Long-Term Debt

3 Months Ended

Mar. 31, 2012

Long-Term Debt [Abstract]

Long-Term Debt

8. Long-Term Debt

Long-term debt consisted of:

(in $ millions)	Maturity	March 31, 2012		December 31, 2011
Secured debt
Senior secured credit agreement
Term loans
Dollar denominated	August 2013		121		121
Euro denominated	August 2013		41		40
Dollar denominated	August 2015		1,067		1,067
Euro denominated	August 2015		287		279
“Tranche S”	August 2015		137		137
Revolver borrowings
Dollar denominated			25		35
Second priority secured notes
Dollar denominated floating rate notes	December 2016		214		211
Unsecured debt
Senior notes
Dollar denominated floating rate notes	September 2014		123		123
Euro denominated floating rate notes	September 2014		215		210
97 /8% Dollar denominated notes	September 2014		443		443
9% Dollar denominated notes	March 2016		250		250
Senior subordinated notes
117 /8% Dollar denominated notes	September 2016		247		247
107 /8% Euro denominated notes	September 2016		186		181
Capital leases			59		63
Total debt			3,415		3,407
Less: current portion			39		50
Long-term debt			3,376		3,357

During the three months ended March 31, 2012, the Company borrowed $25 million under its revolving credit facility, which was repaid in April 2012. The $35 million outstanding under the revolving credit facility as of December 31, 2011 was repaid in January 2012.

The Company has a $181 million revolving credit facility with a consortium of banks under its senior secured credit agreement. As of March 31, 2012, the remaining capacity under the Company’s revolving credit facility was $156 million. Capacity under the revolving credit facility will be reduced from the current capacity of $181 million to $118 million in August 2012.

The Company has an $133 million letter of credit facility that matures in August 2015 and which is collateralized by $137 million of restricted cash. The Company also has a $13 million synthetic letter of credit facility that matures in August 2013. As of March 31, 2012, the Company had approximately $103 million of commitments outstanding under its cash collateralized letter of credit facility and $10 million of commitments outstanding under its synthetic letter of credit facility. The commitments under these two facilities included approximately $74 million in letters of credit issued by the Company on behalf of Orbitz Worldwide, pursuant to the Company’s separation agreement with Orbitz Worldwide. As of March 31, 2012, the Company had $33 million of remaining capacity under its letter of credit facilities.

During the three months ended March 31, 2012, $3 million of interest was capitalized into the second priority secured notes and approximately $4 million of capital lease obligations were repaid.

The principal amount of euro denominated long-term debt increased by approximately $19 million as a result of foreign exchange fluctuations during the three months ended March 31, 2012. This foreign exchange loss was partially offset by $8 million of gains (net of $8 million of losses due to credit risk fair value adjustments) on foreign exchange derivative instruments contracted by the Company.