|
(8) |
Fair Value Adjustment to Interest Rate Hedge |
|
|
|
|
|
|
|
|
|
2.5 |
|
|
Total debt |
|
|
|
|
|
|
|
$ |
3,621.5 |
|
|
$ |
2,887.4 |
|
|
Less: Short-term and current portion of long-term debt |
|
|
|
|
|
|
|
|
|
— |
|
|
Long-term debt |
|
|
|
|
|
|
|
|
|
$ |
2,887.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in Millions) |
|
December 31, 2014 |
|
Debt Instrument |
|
Type |
|
Annual Effective Interest Rate |
|
Final Maturity |
|
Total Face Amount |
|
Total Debt |
|
$700 Million 4.875% 2021 Senior Notes |
|
Fixed |
|
4.88% |
|
2021 |
|
$ |
690.0 |
|
|
$ |
689.5 |
|
(1) |
$1.3 Billion Senior Notes: |
|
|
|
|
|
|
|
|
|
|
|
$500 Million 4.80% 2020 Senior Notes |
|
Fixed |
|
4.83% |
|
2020 |
|
490.0 |
|
|
489.4 |
|
(2) |
$800 Million 6.25% 2040 Senior Notes |
|
Fixed |
|
6.34% |
|
2040 |
|
800.0 |
|
|
790.5 |
|
(3) |
$400 Million 5.90% 2020 Senior Notes |
|
Fixed |
|
5.98% |
|
2020 |
|
395.0 |
|
|
393.7 |
|
(4) |
$500 Million 3.95% 2018 Senior Notes |
|
Fixed |
|
5.17% |
|
2018 |
|
480.0 |
|
|
477.4 |
|
(5) |
$1.125 Billion Credit Facility: |
|
|
|
|
|
|
|
|
|
|
|
Revolving Credit Agreement |
|
Variable |
|
2.94% |
|
2017 |
|
1,125.0 |
|
|
— |
|
(9) |
Fair Value Adjustment to Interest Rate Hedge |
|
|
|
|
|
|
|
|
|
2.8 |
|
|
Total debt |
|
|
|
|
|
|
|
$ |
3,980.0 |
|
|
$ |
2,843.3 |
|
|
Less: Short-term and current portion of long-term debt |
|
|
|
|
|
|
|
|
|
— |
|
|
Long-term debt |
|
|
|
|
|
|
|
|
|
$ |
2,843.3 |
|
|
|
|
(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 June 30, 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 December 31, 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 June 30, 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 December 31, 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 June 30, 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 December 31, 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 June 30, 2015, the $400.0 million 5.90 percent senior notes were recorded at a par value of $326.8 million less unamortized discounts of $1.0 million, based on an imputed interest rate of 5.98 percent. As of December 31, 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 June 30, 2015, the $500.0 million 3.95 percent senior notes were recorded at a par value of $436.0 million less unamortized discounts of $2.0 million, based on an imputed interest rate of 6.22 percent. As of December 31, 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 June 30, 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 $35.1 million, based on an imputed interest rate of 9.97 percent.
|
|
|
(7) |
As of June 30, 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 $142.0 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 June 30, 2015, no loans were drawn under the ABL Facility and we had total availability of $532.7 million as a result of borrowing base limitations. As of June 30, 2015, the principal amount of letter of credit obligations totaled $198.0 million and foreign exchange hedge obligations totaled $2.1 million, thereby further reducing available borrowing capacity on our ABL Facility to $332.6 million.
|
|
|
(9) |
As of December 31, 2014, we had no revolving loans drawn under the revolving credit agreement which had $1.125 billion availability. As of December 31, 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.
|
|