Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2011

Jun. 30, 2011

Long-Term Debt [Abstract]

Schedule Of Long-Term Debt Instruments

	September 30,			December 31,
	2011			2010
	(In thousands)
U.S. Credit Facility	$	137,000		$	-
Canadian Credit Facility		117,342			-
Senior Secured Credit Facility		-			21,114
Senior notes due 2015, net of unamortized discount		434,812			470,866
Senior notes due 2016, net of unamortized discount		576,334			583,605
Senior notes due 2019, net of unamortized discount		291,922			293,496
Senior subordinated notes due 2016		350,000			350,000
Convertible debentures, net of unamortized discount		149,331			143,478
Total debt		2,056,741			1,862,559
Unamortized deferred gain —terminated interest rate swaps		23,119			27,635
Current portion of long-term debt		(149,331	)		(143,478	)
Long-term debt	$	1,930,529		$	1,746,716

Repurchase Of Senior Notes

	Repurchase		Face		Premium on
Instrument	Price		Value		Repurchase
			(In thousands)
Senior notes due 2015	$	38,134	$	37,000	$	1,134
Senior notes due 2016		10,646		9,380		1,266
Senior notes due 2019		2,160		2,000		160
	$	50,940	$	48,380	$	2,560

Schedule Of Outstanding Debt

Priority on Collateral and Structural Seniority (1)

Highest priority

Lowest priority

Equal Priority

Equal priority

U.S.

Canadian

2015

2016

2019

Senior

Convertible

Credit Facility

Credit Facility

Senior Notes

Senior Notes

Senior Notes

Subordinated Notes

Debentures (2)

Principal amount

$

850.0 million

(3)

C$225.0 million

(4)

$438 million

$591 million

$298 million

$350 million

$150 million

Scheduled maturity date

(6)

September 6, 2016

September 6, 2016

August 1, 2015

January 1, 2016

August 15, 2019

April 1, 2016

November 1, 2024

Interest rate on outstanding borrowings at September 30, 2011

(5) (6) (7)

1.75

%

3.547

%

8.25

%

11.75

%

9.125

%

7.125

%

1.875

%

Base interest rate options

LIBOR, ABR

(6)

CDOR, Canadian prime, U.S. prime or LIBOR

(7)

N/A

N/A

N/A

N/A

N/A

Financial covenants

(8)

- Minimum current ratio of 1.0 - Minimum EBITDA to ratio of 2.5

- Minimum current ratio of 1.0 - Maximum net debt to EBITDA ratio of 4.5

N/A

N/A

N/A

N/A

N/A

Significant restrictive covenants

(8)

- Incurrence of debt - Incurrence of liens - Payment of dividends - Equity purchases - Asset sales - Affiliate transactions - Limitations on derivatives

- Incurrence of debt - Incurrence of liens - Payment of dividends - Equity purchases - Asset sales - Affiliate transactions - Limitations on derivatives

- Incurrence of debt - Incurrence of liens - Payment of dividends - Equity purchases - Asset sales - Affiliate transactions

Incurrence of debt - Incurrence of liens - Payment of dividends - Equity purchases - Asset sales - Affiliate transactions

- Incurrence of debt-Incurrence of liens- Payment of dividends- Equity purchases- Asset sales- Affiliate transactions

- Incurrence of debt-Incurrence of liens- Payment of dividends- Equity purchases- Asset sales- Affiliate transactions

N/A

Optional redemption

(8)

Any time

Any time

August 1, 2012:103.875 2013:101.938: 2014par

July 1, 2013:105.875 2014:102.938: 2015par

August 15, 2014: 104.563 2015: 103.042 2016:101.521: 2017par

April 1,2012: 102.3752013: 101.188:2014par

November 8, 2011and thereafter

Make-whole redemption (8)

N/A

N/A

Callable prior to August 1, 2012 at make-whole call price of Treasury + 50 bps

Callable prior to July 1, 2013 at make-whole call price of Treasury + 50 bps

Callable prior to August 15, 2014 at make-whole call price of Treasury + 50 bps

N/A

N/A

Change of control

(8)

Event of default

Event of default

Put at 101% of principal

Put at 101% of principal

Put at 101% of principal

Put at 101% of principal

Put at 101% of principal

plus accrued interest

plus accrued interest

plus accrued interest

plus accrued interest

plus accrued interest

Equity clawback

(8)

N/A

N/A

N/A

Redeemable until

Redeemable until

N/A

N/A

July 1, 2012 at

August 15, 2012 at

111.75%, plus accrued

109.125%, plus accrued

interest for up to 35%

interest for up to 35%

Subsidiary guarantors

(8)

Cowtown Pipeline

N/A

Cowtown Pipeline

Cowtown Pipeline

Cowtown Pipeline

Cowtown Pipeline

N/A

Funding, Inc.

Funding, Inc.

Funding, Inc.

Funding, Inc.

Funding, Inc.

Cowtown Pipeline

Cowtown Pipeline

Cowtown Pipeline

Cowtown Pipeline

Cowtown Pipeline

Management, Inc.

Management, Inc.

Management, Inc.

Management, Inc.

Management, Inc.

Cowtown Pipeline L.P.

Cowtown Pipeline L.P.

Cowtown Pipeline L.P.

Cowtown Pipeline L.P.

Cowtown Pipeline L.P.

Cowtown Gas

Cowtown Gas

Cowtown Gas

Cowtown Gas

Cowtown Gas

Processing L.P.

Processing L.P.

Processing L.P.

Processing L.P.

Processing L.P.

Estimated fair value

(9)

$137.0.million

$117.3 million

$442.4 million

$649.7 million

$302.5 million

$325.5 million

$149.8 million

(1	)	Borrowings under the U.S. Credit Facility are guaranteed by certain of Quicksilver's domestic subsidiaries and are secured by 100% of the equity interests of each of Cowtown Pipeline Management, Inc., Cowtown Pipeline Funding, Inc., Cowtown Gas Processing L.P. and Cowtown Pipeline L.P., and certain oil and gas properties and related assets of Quicksilver. Currently, there are no guarantors under the Canadian Credit Facility, and borrowings under the Canadian Credit Facility are secured by 100% of the equity interests of Quicksilver Resources Canada Inc. and its oil and gas properties and related assets of Quicksilver Canada.The other debt presented is based upon structural seniority and priority of payment.
(2	)	As discussed in "Convertible Debentures" above, holders of the convertible debentures can require us to repurchase all or a part of the debentures on November 1, 2011. Beginning on November 8, 2011, we have the ability to call the convertible debentures.
(3	)	The principal amount for the U.S. Credit Facility represents the borrowing base and commitments as of September 30, 2011.

(4) The principal amount for the Canadian Credit Facility represents the borrowing base and commitments as of September 30, 2011.
(5	)	Represents the weighted average borrowing rate payable to lenders and excludes effects of interest rate derivatives.
(6	)	Amounts outstanding under the U.S. Credit Facility bear interest, at our election, at (i) adjusted LIBOR (as defined in the credit agreement) plus an applicable margin between 1.50% to 2.50%, (ii) ABR (as defined in the credit agreement), which is the greatest of (a) the prime rate announced by JPMorgan, (b) the federal funds rate plus 0.50% and (c) adjusted LIBOR (as defined in the credit agreement) plus 1.0%, plus, in each case under scenario (ii), an applicable margin between 0.50% to 1.50%. We also pay a per annum fee on all letters of credit issued under the U.S. Credit Facility equal to the applicable margin and a commitment fee on the unused availability of 0.375% to 0.50%, in each case, based on borrowing base usage.
(7	)	Amounts outstanding under the Canadian Credit Facility bear interest, at our election, at (i) the CDOR Rate (as defined in the credit agreement) plus an applicable margin between 1.75% and 2.75%, (ii) the Canadian Prime Rate (as defined in the credit agreement) plus an applicable margin between 0.75% and 1.75%, (iii) the U.S. Prime Rate (as defined in the credit agreement) plus an applicable margin between 0.75% and 1.75% and (iv) U.S eurodollar loans (as defined in the credit agreement) plus an applicable margin between 1.75% to 2.75% We pay a per annum fee on all letters of credit issued under the Canadian Credit Facility equal to the applicable margin and a commitment fee on the unused availability of 0.50% per annum, in each case, based on borrowing base usage.
(8) The information presented in this table is qualified in all respects by reference to the full text of the covenants, provisions and related definitions contained in the documents governing the various components of our debt.
(9) The estimated fair value is determined based on market quotations on the balance sheet date for fixed rate obligations. We consider debt with variable interest rates to have a fair value equal to its carrying value.