Quarterly report pursuant to Section 13 or 15(d)

DEBT AND CREDIT FACILITIES (Tables)

v3.19.2
DEBT AND CREDIT FACILITIES (Tables)
 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Debt Disclosure [Abstract]    
Schedule Of Long-Term Debt
The following represents a summary of our long-term debt:
(In Millions)
June 30, 2019
Debt Instrument
 
Annual Effective
Interest Rate
 
Total Principal Amount
 
Debt Issuance Costs
 
Unamortized Discounts
 
Total Debt
Secured Notes:
 
 
 
 
 
 
 
 
 
 
$400 Million 4.875% 2024 Senior Notes
 
5.00%
 
$
400.0

 
$
(5.2
)
 
$
(2.0
)
 
$
392.8

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

 
(5.1
)
 
(70.3
)
 
240.9

$1.075 Billion 5.75% 2025 Senior Notes
 
6.01%
 
473.3

 
(4.0
)
 
(6.0
)
 
463.3

$750 Million 5.875% 2027 Senior Notes
 
6.49%
 
750.0

 
(6.7
)
 
(28.7
)
 
714.6

$800 Million 6.25% 2040 Senior Notes
 
6.34%
 
298.4

 
(2.2
)
 
(3.3
)
 
292.9

ABL Facility
 
N/A
 
450.0

 
N/A

 
N/A

 
—

Long-term debt
 
 
 
 
 
 
 
 
 
$
2,104.5

(In Millions)
December 31, 2018
Debt Instrument
 
Annual Effective
Interest Rate
 
Total Principal Amount
 
Debt Issuance Costs
 
Unamortized Discounts
 
Total Debt
Secured Notes:
 
 
 
 
 
 
 
 
 
 
$400 Million 4.875% 2024 Senior Notes
 
5.00%
 
$
400.0

 
$
(5.7
)
 
$
(2.2
)
 
$
392.1

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

 
(0.2
)
 
—

 
123.8

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

 
(5.5
)
 
(75.6
)
 
235.2

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

 
(9.9
)
 
(14.6
)
 
1,048.8

$800 Million 6.25% 2040 Senior Notes
 
6.34%
 
298.4

 
(2.3
)
 
(3.3
)
 
292.8

ABL Facility
 
N/A
 
450.0

 
N/A

 
N/A

 
—

Fair Value Adjustment to Interest Rate Hedge
 
 
 
 
 
 
 
 
 
0.2

Long-term debt
 
 
 
 
 
 
 
 
 
$
2,092.9


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

 
Schedule of Extinguishment of Debt The following is a summary of the debt extinguished and the respective loss on extinguishment:
 
 
(In Millions)
 
 
Three Months Ended
June 30, 2019
 
Six Months Ended
June 30, 2019
Debt Instrument
 
Debt Extinguished
 
Loss on Extinguishment
 
Debt Extinguished
 
Loss on Extinguishment
$700 Million 4.875% 2021 Senior Notes
 
$
114.0

 
$
5.0

 
$
124.0

 
$
5.3

$1.075 Billion 5.75% 2025 Senior Notes
 
600.0

 
12.9

 
600.0

 
12.9

 
 
$
714.0

 
$
17.9

 
$
724.0

 
$
18.2


The following is a summary of the debt extinguished with cash and the respective gain on extinguishment:
 
 
(In Millions)
 
 
Three and Six Months Ended
June 30, 2018
Debt Instrument
 
Debt Extinguished
 
Gain on Extinguishment
$400 Million 5.90% 2020 Senior Notes
 
$
0.5

 
$
—

$500 Million 4.80% 2020 Senior Notes
 
0.1

 
—

$700 Million 4.875% 2021 Senior Notes
 
13.2

 
0.1

$1.075 Billion 5.75% 2025 Senior Notes
 
1.7

 
0.1

 
 
$
15.5

 
$
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 June 30, 2019:
 
 
(In Millions)
 
 
Maturities of Debt
2019
 
$
—

2020
 
—

2021
 
—

2022
 
—

2023
 
—

2024
 
400.0

2025 and thereafter
 
1,838.0

Total maturities of debt
 
$
2,238.0


 
Schedule of Line of Credit Facilities
The following represents a summary of our borrowing capacity under the ABL Facility:
 
(In Millions)
 
June 30, 2019
 
December 31, 2018
Available borrowing base on ABL Facility1
$
450.0

 
$
323.7

Letter of credit obligations2
(61.1
)
 
(55.0
)
Borrowing capacity available3
$
388.9

 
$
268.7

 
 
 
 
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, environmental obligations and certain Metallics' contracts.
3 As of June 30, 2019 and December 31, 2018, we had no loans drawn under the ABL Facility.