Debt Obligations

9 Months Ended

Sep. 30, 2018

Debt outstanding at September 30, 2018 and December 31, 2017 is as follows:



	September 30, 2018					December 31, 2017
	Long-Term			Due Within One Year		Long-Term			Due Within One Year
ABL Facility	$	150		$	—	$	81		$	—
Senior Secured Notes:
6.625% First-Priority Senior Secured Notes due 2020 (includes $1 and $2 of unamortized debt premium at September 30, 2018 and December 31, 2017, respectively)	1,551			—		1,552			—
10.00% First-Priority Senior Secured Notes due 2020	315			—		315			—
10.375% First-Priority Senior Secured Notes due 2022	560			—		560			—
13.75% Senior Secured Notes due 2022	225			—		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 2021 ⁽¹⁾	33			4		—			50
Brazilian bank loans	12			35		9			34
Lease obligations	56			9		44			5
Other	3			36		2			36
Unamortized debt issuance costs	(32		)	—		(41		)	—
Total	$	3,710		$	84	$	3,584		$	125

(1) In February 2018, the Company extended its Australian Term Loan Facility through January 2021.

The Company has $1.9 billion of First-Priority Senior Secured Notes maturing in April 2020 and $0.6 billion of Second-Priority Senior Secured Notes maturing in November 2020. Additionally, if 91 days prior to the scheduled maturity of these notes, more than $50 aggregate principal amount of the maturing notes is outstanding, the ABL Facility, which matures in December 2021, will accelerate and become immediately due and payable.

The Company regularly reviews its portfolio and is currently exploring potential divestitures. While there is no guarantee of a transaction, it could include a specific business unit or combination of several businesses. The Company expects that the proceeds from a transaction or transactions upon completion would be used to help reduce the absolute amount of the Company’s debt.

Further, depending upon market, pricing and other conditions, including the current state of the high yield bond market, as well as cash balances and available liquidity, the Company or its affiliates, may seek to acquire notes or other indebtedness of the Company through open market purchases, privately negotiated transactions, tender offers, redemption or otherwise, upon such terms and at such prices as the Company or its affiliates may determine (or as may be provided for in the indentures governing the notes), for cash or other consideration.