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Corporate Debt
 3 Months Ended
Mar. 31, 2016
Debt Disclosure [Abstract]  
CORPORATE DEBT
CORPORATE DEBT
Corporate debt at March 31, 2016 and December 31, 2015 is outlined in the following table (dollars in millions):
 
Face Value
 
Discount
 
Net
March 31, 2016
 
 
 
 
 
Interest-bearing notes:
 
 
 
 
 
5 3/8% Notes, due 2022
$
540

 
$
(5
)
 
$
535

4 5/8% Notes, due 2023
460

 
(5
)
 
455

Total interest-bearing notes
1,000

 
(10
)
 
990

Non-interest-bearing debt:
 
 
 
 
 
0% Convertible debentures, due 2019
3

 
—

 
3

Total corporate debt
$
1,003

 
$
(10
)
 
$
993

 
Face Value
 
Discount
 
Net
December 31, 2015
 
 
 
 
 
Interest-bearing notes:
 
 
 
 
 
5 3/8% Notes, due 2022
$
540

 
$
(6
)
 
$
534

4 5/8% Notes, due 2023
460

 
(5
)
 
455

Total interest-bearing notes
1,000

 
(11
)
 
989

Non-interest-bearing debt:
 
 
 
 
 
0% Convertible debentures, due 2019
8

 
—

 
8

Total corporate debt
$
1,008

 
$
(11
)
 
$
997


4 5/8% Notes
In March 2015, the Company issued an aggregate principal amount of $460 million in 4 5/8% Senior Notes due September 2023. Interest is payable semi-annually and the notes may be called by the Company beginning March 15, 2018 at a premium, which declines over time. The Company used the net proceeds from the issuance of the 4 5/8% Notes, along with approximately $432 million of existing corporate cash to redeem all of the outstanding 6 3/8% Notes including paying the associated redemption premiums of $68 million, accrued interest and related fees and expenses. This resulted in $73 million in losses on early extinguishment of debt for the quarter ended March 31, 2015.
Credit Facility
In November 2014, the Company entered into a $200 million senior secured revolving credit facility and in February of 2015, entered into an amendment to increase commitments thereunder by $50 million. At March 31, 2016, there was no outstanding balance under the revolving credit facility and available capacity for borrowings was $250 million. The credit facility expires in November 2017. The Company has the ability to borrow against the credit facility for working capital and general corporate purposes. The credit facility contains certain maintenance covenants, including the requirement for the parent company to maintain unrestricted cash of $100 million.