| Schedule Of Long-Term Debt |
The following represents a summary of our long-term debt as of September 30, 2016 and December 31, 2015:
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($ in Millions) |
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September 30, 2016 |
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Debt Instrument |
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Annual Effective Interest Rate |
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Total Principal Amount |
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Debt Issuance Costs |
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Undiscounted Interest/(Unamortized Discounts) |
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Total Debt |
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$700 Million 4.875% 2021 Senior Notes |
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4.89% |
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$ |
325.7 |
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$ |
(1.2 |
) |
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$ |
(0.2 |
) |
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$ |
324.3 |
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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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4.83% |
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244.8 |
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(0.7 |
) |
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(0.2 |
) |
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243.9 |
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(2) |
$800 Million 6.25% 2040 Senior Notes |
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6.34% |
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298.4 |
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(2.5 |
) |
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(3.4 |
) |
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292.5 |
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(3) |
$400 Million 5.90% 2020 Senior Notes |
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5.98% |
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225.6 |
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(0.7 |
) |
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(0.5 |
) |
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224.4 |
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(4) |
$500 Million 3.95% 2018 Senior Notes |
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6.15% |
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— |
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— |
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— |
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— |
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(5) |
$540 Million 8.25% 2020 First Lien Notes |
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9.97% |
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540.0 |
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(8.6 |
) |
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(27.4 |
) |
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504.0 |
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$218.5 Million 8.00% 2020 1.5 Lien Notes |
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N/A |
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218.5 |
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— |
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70.0 |
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288.5 |
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(6) |
$544.2 Million 7.75% 2020 Second Lien Notes |
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15.55% |
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430.1 |
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(6.2 |
) |
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(90.1 |
) |
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333.8 |
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(7) |
$550 Million ABL Facility: |
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ABL Facility |
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N/A |
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550.0 |
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N/A |
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N/A |
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— |
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(8) |
Fair Value Adjustment to Interest Rate Hedge |
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2.0 |
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Total debt |
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$ |
2,833.1 |
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$ |
2,213.4 |
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Less: Current portion |
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17.5 |
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Long-term debt |
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$ |
2,195.9 |
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($ in Millions) |
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December 31, 2015 |
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Debt Instrument |
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Annual Effective Interest Rate |
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Total Principal Amount |
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Debt Issuance Costs |
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Unamortized Discounts |
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Total Debt |
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$700 Million 4.875% 2021 Senior Notes |
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4.89% |
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$ |
412.5 |
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$ |
(1.7 |
) |
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$ |
(0.2 |
) |
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$ |
410.6 |
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$1.3 Billion Senior Notes: |
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$500 Million 4.80% 2020 Senior Notes |
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4.83% |
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306.7 |
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(1.1 |
) |
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(0.4 |
) |
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305.2 |
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$800 Million 6.25% 2040 Senior Notes |
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6.34% |
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492.8 |
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(4.3 |
) |
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(5.8 |
) |
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482.7 |
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$400 Million 5.90% 2020 Senior Notes |
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5.98% |
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290.8 |
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(1.1 |
) |
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(0.8 |
) |
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288.9 |
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$500 Million 3.95% 2018 Senior Notes |
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6.30% |
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311.2 |
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(0.9 |
) |
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(1.2 |
) |
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309.1 |
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$540 Million 8.25% 2020 First Lien Notes |
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9.97% |
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540.0 |
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(10.5 |
) |
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(32.1 |
) |
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497.4 |
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$544.2 Million 7.75% 2020 Second Lien Notes |
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15.55% |
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544.2 |
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(9.5 |
) |
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(131.5 |
) |
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403.2 |
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$550 Million ABL Facility: |
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ABL Facility |
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N/A |
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550.0 |
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N/A |
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N/A |
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— |
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(9) |
Fair Value Adjustment to Interest Rate Hedge |
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2.3 |
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Total debt |
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$ |
3,448.2 |
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$ |
2,699.4 |
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(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 were recorded at a carrying value of $41.5 million, including undiscounted interest payments as of the transaction date. Additionally, during the third quarter of 2016 we entered into a debt for equity exchange; see NOTE 15 - CAPITAL STOCK for further discussion of this transaction.
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(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 were recorded at a carrying value of $24.4 million, including undiscounted interest payments as of the transaction date. Additionally, during the second and third quarters of 2016 we entered into a debt for equity exchange; see NOTE 15 - CAPITAL STOCK for further discussion of this transaction.
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(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 were recorded at a carrying value of $103.0 million, including undiscounted interest payments as of the transaction date.
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(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 were recorded at a carrying value of $35.4 million, including undiscounted interest payments as of the transaction date.
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(5) |
See the section entitled "$500 million 3.95 percent 2018 Senior Notes - Full Redemption" below for further discussion related to this instrument. 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 were recorded at a carrying value of $15.5 million, including undiscounted interest payments as of the transaction date. 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.
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(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 September 30, 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.
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(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 were recorded at a carrying value of $77.5 million, including undiscounted interest payments as of the transaction date.
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(8) |
As of September 30, 2016, no loans were drawn under the ABL Facility and we had total availability of $355.7 million as a result of borrowing base limitations. As of September 30, 2016, the principal amount of letter of credit obligations totaled $108.8 million, thereby further reducing available borrowing capacity on our ABL Facility to $246.9 million.
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(9) |
As of December 31, 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 December 31, 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.
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| 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 September 30, 2016:
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(In Millions) |
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Maturities of Debt |
2016 (October 1 - December 31) |
$ |
— |
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2017 |
— |
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2018 |
— |
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2019 |
— |
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2020 |
1,659.0 |
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2021 |
325.7 |
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2022 and thereafter |
298.4 |
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Total maturities of debt |
$ |
2,283.1 |
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