Debt (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2013

Dec. 31, 2012

Short-term Debt

Short-term debt consisted of the following:

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

(1) Average effective interest rate of 8.5% and 8.5% during 2013 and 2012, respectively.

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 consisted of the following:

	Principal Amount		Maturity Date		June 30, 2013			December 31, 2012
Term Loan, net of unamortized discount of $11 million(1)	$	1,500		3/19/2020	$	1,489		$	—
Senior Notes	$	900		8/15/2020		900			900
Term Facility, net of unamortized discount of $6 million(2)	$	700		2/8/2018		—			691
Co-generation Unit Financing Arrangement	$	16		2/1/2016		7			10
Lease financing						12			14
Total debt						2,408			1,615
Less: Long-term debt due in one year						(18	)		(10	)
Long-term debt					$	2,390		$	1,605

(1) Average effective interest rate of 4.9% 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 June 30, 2013, the scheduled maturities of the Company’s long-term debt were as follows:

	Total Debt
2013	$	9
2014		18
2015		18
2016		15
2017		15
Thereafter		2,344
Total		2,419
Remaining accretion of discount associated with the Term Loan		(11	)
Total debt	$	2,408

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 June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Interest expense	$	32		$	8		$	58		$	15
Amortization of deferred debt issuance costs(1)		2			4			4			5
Other		2			3			2			3
Capitalized interest		(1	)		(1	)		(2	)		(1	)
Interest and debt expense	$	35		$	14		$	62		$	22

(1) In connection with obtaining debt, the Company incurred debt issuance costs. Such costs are recorded in “Other long-term assets” on the unaudited Condensed Consolidated Balance Sheets,” and are being amortized through the maturity date.

Deferred Debt Issuance Costs and Related Amortization Expense

Deferred debt issuance costs and the related amortization expense was as follows:

					Amortization Expense
	Deferred Debt		Balance at		Three Months Ended June 30,				Six Months Ended June 30,
	Issuance Cost		June 30, 2013		2013		2012		2013		2012
Term Loan	$	28	$	27	$	1	$	—	$	1	$	—
Senior Notes		18		16		1		—		1		—
Term Facility		17		10		—		—		1		1
Other		8		7		—		4		1		4
Total			$	60	$	2	$	4	$	4	$	5

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.