Debt Obligations

6 Months Ended

Jun. 30, 2015

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

Debt Obligations

Debt outstanding at June 30, 2015 and December 31, 2014 is as follows:

	June 30, 2015				December 31, 2014
	Long-Term		Due Within One Year		Long-Term		Due Within One Year
ABL Facility	$	—	$	—	$	60	$	—
Senior Secured Notes:
6.625% First-Priority Senior Secured Notes due 2020 (includes $5 and $6 of unamortized debt premium at June 30, 2015 and December 31, 2014, respectively)	1,555		—		1,556		—
10.00% First-Priority Senior Secured Notes due 2020	315		—		—		—
8.875% Senior Secured Notes due 2018 (includes $3 of unamortized debt discount)	1,197		—		1,197		—
9.00% Second-Priority Senior Secured Notes due 2020	574		—		574		—
Debentures:
9.2% debentures due 2021	74		—		74		—
7.875% debentures due 2023	189		—		189		—
8.375% sinking fund debentures due 2016	—		—		20		20
Other Borrowings:
Australia Facility due 2017	32		3		36		4
Brazilian bank loans	9		48		9		47
Capital leases	7		1		8		1
Other	10		23		12		27
Total	$	3,962	$	75	$	3,735	$	99

2015 Refinancing Transactions

On April 15, 2015, the Company issued $315 aggregate principal amount of 10.00% First-Priority Senior Secured Notes due 2020 (the “New First Lien Notes”). The Company used the net proceeds to redeem or repay all $40 of its outstanding 8.375% Sinking Fund Debentures due 2016, and to repay all amounts outstanding under its senior secured asset-based revolving loan facility (the “ABL Facility”) at the closing of the offering.

The New First Lien Notes are secured by first-priority liens on collateral that generally includes most of the Company and its domestic subsidiaries’ assets other than inventory and accounts receivable and related assets and by second-priority liens on the domestic portion of the collateral for the ABL Facility, which generally includes most of the inventory and accounts receivable and related assets of the Company, its domestic subsidiaries and certain of its foreign subsidiaries, in each case subject to certain exceptions and permitted liens.

Additionally, on July 27, 2015, the Company finalized an amendment to its ABL Facility, under which certain of the Company’s subsidiaries are borrowers, to (i) add one of its German subsidiaries as a borrower and one of its German subsidiaries as a guarantor and (ii) expand its borrowing base to include certain machinery and equipment in certain foreign jurisdictions, subject to customary reserves.