| Schedule Of Long-Term Debt |
The following represents a summary of our long-term debt as of September 30, 2015 and December 31, 2014:
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($ in Millions) |
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September 30, 2015 |
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Debt Instrument |
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Type |
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Annual Effective Interest Rate |
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Final Maturity |
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Total Face Amount |
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Total Debt |
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$700 Million 4.875% 2021 Senior Notes |
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Fixed |
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4.89% |
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2021 |
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$ |
412.5 |
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$ |
412.3 |
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(1) |
$1.3 Billion Senior Notes: |
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$500 Million 4.80% 2020 Senior Notes |
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Fixed |
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4.83% |
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2020 |
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306.7 |
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306.3 |
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(2) |
$800 Million 6.25% 2040 Senior Notes |
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Fixed |
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6.34% |
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2040 |
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492.8 |
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487.0 |
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(3) |
$400 Million 5.90% 2020 Senior Notes |
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Fixed |
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5.98% |
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2020 |
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290.8 |
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289.9 |
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(4) |
$500 Million 3.95% 2018 Senior Notes |
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Fixed |
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6.36% |
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2018 |
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311.2 |
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309.9 |
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(5) |
$540 Million 8.25% 2020 First Lien Notes |
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Fixed |
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9.97% |
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2020 |
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540.0 |
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506.4 |
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(6) |
$544.2 Million 7.75% 2020 Second Lien Notes |
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Fixed |
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15.55% |
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2020 |
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544.2 |
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407.4 |
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(7) |
$550 Million ABL Facility: |
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ABL Facility |
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Variable |
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N/A |
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2020 |
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550.0 |
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— |
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(8) |
Fair Value Adjustment to Interest Rate Hedge |
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2.4 |
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Long-term debt |
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$ |
3,448.2 |
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$ |
2,721.6 |
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($ in Millions) |
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December 31, 2014 |
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Debt Instrument |
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Type |
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Annual Effective Interest Rate |
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Final Maturity |
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Total Face Amount |
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Total Debt |
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$700 Million 4.875% 2021 Senior Notes |
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Fixed |
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4.88% |
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2021 |
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$ |
690.0 |
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$ |
689.5 |
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(1) |
$1.3 Billion Senior Notes: |
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$500 Million 4.80% 2020 Senior Notes |
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Fixed |
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4.83% |
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2020 |
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490.0 |
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489.4 |
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(2) |
$800 Million 6.25% 2040 Senior Notes |
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Fixed |
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6.34% |
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2040 |
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800.0 |
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790.5 |
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(3) |
$400 Million 5.90% 2020 Senior Notes |
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Fixed |
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5.98% |
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2020 |
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395.0 |
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393.7 |
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(4) |
$500 Million 3.95% 2018 Senior Notes |
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Fixed |
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5.17% |
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2018 |
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480.0 |
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477.4 |
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(5) |
$1.125 Billion Credit Facility: |
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Revolving Credit Agreement |
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Variable |
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2.94% |
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2017 |
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1,125.0 |
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— |
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(9) |
Fair Value Adjustment to Interest Rate Hedge |
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2.8 |
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Long-term debt |
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$ |
3,980.0 |
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$ |
2,843.3 |
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(1) |
During the third quarter of 2015, we purchased $10.7 million of outstanding 4.875 percent senior notes that were trading at 50.0 percent of par which resulted in a gain on extinguishment of $5.3 million. In addition, during the first quarter of 2015, we purchased $58.3 million of outstanding 4.875 percent senior notes that were trading at 52.0 percent of par, which resulted in a gain on extinguishment of $20.0 million. Also during the first quarter, 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.
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As of September 30, 2015, the $700.0 million 4.875 percent senior notes were recorded at a par value of $412.5 million less unamortized discounts of $0.2 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.
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(2) |
During the third quarter of 2015, we purchased $1.8 million of outstanding 4.80 percent senior notes that were trading at 50.0 percent of par, which resulted in a gain on extinguishment of $0.9 million. In addition, during the first quarter of 2015, we purchased $43.8 million of outstanding 4.80 percent senior notes that were trading at 54.3 percent of par, which resulted in a gain on extinguishment of $15.6 million. Also during the first quarter, 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.
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As of September 30, 2015, the $500.0 million 4.80 percent senior notes were recorded at a par value of $306.7 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.
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(3) |
During the first quarter of 2015, we purchased $45.9 million of outstanding 6.25 percent senior notes that were trading at 52.5 percent of par, which resulted in a gain on extinguishment of $15.0 million. Also during the first quarter, 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.
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As of September 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.
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(4) |
During the third quarter of 2015, we purchased $36.0 million of outstanding 5.90 percent senior notes that were trading at 50.0 percent of par, which resulted in a gain on extinguishment of $18.0 million. In addition, during the first quarter of 2015, we purchased $1.3 million of outstanding 5.90 percent senior notes that were trading at 58.0 percent of par, which resulted in a gain on extinguishment of $0.3 million. Also during the first quarter, 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.
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As of September 30, 2015, the $400.0 million 5.90 percent senior notes were recorded at a par value of $290.8 million less unamortized discounts of $0.9 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.
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(5) |
During the third quarter, on August 28, 2015, we purchased for cash as part of a tender offer, $124.8 million of the 3.95 percent senior notes for $68.6 million, resulting in a gain on extinguishment of $54.9 million, net of amounts expensed for reacquisition costs, unamortized original issue discount and deferred origination fees. In addition, during the first quarter of 2015, we purchased $44.0 million of outstanding 3.95 percent senior notes that were trading at 77.5 percent of par, which resulted in a gain on the extinguishment of debt of $7.1 million.
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As of September 30, 2015, the $500.0 million 3.95 percent senior notes were recorded at a par value of $311.2 million less unamortized discounts of $1.3 million, based on an imputed interest rate of 6.36 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.
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(6) |
As of September 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 $33.6 million, based on an imputed interest rate of 9.97 percent.
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(7) |
As of September 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 $136.8 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.
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(8) |
As of September 30, 2015, no loans were drawn under the ABL Facility and we had total availability of $442.9 million as a result of borrowing base limitations. As of September 30, 2015, the principal amount of letter of credit obligations totaled $187.3 million, thereby further reducing available borrowing capacity on our ABL Facility to $255.6 million.
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(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 reducing available borrowing capacity on the revolving credit agreement to $975.5 million.
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