Annual report pursuant to Section 13 and 15(d)

DEBT AND CREDIT FACILITIES (Tables)

v3.6.0.2
DEBT AND CREDIT FACILITIES (Tables)
 12 Months Ended
Dec. 31, 2016
Debt Disclosure [Abstract]  
Schedule Of Long-Term Debt
The following represents a summary of our long-term debt as of December 31, 2016 and 2015:
($ in Millions)
December 31, 2016
Debt Instrument
 
Annual Effective Interest Rate
 
Total Principal Amount
 
Debt Issuance Costs
 
Undiscounted Interest/(Unamortized Discounts)
 
Total Debt
Secured Notes
 
 
 
 
 
 
 
 
 
 
$540 Million 8.25% 2020 First Lien Notes
 
9.97%
 
$
540.0

 
$
(8.0
)
 
$
(25.7
)
 
$
506.3

$218.5 Million 8.00% 2020 1.5 Lien Notes
 
N/A
 
218.5

 
—

 
65.7

 
284.2

$544.2 Million 7.75% 2020 Second Lien Notes
 
15.55%
 
430.1

 
(5.8
)
 
(85.2
)
 
339.1

Unsecured Notes
 
 
 
 
 
 
 
 
 
 
$400 Million 5.90% 2020 Senior Notes
 
5.98%
 
225.6

 
(0.6
)
 
(0.5
)
 
224.5

$500 Million 4.80% 2020 Senior Notes
 
4.83%
 
236.8

 
(0.7
)
 
(0.2
)
 
235.9

$700 Million 4.875% 2021 Senior Notes
 
4.89%
 
309.4

 
(1.0
)
 
(0.2
)
 
308.2

$800 Million 6.25% 2040 Senior Notes
 
6.34%
 
298.4

 
(2.5
)
 
(3.4
)
 
292.5

ABL Facility
 
N/A
 
550.0

 
N/A

 
N/A

 
—

Fair Value Adjustment to Interest Rate Hedge
 
 
 
 
 
 
 
 
 
1.9

Total debt
 
 
 

 
 
 
 
 
$
2,192.6

Less current portion
 

 
 
 
 
 
 
 
17.5

Long-term debt
 
 
 
 
 
 
 
 
 
$
2,175.1

($ in Millions)
December 31, 2015
Debt Instrument
 
Annual Effective Interest Rate
 
Total Principal Amount
 
Debt Issuance Costs
 
Undiscounted Interest/(Unamortized Discounts)
 
Total Debt
Secured Notes
 
 
 
 
 
 
 
 
 
 
$540 Million 8.25% 2020 First Lien Notes
 
9.97%
 
$
540.0

 
$
(10.5
)
 
$
(32.1
)
 
$
497.4

$544.2 Million 7.75% 2020 Second Lien Notes
 
15.55%
 
544.2

 
(9.5
)
 
(131.5
)
 
403.2

Unsecured Notes
 
 
 
 
 
 
 
 
 
 
$500 Million 3.95% 2018 Senior Notes
 
6.30%
 
311.2

 
(0.9
)
 
(1.2
)
 
309.1

$400 Million 5.90% 2020 Senior Notes
 
5.98%
 
290.8

 
(1.1
)
 
(0.8
)
 
288.9

$500 Million 4.80% 2020 Senior Notes
 
4.83%
 
306.7

 
(1.1
)
 
(0.4
)
 
305.2

$700 Million 4.875% 2021 Senior Notes
 
4.89%
 
412.5

 
(1.7
)
 
(0.2
)
 
410.6

$800 Million 6.25% 2040 Senior Notes
 
6.34%
 
492.8

 
(4.3
)
 
(5.8
)
 
482.7

ABL Facility
 
N/A
 
550.0

 
N/A

 
N/A

 
—

Fair Value Adjustment to Interest Rate Hedge
 
 
 
 
 
 
 
 
 
2.3

Long-term debt
 
 
 


 
 
 
 
 
$
2,699.4


Debt Instrument Redemption [Table Text Block]
The following is a summary of redemption prices for each of our secured senior notes:
 
First Lien Notes
 
1.5 Lien Notes
 
Second Lien Notes
 
Percent of Principal
 
Period
 
Percent of Principal
 
Period
 
Percent of Principal
 
Period
Early redemption1,2
100.00
%
Prior to March 31, 2018
 
100.00
%
Prior to September 30, 2017
 
100.00
%
Prior to March 31, 2017
Initial redemption1
108.25
 
Beginning on March 31, 2018
 
104.00
 
Beginning on September 30, 2017
 
103.875
 
Beginning on March 31, 2017
Secondary redemption1
100.00
 
Beginning on June 30, 2019
 
100.00
 
Beginning on September 30, 2019
 
100.00
 
Beginning on March 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
1 Plus accrued and unpaid interest, if any, up to but excluding the redemption date.
2 Plus a "make-whole" premium. In addition, we may redeem in the aggregate up to 35% of the original aggregate principal amount (calculated after giving effect to any issuance of additional notes) with the net cash proceeds from certain equity offerings at a redemption price of 108.25%, 108.00% and 107.75% for the First, 1.5 and Second Lien Notes, respectively, so long as at least 65% of the original aggregate principal amount of the notes (calculated after giving effect to any issuance of additional notes) issued remain outstanding after each such redemption.

$218.5 1.5 Lien Notes Exchange [Table Text Block]
The following is a summary of the debt exchanged for our $218.5 million 1.5 Lien Notes:
($ In Millions)
 
 
Debt Extinguished
 
1.5 Lien Amount Issued
 
Carrying Value1
 
Gain on Restructuring2
$544.2 Million 7.75% 2020 Second Lien Notes
 
$
114.1

 
$
57.0

 
$
77.5

 
$
6.9

$500 Million 3.95% 2018 Senior Notes
 
17.6

 
11.4

 
15.5

 
1.8

$400 Million 5.90% 2020 Senior Notes
 
65.1

 
26.0

 
35.4

 
28.3

$500 Million 4.80% 2020 Senior Notes
 
44.7

 
17.9

 
24.4

 
19.5

$700 Million 4.875% 2021 Senior Notes
 
76.3

 
30.5

 
41.5

 
33.3

$800 Million 6.25% 2040 Senior Notes
 
194.4

 
75.7

 
103.0

 
84.5

 
 
$
512.2

 
$
218.5

 
$
297.3

 
$
174.3

 
 
 
 
 
 
 
 
 
1 Includes undiscounted interest payments
2 Net of amounts expensed for unamortized original issue discount and deferred origination fees

$544.2 2nd Lien Notes Exchange [Table Text Block]
The following is a summary of the debt exchanged for our $544.2 million Second Lien Notes:
($ In Millions)
 
 
Debt Extinguished
 
Second Lien Notes Amount Issued
 
Carrying Value1
 
Gain on Restructuring2
$400 Million 5.90% 2020 Senior Notes
 
$
67.0

 
$
57.5

 
$
42.0

 
$
24.5

$500 Million 4.80% 2020 Senior Notes
 
137.8

 
112.9

 
82.4

 
54.6

$700 Million 4.875% 2021 Senior Notes
 
208.5

 
170.3

 
124.3

 
83.1

$800 Million 6.25% 2040 Senior Notes
 
261.3

 
203.5

 
148.5

 
107.3

 
 
$
674.6

 
$
544.2

 
$
397.2

 
$
269.5

 
 
 
 
 
 
 
 
 
1 Includes unamortized discounts
2 Net of amounts expensed for unamortized original issue discount and deferred origination fees
Schedule of Maturities of Long-term Debt [Table Text Block]
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 December 31, 2016:
 
(In Millions)
 
Maturities of Debt
2017
$
—

2018
—

2019
—

2020
1,651.0

2021
309.4

2022 and thereafter
298.4

Total maturities of debt
$
2,258.8