Debt

The Company’s consolidated debt consists of the following:



	March 31, 2014					September 30, 2013
	Amount			Rate		Amount			Rate
HGI:
7.875% Senior Secured Notes, due July 15, 2019	$	925.0		7.9	%	$	925.0		7.9	%
7.75% Senior Unsecured Notes, due January 15, 2022	200.0			7.8	%	—			—	%
Spectrum Brands:
CAD Term Loan, due December 17, 2019	75.9			5.0	%	81.4			5.1	%
Term Loan, due September 4, 2017 (Tranche A)	834.1			3.0	%	850.0			3.0	%
Term Loan, due September 4, 2019 (Tranche C)	513.7			3.6	%	300.0			3.6	%
Term Loan, due December 17, 2019 (Tranche B)	—			—		513.3			4.6	%
Euro Term Loan, due September 4, 2019	309.2			3.8	%	—			—
6.75% Senior Notes, due March 15, 2020	300.0			6.8	%	300.0			6.8	%
6.375% Senior Notes, due November 15, 2020	520.0			6.4	%	520.0			6.4	%
6.625% Senior Notes, due November 15, 2022	570.0			6.6	%	570.0			6.6	%
ABL Facility, expiring May 24, 2017	167.5			2.5	%	—			5.7	%
Other notes and obligations	50.4			7.1	%	28.5			8.5	%
Capitalized lease obligations	97.0			6.2	%	67.4			6.2	%
FGL
6.375% Senior Notes, due April 1, 2021	300.0			6.4	%	300.0			6.4	%
EXCO/HGI JV
EXCO/HGI JV Credit Agreement, due February 14, 2018	250.6			2.7	%	271.2			2.7	%
Salus
Unaffiliated long-term debt of consolidated variable-interest entity	191.8			6.7	%	182.9			6.6	%
Secured borrowings under non-qualifying loan participations	100.0			11.0	%	—			—
Total	5,405.2					4,909.7
Original issuance (discounts) premiums on debt, net	(8.9		)			(13.6		)
Total debt	5,396.3					4,896.1
Less current maturities	119.3					102.9
Non-current portion of debt	$	5,277.0				$	4,793.2

HGI

In January 2014, the Company issued $200.0 aggregate principal amount of 7.75% senior unsecured notes due 2022 (the "7.75% Notes"). The 7.75% Notes were priced at 100% of par plus accrued interest from January 21, 2014. Interest on the 7.75% Notes is payable semi-annually, in January and July. In connection with the 7.75% Note offering the Company recorded $5.6 of fees during the six months ended March 31, 2014. These fees are classified as "Other assets" in the accompanying Condensed Consolidated Balance Sheets as of March 31, 2014, and are being amortized to interest expense utilizing the effective interest method over the term of the 7.75% Notes.

The Company has the option to redeem the 7.75% Notes prior to January 15, 2017 at a redemption price equal to 100% of the principal amount plus a make-whole premium and accrued and unpaid interest, if any, to the date of redemption. At any time on or after January 15, 2017, the Company may redeem some or all of the 7.75% Notes at certain fixed redemption prices expressed as percentages of the principal amount, plus accrued and unpaid interest. At any time prior to January 15, 2017, the Company may redeem up to 35% of the original aggregate principal amount of the 7.75% Notes with net cash proceeds received by us from certain equity offerings at a price equal to 107.75% of the principal amount of the 7.75% Notes redeemed, plus accrued and unpaid interest, if any, to the date of redemption, provided that redemption occurs within 90 days of the closing date of such equity offering, and at least 65% of the aggregate principal amount of the 7.75% Notes remains outstanding immediately thereafter.

At March 31, 2014, the Company was in compliance with all covenants under the indentures governing the 7.875% Senior Secured Notes and the 7.75% Notes.

Spectrum Brands

Term Loan

In December 2013, Spectrum Brands amended the senior term loan facility (the "Term Loan"), issuing two tranches maturing September 4, 2019 which provide for borrowings in aggregate principal amounts of $215.0 and €225.0 (the "Euro Term Loan Debt"). The proceeds from the amendment were used to refinance a portion of the Term Loan (formerly Tranche B) which was scheduled to mature December 17, 2019 and had an aggregate amount outstanding of $513.3 prior to refinancing. The $215.0 additional U.S. dollar denominated portion was combined with the existing Tranche C maturing September 4, 2019. Spectrum Brands recorded accelerated amortization of portions of the unamortized discount and unamortized debt issuance costs related to the refinancing of the Term Loan totaling $9.2 as an adjustment to interest expense during the six month period ended March 31, 2014.

The additional Tranche C and Euro Term Loan debt were issued at a 0.125% discount and recorded net of the discount incurred. Of this discount, $0.5 is reflected as an adjustment to the carrying value of principal, and is being amortized with a corresponding charge to interest expense over the remaining life of the debt, and the remainder of $0.1 is reflected as an increase to interest expense during the six month period ended March 31, 2014. In connection with the refinancing of a portion of the Term Loan, Spectrum Brands recorded $0.6 and $7.1 of fees during the three and six month periods ended March 31, 2014, respectively, of which $5.1 is classified as debt issuance costs within the accompanying Condensed Consolidated Balance Sheets and is being amortized as an adjustment to interest expense over the remaining life of the Term Loan, with the remainder of $1.9 reflected as an increase to interest expense during the six month period ended March 31, 2014.

ABL Facility

In connection with the December 2013 amendment of the Term Loan, Spectrum Brands amended its asset based lending revolving credit facility (the “ABL Facility”) to obtain certain consents to the amendment of the senior credit agreement. In connection with the amendment, Spectrum Brands incurred fees and expenses that are included in the amounts recorded above related to the amendment of the Term Loan.

As a result of borrowings and payments under the ABL Facility, at March 31, 2014, Spectrum Brands had aggregate borrowing availability of approximately $123.9, net of lender reserves of $8.6 and outstanding letters of credit of $49.9.

EXCO/HGI JV Credit Agreement

As of March 31, 2014, the EXCO/HGI JV had a borrowing base of $400.0 with $337.0 of outstanding indebtedness. Our proportionate share of the obligation was $250.6. The borrowing base is redetermined semi-annually during December and June, with the EXCO/HGI JV and the lenders having the right to request interim unscheduled redeterminations in certain circumstances.

Salus

Salus acts as co-lender under some of the asset-based loans that it originates, and such loans are structured to meet the definition of a "participating interest" as defined under ASC 860-10, Transfers and Servicing. For loans originated with co-lenders that have terms that result in such a co-lender not having a qualifying "participating interest", Salus recognizes the whole, undivided loan. Salus also reflects a secured borrowing owing to the co-lender representing their share in the undivided whole loan. As of March 31, 2014, Salus had $100.0 of such secured borrowings to co-lenders outstanding related to non-qualifying "participating interests".