Senior Long-Term Debt

6 Months Ended

Jun. 30, 2016

Debt Disclosure [Abstract]

Senior Long-Term Debt

Senior Long-Term Debt

On April 5, 2016, the Company issued $400 million of 5.0% unsecured senior notes due April 5, 2046. Net proceeds to the Company were $392.3 million. In April 2016, the Company used a portion of these proceeds to purchase $70.2 million of principal on its 7.35% Senior Notes due 2034 and $108.8 million of principal on its 7.125% Senior Notes due 2019 through a tender offer at a total purchase price of $95.0 million and $126.4 million, respectively. The Company also expects to use the proceeds from the April 2016 issuance to retire its 7.20% unsecured senior notes, when they come due April 14, 2017 ($90.6 million aggregate principal amount of those notes was outstanding at June 30, 2016), and the remainder for general corporate purposes.

On May 5, 2016, the Company issued an additional $100 million of 5.0% unsecured senior notes due April 5, 2046. Net proceeds to the Company were $100.8 million. The Company expects to use the proceeds for general corporate purposes.

In connection with the tender offer and purchase, we recognized a loss on early extinguishment of debt of $44.1 million during the quarter and six months ended June 30, 2016.