(10) Debt

The Company’s consolidated debt consists of the following:



	March 31, 2018					September 30, 2017
	Amount			Rate		Amount			Rate		Interest Rate
HRG
7.875% Senior Secured Notes, due July 15, 2019	$	—		—	%	$	864.4		7.9	%	Fixed rate
7.75% Senior Unsecured Notes, due January 15, 2022	890.0			7.8	%	890.0			7.8	%	Fixed rate
HGI Funding
2017 Loan, due July 13, 2018	50.0			4.7	%	50.0			3.7	%	Variable rate, see below
HGI Energy
HGI Energy Notes, due June 30, 2018	—			—	%	92.0			1.5	%	Fixed rate
	940.0					1,896.4
Spectrum Brands
USD Term Loan, due June 23, 2022	1,237.9			3.9	%	1,244.2			3.4	%	Variable rate, see below
CAD Term Loan, due June 23, 2022	33.4			5.2	%	59.0			4.9	%	Variable rate, see below
6.625% Notes, due November 15, 2022	570.0			6.6	%	570.0			6.6	%	Fixed rate
6.125% Notes, due December 15, 2024	250.0			6.1	%	250.0			6.1	%	Fixed rate
5.75% Notes, due July 15, 2025	1,000.0			5.8	%	1,000.0			5.8	%	Fixed rate
4.00% Notes, due October 1, 2026	522.8			4.0	%	500.9			4.0	%	Fixed rate
Revolver Facility, expiring March 6, 2022	570.5			4.3	%	—			—	%	Variable rate, see below
Other notes and obligations	3.5			8.1	%	4.7			8.0	%	Variable rate
Obligations under capital leases	199.1			5.7	%	199.7			5.7	%	Various
Salus
Unaffiliated long-term debt of consolidated variable-interest entity	77.0			—	%	28.9			—	%	Variable rate, see below
Long-term debt of consolidated variable-interest entity with FGL	—			—	%	48.1			—	%	Variable rate, see below
Total	5,404.2					5,801.9
Original issuance discounts on debt, net of premiums	(22.4		)			(20.7		)
Unamortized debt issue costs	(63.1		)			(76.1		)
Total debt	5,318.7					5,705.1
Less current maturities and short-term debt	70.3					161.4
Non-current portion of debt	$	5,248.4				$	5,543.7

HRG

On January 16, 2018, HRG redeemed all $864.4 outstanding principal amount of its 7.875% Senior Secured Notes due 2019 at a redemption price equal to 100.0% of the principal amount thereof, plus accrued and unpaid interest to the redemption date.

HGI Funding

2017 Loan

On January 13, 2017, the Company, through a wholly-owned subsidiary of HGI Funding, LLC (“HGI Funding”), entered into a loan agreement, pursuant to which it may borrow up to an aggregate amount of $150.0 (the “2017 Loan”). The 2017 Loan bears interest at an adjusted International Exchange London Interbank Offered Rate (“LIBOR”), plus 2.35% per annum, payable quarterly and a commitment fee of 75 bps. The 2017 Loan matures on July 13, 2018, with an option for early termination by the borrower. At March 31, 2018, the 2017 Loan was secured by 4.2 million shares of Spectrum Brands owned by a subsidiary of HGI Funding.

HGI Energy

On December 5, 2017, the Company paid off the $92.0 aggregate principal amount of the HGI Energy Notes, which were previously held by the Insurance Operations.

Spectrum Brands

Term Loans and Revolver Facility

The term loans and Revolver Facility due June 23, 2020 (“Revolver Facility”) are subject to variable interest rates, (i) the U.S. dollar denominated term loan facility (the “USD Term Loan”) is subject to either adjusted LIBOR, plus margin of 2.00% per annum, or a base rate plus margin of 1.00% per annum; (ii) the CAD term loan due June 23, 2022 (“CAD Term Loan”) is subject to either Canadian Dollar Offered Rate, subject to a 0.75% floor plus 3.50% per annum, or base rate with a 1.75% floor plus plus 2.50% per annum; (iii) the Revolver Facility is subject to either adjusted LIBOR plus margin ranging from 1.75% to 2.25% per annum, or base rate plus margin ranging from 0.75% to 1.25% per annum.

On March 28, 2018, Spectrum Brands entered into a fifth amendment to the Credit Agreement, expanding the overall capacity of the Revolver Facility by $100.0 to $800.0. As a result of borrowings and payments under the Revolver Facility, at March 31, 2018, Spectrum Brands had borrowing availability of $210.0, net of outstanding letters of credit of $18.0 and $1.5 allocated to a foreign subsidiary of Spectrum Brands.

Salus

In February 2013, September 2013 and February 2015, Salus Capital Partners, LLC (“Salus”) completed a collateralized loan obligation (“CLO”) securitization of up to $578.5 notional aggregate principal amount. At March 31, 2018 and September 30, 2017, the outstanding notional aggregate principal amount of $77.0 and $28.9, respectively, was taken up by unaffiliated entities, including the Company’s former subsidiary, FGL, and consisted entirely of subordinated debt in both periods, and $48.1 was taken up by FGL and included in “Current assets of businesses held for sale” in the accompanying Condensed Consolidated Balance Sheets as of September 30, 2017. The CLO subordinated debt is non-recourse to the Company. The obligations of the securitization is secured by the assets of the variable interest entity, primarily asset-based loan receivables and carry residual interest subject to maintenance of certain covenants. Due to losses incurred in the CLO, at March 31, 2018 and September 30, 2017, the CLO was not accruing interest on the subordinated debt.