Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Debt Instrument [Line Items]

Schedule of Long-term Debt Instruments [Table Text Block]

	As of December 31,
	2013		2012
	(In thousands)
Combined Credit Agreements	$	211,200	$	388,150
Second Lien Term Loan, net of unamortized discount of $17,428	607,572		—
Second Lien Notes due 2019, net of unamortized discount of $5,577	194,423		—
Senior notes due 2015, net of unamortized discount of $30 and $2,149	10,472		435,851
Senior notes due 2016, net of unamortized discount of $105 and $10,825	8,044		579,795
Senior notes due 2019, net of unamortized discount of $4,757 and $5,378	293,243		292,622
Senior notes due 2021, net of unamortized discount of $15,810	309,190		—
Senior subordinated notes due 2016	350,000		350,000
Total debt	1,984,144		2,046,418
Unamortized deferred gain—terminated interest rate swaps	4,802		16,788
Long-term debt	$	1,988,946	$	2,063,206

Schedule of Maturities of Long-term Debt

	2014	2015	2016	2017	2018	Thereafter
	(in thousands)
Combined Credit Agreements	—	—	211,200	—	—	—
Second Lien Term Loan	—	—	—	—	—	625,000
Second Lien Notes due 2019	—	—	—	—	—	200,000
Senior notes due 2015	—	10,502	—	—	—	—
Senior notes due 2016	—	—	8,149	—	—	—
Senior notes due 2019	—	—	—	—	—	298,000
Senior notes due 2021	—	—	—	—	—	325,000
Senior subordinated notes due 2016	—	—	350,000	—	—	—
Total Indebtedness	—	10,502	569,349	—	—	1,448,000

Schedule of Debt

	Priority on Collateral and Structural Seniority (1)
	Highest priority									Lowest priority
	First Lien	Second Lien			Senior Unsecured				Senior Subordinated
	Combined Credit Agreements		Second Lien Term Loan	Second Lien Notes due 2019	2015 Senior Notes	2016 Senior Notes	2019 Senior Notes	2021 Senior Notes		Senior Subordinated Notes
Principal amount (2)	$350 million		$625 million	$200 million	$11 million	$8 million	$298 million	$325 million		$350 million
Scheduled maturity date (3)	September 6, 2016		June 21, 2019	June 21, 2019	August 1, 2015	January 1, 2016	August 15, 2019	July 1, 2021		April 1, 2016
Interest rate on outstanding borrowings at December 31, 2013 (4)	3.95%		7.00%	7.00%	8.25%	11.75%	9.125%	11.00%		7.125%
Base interest rate options (5)(6)	LIBOR, ABR, CDOR		LIBOR floor of 1.25%; ABR floor of 2.25%	LIBOR floor of 1.25%	N/A	N/A	N/A	N/A		N/A
Financial covenants (7)	- Minimum current ratio of 1.0 - Minimum EBITDA to cash interest expense ratio of 1.10 - Maximum senior secured debt leverage ratio of 2.0		N/A	N/A	N/A	N/A	N/A	N/A		N/A
Significant restrictive covenants (7)	- Incurrence of debt - Incurrence of liens - Payment of dividends - Equity purchases - Asset sales - Affiliate transactions - Limitations on derivatives and investments		- Incurrence of debt - Incurrence of liens and 1st lien cap -Payment of dividends - Equity purchases - Asset sales - Affiliate transactions	- Incurrence of debt - Incurrence of liens and 1st lien cap -Payment of dividends - Equity purchases - Asset sales - Affiliate transactions	- Asset sales	- Asset sales	- 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
Optional redemption (7)	Any time		Any time, subject to re-pricing event June 21, 2014: 102 2015: 101	Any time, subject to re-pricing event June 21, 2014: 102 2015: 101	August 1, 2013: 101.938 2014: par	July 1, 2013: 105.875 2014: 102.938 2015: par	August 15, 2014: 104.563 2015: 103.042 2016: 101.521 2017: par	July 1, 2019: 102.000 2020: par		April 1, 2013: 101.188 2014: par
Make-whole redemption (7)	N/A		N/A	N/A	N/A	N/A	Callable prior to August 15, 2014 at make-whole call price of Treasury +50 bps	Callable prior to July 1, 2019 at make-whole call price of Treasury +50 bps		N/A
Change of control (7)	Event of default		Put at 101% of principal plus accrued interest	Put at 101% of principal plus accrued interest	Put at 101% of principal plus accrued interest	Put at 101% of principal plus accrued interest	Put at 101% of principal plus accrued interest	Put at 101% of principal plus accrued interest		Put at 101% of principal plus accrued interest
Equity clawback (7)	N/A		N/A	N/A	N/A	N/A	N/A	Redeemable until July 1, 2016 at 111.00%, plus accrued interest for up to 35%		N/A
Estimated fair value (8)	$211.2 million		$625 million	$200 million	$10.6 million	$7.8 million	$298 million	$354.3 million		$341.3 million

⁽¹⁾ Borrowings under the Amended and Restated U.S. Credit Facility, Second Lien Term Loan and Second Lien Notes due 2019 are guaranteed by certain of Quicksilver’s domestic subsidiaries and are secured (on a first priority basis with respect to the Amended and Restated U.S. Credit Facility and on a second priority basis with respect to the Second Lien Term Loan and the Second Lien Notes due 2019) by 100% of the equity interests of each of Cowtown Pipeline Management, Inc., Cowtown Pipeline Funding, Inc., Cowtown Gas Processing L.P., Cowtown Pipeline L.P., Barnett Shale Operating LLC, Silver Stream Pipeline Company LLC, QPP Parent LLC and QPP Holdings LLC (collectively, the “Domestic Pledged Equity”), 65% of the equity interests of Quicksilver Resources Canada Inc. (“Quicksilver Canada”) and Quicksilver Production Partners Operating Ltd. (with respect to the Amended and Restated U.S. Credit Facility, on a ratable basis with borrowings under the Amended and Restated Canadian Credit Facility) and the majority of Quicksilver's domestic proved oil and gas properties and related assets, (the “Domestic Pledged Property”). Borrowings under the Amended and Restated Canadian Credit Facility are guaranteed by Quicksilver and certain of its domestic subsidiaries and are secured by the Domestic Pledged Equity, the Domestic Pledged Property, 100% of the equity interests of Quicksilver Canada (65% of which is on a ratable basis with the borrowings under the Amended and Restated U.S. Credit Facility) and any Canadian restricted subsidiaries, under the Amended and Restated Canadian Credit Facility, and 65% of the equity interests of Quicksilver Production Partners Operating Ltd. (which is on a ratable basis with the borrowings under the Amended and Restated U.S. Credit Facility) and the majority of Quicksilver Canada's oil and gas properties and related assets. The other debt presented is based upon structural seniority and priority of payment.

⁽²⁾ The principal amount for the Combined Credit Agreements represents the global borrowing base as of December 31, 2013.

⁽³⁾ The Combined Credit Agreements are required to be repaid 91 days prior to the maturity of the 2015 Senior Notes, the 2016 Senior Notes, the 2016 Senior Subordinated Notes, the Second Lien Term Loan or the Second Lien Notes due 2019, if on the applicable date any amount of such debt remains outstanding. The Second Lien Term Loan and Second Lien Notes due 2019 are required to be repaid (1) 91 days prior to the maturity of the 2019 Senior Notes if more than $100 million of the 2019 Senior Notes remain outstanding and (2) 91 days prior to the maturity of the 2015 Senior Notes, the 2016 Senior Notes or the 2016 Senior Subordinated Notes if on the applicable date the aggregate amount of all such notes remaining outstanding is greater than $100 million.

⁽⁴⁾ Represents the weighted average borrowing rate payable to lenders.

⁽⁵⁾ Amounts outstanding under the Amended and Restated U.S. Credit Facility bear interest, at our election, at (i) adjusted LIBOR (as defined in the Amended and Restated U.S. Credit Facility) plus an applicable margin between 2.75% and 3.75%, (ii) ABR (as defined in the Amended and Restated U.S. Credit Facility), which is the greatest of (a) the prime rate announced by JPMorgan, (b) the federal funds rate plus 0.50% and (c) adjusted LIBOR for an interest period of one month plus 1.00%, plus, in each case under scenario, (ii) an applicable margin between 1.75% and 2.75%. We also pay a per annum fee on the LC Exposure (as defined in the Amended and Restated U.S. Credit Facility) of all letters of credit issued under the Amended and Restated U.S. Credit Facility equal to the applicable margin, with respect to Eurodollar loans, and a commitment fee on the unused availability under the Amended and Restated U.S. Credit Facility of 0.50%.

⁽⁶⁾ Amounts outstanding under the Amended and Restated Canadian Credit Facility bear interest, at our election, at (i) the CDOR Rate (as defined in the Amended and Restated Canadian Credit Facility) plus an applicable margin between 2.75% and 3.75%, (ii) the Canadian Prime Rate (as defined in the Amended and Restated Canadian Credit Facility) plus an applicable margin between 1.75% and 2.75%, (iii) the U.S. Prime Rate (as defined in the Amended and Restated Canadian Credit Facility) plus an applicable margin between 1.75% and 2.75% and (iv) adjusted LIBOR (as defined in the Amended and Restated Canadian Credit Facility) plus an applicable margin between 2.75% and 3.75%. We pay a per annum fee on the LC Exposure (as defined in the Amended and Restated Canadian Credit Facility) of all letters of credit issued under the Amended and Restated Canadian Credit Facility equal to the applicable margin, with respect to Eurodollar loans, and a commitment fee on the unused availability under the Amended and Restated Canadian Credit Facility of 0.50%.

⁽⁷⁾ 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.

⁽⁸⁾ The estimated fair value is determined using market quotations based on recent trade activity for fixed rate obligations (“Level 2” inputs). Our Second Lien Term Loan and Second Lien Notes due 2019 feature variable interest rates and we estimate their fair value by using market quotations based on recent trade activity (“Level 3” input). We consider our Combined Credit Agreements which have a variable interest rate to have a fair value equal to their carrying value (“Level 1” input).