Debt Obligations

9 Months Ended

Sep. 30, 2015

Debt Obligations

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



	September 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 September 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 $2 and $3 of unamortized debt discount at September 30, 2015 and December 31, 2014, respectively)	1,083		—		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	29		3		36		4
Brazilian bank loans	7		42		9		47
Capital leases	7		1		8		1
Other	10		29		12		27
Total	$	3,843	$	75	$	3,735	$	99

2015 Debt 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.

On July 27, 2015, the Company entered into an amendment to its ABL Facility, which was completed on November 6, 2015, 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.

Additionally, during the third quarter of 2015, the Company repurchased $115 of its 8.875% Senior Secured Notes due 2018 on the open market for cash of $99. This transaction resulted in a gain of $14, which represents the difference between the carrying value of the repurchased debt and the cash paid for the repurchases, less the proportionate amount of unamortized deferred financing fees and debt discounts that were written off in conjunction with the repurchases. This amount is recorded in “Gain on debt extinguishment” in the unaudited Condensed Consolidated Statements of Operations.