Long-term Debt

As of September 30, 2015, the Company had aggregate outstanding principal of $2.4 billion in long-term notes with varying maturities (the "Notes"). Each of the Notes were issued at par and are senior unsecured obligations of the Company. Interest is payable semi-annually at fixed rates.

The following table provides a summary of the Company's long-term debt as of September 30, 2015 and December 31, 2014:



						Level 2 Fair Value (1) as of
	Principal Amount at Par		Issuance Date	Maturity	Interest Due Dates	September 30, 2015		December 31, 2014
	(in millions)					(in millions)
5.375% Senior Notes	$	500.0	February 2013	2021	February 1 and August 1	$	518.8	$	520.0
5.750% Senior Notes	400.0		February 2014	2024	March 1 and September 1	408.0		416.0
5.50% Senior Notes (2)	700.0		February 2015	2022	April 15 and October 15	707.0		—
5.875% Senior Notes (2)	800.0		February 2015	2025	April 15 and October 15	822.0		—

(1) Based on quoted market prices in less active markets.


(2)	The net proceeds to the Company for the 5.50% and 5.875% Senior Notes issued in the first quarter of 2015 were an aggregate $1,482.4 million. Debt issuance costs of $17.6 million were recorded in "Other non-current assets" on the Consolidated Balance Sheets and are amortized over the term of the notes as "Interest expense" on the Consolidated Statements of Operations.

Each of the Notes are repayable in whole or in part upon the occurrence of a change of control, at the option of the holders, at a purchase price in cash equal to 101% of the principal plus accrued interest. The Company may redeem the Notes prior to maturity in whole or in part at an amount equal to the principal amount thereof plus accrued and unpaid interest and an applicable premium. The Notes include, among other terms and conditions, limitations on the Company's ability to create, incur or allow certain liens; enter into sale and lease-back transactions; create, assume, incur or guarantee additional indebtedness of certain of the Company's subsidiaries; and consolidate or merge with, or convey, transfer or lease all or substantially all of the Company's and its subsidiaries assets, to another person. As of September 30, 2015 and December 31, 2014, the Company was in compliance with all related covenants.