Debt Obligations

3 Months Ended

Mar. 31, 2017

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

Debt Obligations

Debt outstanding at March 31, 2017 and December 31, 2016 is as follows:

	March 31, 2017					December 31, 2016
	Long-Term			Due Within One Year		Long-Term			Due Within One Year
ABL Facility	$	81		$	—	$	—		$	—
Senior Secured Notes:
6.625% First-Priority Senior Secured Notes due 2020 (includes $3 of unamortized debt premium)	1,553			—		1,553			—
10.00% First-Priority Senior Secured Notes due 2020	315			—		315			—
10.375% First-Priority Senior Secured Notes due 2022	485			—		—			—
8.875% Senior Secured Notes due 2018 (includes $1 of unamortized debt discount at December 31, 2016)	—			—		706			—
13.75% Senior Secured Notes due 2022	225			—		—			—
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	—			53		—			51
Brazilian bank loans	13			31		14			26
Capital leases	7			1		7			2
Other	2			33		3			28
Unamortized debt issuance costs	(48		)	—		(38		)	—
Total	$	3,470		$	118	$	3,397		$	107

2017 Refinancing Transactions

• On February 8, 2017, the Company issued $485 aggregate principal amount of 10.375% First-Priority Senior Secured Notes due 2022 (the “New First Lien Notes”) and $225 aggregate principal amount of 13.75% Senior Secured Notes due 2022 (the “New Senior Secured Notes”). Upon the closing of these offerings, the Company satisfied and discharged its obligations under the 8.875% Senior Secured Notes due 2018 (the “Old Senior Secured Notes”) by depositing the net proceeds from these offerings, together with cash on its balance sheet, with the trustee for the Old Senior Secured Notes for the purpose of redeeming all of the Company’s outstanding Old Senior Secured Notes, which occurred on March 10, 2017. In connection with the extinguishment of the Old Senior Secured Notes, the Company wrote off $3 of unamortized deferred debt issuance costs and discounts, which are included in “Loss (gain) on extinguishment of debt” in the unaudited Condensed Consolidated Statements of Operations.

• The Company also amended and restated its ABL Facility in December 2016 with modifications to, among other things, permit the refinancing of the Old Senior Secured Notes. In connection with the issuance of the new notes in February 2017, certain lenders under the ABL Facility provided extending revolving credit facility commitments in an aggregate principal amount of $350 with a maturity date of December 5, 2021 (subject to certain early maturity triggers), the existing commitments were terminated and the size of the ABL Facility was reduced from $400 to $350.    

These transactions are collectively referred to as the “2017 Refinancing Transactions.”