Debt Obligations

Debt outstanding at September 30, 2016 and December 31, 2015 is as follows:



	September 30, 2016					December 31, 2015
	Long-Term			Due Within One Year		Long-Term			Due Within One Year
ABL Facility	$	—		$	—	$	—		$	—
Senior Secured Notes:
6.625% First-Priority Senior Secured Notes due 2020 (includes $4 of unamortized debt premium)	1,554			—		1,554			—
10.00% First-Priority Senior Secured Notes due 2020	315			—		315			—
8.875% Senior Secured Notes due 2018 (includes $1 and $2 of unamortized debt discount at September 30, 2016 and December 31, 2015, respectively)	760			—		995			—
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			—
Other Borrowings:
Australia Facility due 2017	27			4		29			3
Brazilian bank loans	15			30		5			42
Capital leases	8			1		9			1
Other	—			34		5			34
Unamortized debt issuance costs	(41		)	—		(51		)	—
Total	$	3,475		$	69	$	3,698		$	80

2016 Debt Transactions

During the three and nine months ended September 30, 2016, the Company repurchased $36 and $235, respectively, in face value of its 8.875% Senior Secured Notes due 2018 on the open market for cash of $33 and $187, respectively. These transactions resulted in gains of $3 and $47 for the three and nine months ended September 30, 2016, respectively, 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. These amounts are recorded in “Gain on debt extinguishment” in the unaudited Condensed Consolidated Statements of Operations.

Debt Maturities

The Company’s 8.875% Senior Secured Notes come due in full in February 2018. If the outstanding balance of these notes is greater than $50 as of November 2, 2017, the Company’s ABL Facility, which matures in March 2018, will accelerate and become immediately due and payable. While there can be no certainty with respect to timing, the Company expects to address the term of the ABL Facility and the remaining outstanding balance of the 8.875% Senior Secured Notes in advance of the maturity date of these notes and any potential acceleration of the ABL Facility and the Company expects that certain of such actions will be taken prior to the filing of its 2016 Form 10-K. The timing and amount of these transactions is dependent upon the Company’s ability to access the credit markets, conditions in the credit markets, cash generated from operations and the potential execution of additional alternatives the Company has available including the possible sales of certain non-core assets to raise additional funds. While the Company has been successful in accessing the credit markets on terms and in amounts adequate to meet its objectives in the past, and management is confident in its ability to execute these alternatives successfully, there can be no assurance that any of these outcomes will materialize on acceptable terms or at all. If the Company is unable to successfully address the remaining balance of its 8.875% Senior Secured Notes or extend the ABL, the maturing of these obligations could have a material adverse impact.