Debt and Financing

Total debt as of March 31, 2013 and December 31, 2012 consisted of the following:



As of March 31, 2013 (in millions)	Par Value			Premium/ (Discount)			Book Value			Stated Interest Rate		Effective Interest Rate
Restructured Term Loan	$	298.7		$	60.1		$	358.8		10.0	%	—	%
Term A Facility (capacity $175.0, borrowing base $137.4, availability $32.4)	105.0			(4.2		)	100.8			8.5	%	15.8	%
Term B Facility (capacity $225.0, borrowing base $221.6, availability $0.0)	221.6			(7.4		)	214.2			11.25	%	15.0	%
Series A Notes	165.2			(25.6		)	139.6			10.0	%	18.3	%
Series B Notes	87.9			(21.8		)	66.1			10.0	%	25.6	%
6% Notes	69.4			(5.1		)	64.3			6.0	%	15.5	%
A&R CDA	125.0			(0.4		)	124.6			3.0-18.0%		7.0	%
Lease financing obligations	301.0			—			301.0			10.0-18.2%		11.9	%
Other	0.3			—			0.3
Total debt	$	1,374.1		$	(4.4	)	$	1,369.7
Current maturities of Term B Facility	$	(2.3	)	$	—		$	(2.3	)
Current maturities of 6% Notes	(69.4		)	5.1			(64.3		)
Current maturities of lease financing obligations	(6.8		)	—			(6.8		)
Current maturities of other	(0.3		)	—			(0.3		)
Long-term debt	$	1,295.3		$	0.7		$	1,296.0



As of December 31, 2012 (in millions)	Par Value			Premium/ (Discount)			Book Value			Stated Interest Rate		Effective Interest Rate
Restructured Term Loan	$	298.7		$	67.6		$	366.3		10.0	%	—	%
Term A Facility (capacity $175.0, borrowing base $147.6, availability $42.6)	105.0			(4.8		)	100.2			8.5	%	15.8	%
Term B Facility (capacity $225.0, borrowing base $222.2, availability $0.0)	222.2			(8.5		)	213.7			11.25	%	15.0	%
Series A Notes	161.2			(27.8		)	133.4			10.0	%	18.3	%
Series B Notes	91.5			(25.4		)	66.1			10.0	%	25.6	%
6% Notes	69.4			(6.3		)	63.1			6.0	%	15.5	%
A&R CDA	125.8			(0.4		)	125.4			3.0-18.0%		7.1	%
Lease financing obligations	306.9			—			306.9			10.0-18.2%		11.9	%
Other	0.3			—			0.3
Total debt	$	1,381.0		$	(5.6	)	$	1,375.4
Current maturities of Term B Facility	(2.3		)	—			(2.3		)
Current maturities of lease financing obligations	(6.5		)	—			(6.5		)
Current maturities of other	(0.3		)	—			(0.3		)
Long-term debt	$	1,371.9		$	(5.6	)	$	1,366.3

Conversions

Our 10% Series A Convertible Senior Secured Notes due 2015 (the "Series A Notes") are convertible into our common stock beginning July 22, 2013 at the conversion price per share of $34.0059 and a conversion rate of 29.4067 common shares per $1,000 of Series A Notes. As of March 31, 2013 and April 30, 2013, there was $165.2 million and $166.5 million, respectively, in aggregate principal amount of Series A Notes outstanding that are convertible into approximately 5.9 million shares of our common stock at the maturity date.

As of March 31, 2013, the effective conversion price and conversion rate for our 10% Series B Convertible Senior Secured Notes due 2015 (the "Series B Notes") (after taking into account the make whole premium) was $15.2475 and 65.5847 common shares per $1,000 of Series B Notes, respectively. During the three months ended March 31, 2013, $5.8 million of aggregate principal amount of Series B Notes were converted into 398,000 shares of our common stock, which includes the make whole premium. Upon conversion, during the three months ended March 31, 2013, we recorded $3.4 million of additional interest expense representing the $1.6 million make whole premium and $1.8 million of accelerated amortization of the discount on converted Series B Notes. As of March 31, 2013, there was $87.9 million in aggregate principal amount of Series B Notes outstanding that are convertible into approximately 5.8 million shares of our common stock (after taking into account the make whole premium). There were no Series B Note conversions from March 31, 2013 through April 30, 2013.

As of March 31, 2013 and April 30, 2013, a maximum of 17,600 shares of our common stock is available for future issuance upon conversion of 6% Notes. The limitation on the number of shares of common stock issuable upon conversion of the 6% Notes applies on a pro rata basis to the $69.4 million in aggregate principal amount of outstanding 6% Notes.

Fair Value Measurement

The carrying amounts and estimated fair values of our long-term debt, including current maturities and other financial instruments, are summarized as follows:



	March 31, 2013				December 31, 2012
(in millions)	Carrying amount		Fair Value		Carrying amount		Fair Value
Restructured Term Loan	$	358.8	$	263.5	$	366.3	$	197.5
ABL Facility	315.0		330.4		313.9		325.8
Series A Notes and Series B Notes	205.7		132.1		199.5		81.5
Lease financing obligations	301.0		301.0		306.9		306.9
Other	189.2		141.6		188.8		99.5
Total debt	$	1,369.7	$	1,168.6	$	1,375.4	$	1,011.2

The fair values of the Restructured Term Loan, ABL Facility, Series A Notes, Series B Notes, 6% Notes (included in “Other” above) and A&R CDA (included in “Other” above) were estimated based on observable prices (level two inputs for fair value measurements). The carrying amount of the lease financing obligations approximates fair value.