Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2014

Debt Disclosure [Abstract]

Summary of Long-Term Debt

Long-term debt consisted of:

(in $ millions)	Interest rate		Maturity(1)		June 30, 2014		December 31, 2013
Secured debt
Senior Secured Credit Agreement
Revolver borrowings
Dollar denominated(2)		L+4 1⁄4%		June 2018	$	—	$	—
Term loans
Dollar denominated(2)		L+5%		June 2019		1,519		1,525
Second Lien Credit Agreement
Tranche 1 dollar denominated term loan(3)		L+8%		January 2016		647		644
Tranche 2 dollar denominated term loan(4)		8 3⁄8%		December 2016		239		234
Unsecured debt
Senior Notes
Dollar denominated notes(5)		13 7⁄8%		March 2016		370		411
Dollar denominated floating rate notes(6)		L+8 5⁄8%		March 2016		177		188
Senior Subordinated Notes
Dollar denominated notes		11 7⁄8%		September 2016		159		272
Euro denominated notes		10 7⁄8%		September 2016		47		192
Capital leases						98		107
Total debt						3,256		3,573
Less: current portion						46		45
Long-term debt					$	3,210	$	3,528

(1) The term loans maturing in June 2019 and the revolver availability through June 2018 are subject to a reduction in maturity to November 2015, December 2015, June 2016 or September 2016 if the Company is unable to repay or refinance its debt outstanding under the second lien credit agreement or its unsecured debt prior to their maturity dates. (see Note 14—Subsequent Events)

(2) Minimum LIBOR floor of 1.25%

(3) Minimum LIBOR floor of 1.5%

(4) Cash interest of 4% and payment-in-kind interest of 4.375%

(5) Cash interest of 11.375% and payment-in-kind interest of 2.5%

(6) Cash interest of LIBOR+6.125% plus payment-in-kind interest of 2.5%

Aggregate Maturities of Debt

Aggregate maturities of debt as of June 30, 2014 are as follows (see Note 14—Subsequent Events):

(in $ millions)	Twelve Months Ending June 30,(2)
2015	$	46
2016		1,235
2017		481
2018		26
2019(1)		1,459
Thereafter		9
	$	3,256

(1) The term loans maturing in June 2019 and the revolver availability through June 2018 are subject to a reduction in maturity to November 2015, December 2015, June 2016 or September 2016 if the Company is unable to repay or refinance its outstanding debt under the second lien credit agreement or its unsecured debt prior to their maturity dates. (see Note 14—Subsequent Events)

(2) The above table excludes (i) $56 million of payment-in-kind interest and $7 million of repayment fees for the term loans under the second lien credit agreement and senior notes, of which $5 million of payment-in-kind interest has been accrued within other non-current liabilities as of June 30, 2014 and (ii) $23 million of debt discount on term loans under the senior secured credit agreement and second lien credit agreement.