Debt

3 Months Ended

Apr. 01, 2022

Debt Disclosure [Abstract]

Debt Disclosure

10. Debt

The commencement of the Chapter 11 Cases constituted an event of default under certain of the Company’s debt agreements. Accordingly, all debt not reclassified as LSTC with original long-term stated maturities was classified as current on the unaudited condensed consolidated balance sheets as of April 1, 2022 and December 31, 2021. However, any efforts to enforce payment obligations under the Company's debt instruments are automatically stayed as a result of the Chapter 11 Cases and the creditors’ rights in respect of the debt instruments are subject to the applicable provisions of the Bankruptcy Code. See Note 2 for further information.

Debt was comprised of the following at the end of each period:

	April 1, 2022				December 31, 2021
	Principal		Unamortized Discount and Debt Issuance Costs		Principal		Unamortized Discount and Debt Issuance Costs
Secured debt:
Term loan due September 2024	$	1,392.9	$	—	$	1,396.5	$	—
Term loan due February 2025	369.7		—		370.7		—
10.00% first lien senior notes due April 2025	495.0		5.5		495.0		5.9
10.00% second lien senior notes due April 2025	322.9		—		322.9		—
Revolving credit facility	900.0		—		900.0		0.2
Total secured debt	3,480.5		5.5		3,485.1		6.1
Unsecured debt:
9.50% debentures due May 2022	10.4		—		10.4		—
5.75% senior notes due August 2022	610.3		—		610.3		—
8.00% debentures due March 2023	4.4		—		4.4		—
4.75% senior notes due April 2023	133.7		—		133.7		—
5.625% senior notes due October 2023	514.7		—		514.7		—
5.50% senior notes due April 2025	387.2		—		387.2		—
Total unsecured debt	1,660.7		—		1,660.7		—
Total debt, prior to reclassification to liabilities subject to compromise	5,141.2		5.5		5,145.8		6.1
Less: Current portion	(1,395.0)		(5.5)		(1,395.0)		(6.1)
Less: Amounts reclassified to liabilities subject to compromise	(3,746.2)		—		(3,750.8)		—
Total long-term debt, net of current portion	$	—	$	—	$	—	$	—

As of April 1, 2022, the applicable interest rate and outstanding borrowings on the Company's debt instruments were as follows:

	Applicable interest rate		Outstanding borrowings
Fixed-rate instruments	7.15	%	$	2,478.6
Term loan due September 2024 (1)	6.25		1,392.9
Term loan due February 2025 (1)	6.25		369.7
Revolving credit facility (2)	4.82		900.0

(1)The applicable interest rate for the senior secured term loans includes the incremental 250 basis points as a result of the amendment to the cash collateral order that took effect on March 22, 2021. Refer to Note 2 for further discussion on the amendment.

(2)Includes the incremental 200 basis points related to the cash adequate protection payments. Refer to Note 2 for further information.

As of April 1, 2022, the Company was fully drawn on its $900.0 million revolving credit facility.