Debt (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2013

Dec. 31, 2012

Short-term Debt

Short-term Debt

Short-term debt consisted of the following:

	Maturity Date		March 31, 2013		December 31, 2012
UBS Revolver		6/18/17	$	—	$	—
ABSA Revolver(1)		6/14/17		—		30
Wells Revolver(2)				—		—
Total			$	—	$	30

(1) Average effective interest rate of 8.43 % and 8.5% during the three months ended March 31, 2013 and 2012, respectively.

(2) Average effective interest rate of 5.25% during the three months ended March 31, 2012.

Short-term Debt

	Successor
	December 31, 2012		December 31, 2011
UBS Revolver(1)	$	—	$	—
ABSA Revolver(2)		30		—
Wells Revolver(3)		—		—
Short-term debt	$	30	$	—

(1) Average effective interest rate of 3.9% in 2012.

(2) Average effective interest rate of 8.5% in 2012.

(3) Average effective interest rate of 4.7% in 2011 and 5.25% in 2012.

Long-Term Debt

Long-Term Debt

Long-term debt consisted of the following:

	Principal Amount		Maturity Date		March 31, 2013			December 31, 2012
Term Loan, net of unamortized discount of $12 million at March 31, 2013(1)	$	1,500		3/19/20	$	1,488		$	—
Senior Notes	$	900		8/15/20		900			900
Term Facility, net of unamortized discount of $6 million at December 31, 2012(2)	$	700		2/8/18		—			691
Co-generation Unit Financing Arrangement	$	16		2/1/16		9			10
Lease financing						14			14
Total debt						2,411			1,615
Less: Long-term debt due in one year						(15	)		(10	)
Long-term debt					$	2,396		$	1,605

(1) Average effective interest rate of 4.75% in 2013.

(2) Average effective interest rate of 5.0% and 5.0% in 2013 and 2012, respectively.

Long-Term Debt

	Initial Principal Amount		Maturity Date		Successor
					December 31, 2012			December 31, 2011
Senior Notes	$	900		8/15/20	$	900		$	—
Term Facility(1)	$	700		2/8/18		691			—
Exit Financing Facility(2)	$	425		10/21/15		—			421
Co-generation Unit Financing Arrangement	$	16		2/1/16		10			6
Lease financing						14			—
Total debt						1,615			427
Less: Long-term debt due in one year						(10	)		(6	)
Long-term debt					$	1,605		$	421

(1) Average effective interest rate of 5% in 2012.

(2) Average effective interest rate of 7.1% and 7.2% in 2012 and 2011, respectively.

Scheduled Maturities of Company's Long-Term Debt

At March 31, 2013, the scheduled maturities of the Company’s long-term debt were as follows:

	Total Debt
2013	$	10
2014		19
2015		19
2016		15
2017		15
Thereafter		2,345
Total		2,423
Remaining accretion of discount associated with the Term Loan		(12	)
Total debt	$	2,411

At December 31, 2012, the scheduled maturities of the Company’s long-term debt were as follows:

	Total Debt
2013(1)	$	11
2014		10
2015		10
2016		8
2017		7
Thereafter		1,575
Total		1,621
Remaining accretion associated with the Term facility		(6	)
Total debt	$	1,615

(1) Includes $1 million of remaining accretion associated with the Term Facility, which was issued net of an original issue discount of $7 million (see Term Facility discussion below).

Summary of Allocation of Senior Secured Loans

The Company allocated these amounts between the $550 million Senior Secured Term Loan and the $150 million Senior Secured Delayed Draw as follows:

	Outstanding Balance		Percentage of Outstanding Balance			Allocation of Unamortized Costs		Loss Extinguishment of Debt
Senior Secured Term Loan	$	547		79	%	$	16	$	—
Senior Secured Delayed Draw		149		21	%		4		4
Total	$	696		100	%	$	20	$	4

Summary of Interest and Debt Expense

Interest and debt expense consisted of the following:

	Three Months Ended March 31,
	2013			2012
Interest expense	$	26		$	7
Amortization of deferred debt issuance costs and discount on debt		2			1
Capitalized interest		(1	)		—
Interest and debt expense	$	27		$	8

Term Facility

Term Facility

	Successor
	December 31, 2012			December 31, 2011
Term Facility	$	697		$	—
Discount		(6	)		—
Term Facility, net	$	691		$	—

Leverage Ratio

Fiscal Quarter Ending	Total Leverage Ratio
December 31, 2012 through December 31, 2015		3:1
March 31, 2016 and thereafter		2.25:1

Interest Expense

Interest Expense

	Successor						Predecessor
	Year Ended December 31, 2012			Eleven Months Ended December 31, 2011			One Month Ended January 31, 2011		Year Ended December 31, 2010
Interest expense(1)	$	53		$	29		$	3	$	40
Amortization of deferred debt issuance costs and discount on debt		10			1			—		9
Other		4			1			—		1
Capitalized interest		(2	)		(1	)		—		—
Interest and debt expense	$	65		$	30		$	3	$	50

(1) For the one month ended January 31, 2011, interest expense excludes $3 million, which would have been payable under the terms of the Company’s $350 million 9.5% senior unsecured notes.