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Debt And Financing
 3 Months Ended
Mar. 31, 2014
Debt Disclosure [Abstract]  
Debt And Financing
Debt and Financing

Our outstanding debt as of March 31, 2014 and December 31, 2013 consisted of the following:

As of March 31, 2014 (in millions)
Par Value
 
Premium/
(Discount)
 
Book
Value
 
Stated
Interest Rate
 
Effective
Interest Rate
New Term Loan
$
698.2

 
$
(6.8
)
 
$
691.4

 
8.0
%
 
8.2
%
New ABL Facility1 
—

 
—

 
—

 
2.7
%
 
2.7
%
Series A Notes
86.7

 
(7.0
)
 
79.7

 
10.0
%
 
18.3
%
Series B Notes
16.5

 
(2.3
)
 
14.2

 
10.0
%
 
25.6
%
Secured Second A&R CDA
51.0

 
—

 
51.0

 
3.3-18.3%

 
7.3
%
Unsecured Second A&R CDA
73.2

 
—

 
73.2

 
3.3-18.3%

 
7.3
%
Lease financing obligations
295.2

 
—

 
295.2

 
10.0-18.2%

 
11.9
%
Other
0.2

 
—

 
0.2

 


 


Total debt
$
1,221.0

 
$
(16.1
)
 
$
1,204.9

 
 
 
 
Current maturities of New Term Loan
(7.0
)
 
—

 
(7.0
)
 
 
 
 
Current maturities of Series A Notes
(86.7
)
 
7.0

 
(79.7
)
 
 
 
 
Current maturities of Series B Notes
(16.5
)
 
2.3

 
(14.2
)
 
 
 
 
Current maturities of lease financing obligations
(6.3
)
 
—

 
(6.3
)
 
 
 
 
Current maturities of other
(0.2
)
 
—

 
(0.2
)
 
 
 
 
Long-term debt
$
1,104.3

 
$
(6.8
)
 
$
1,097.5

 
 
 
 
1
As of March 31, 2014, the borrowing base on our New ABL Facility was $450.0 million. The availability of $82.5 million is derived by reducing the borrowing base by our $367.5 million of outstanding letters of credit as of March 31, 2014.

As of December 31, 2013 (in millions)
Par Value
 
Premium/
(Discount)
 
Book
Value
 
Stated
Interest Rate
 
Effective
Interest Rate
Restructured Term Loan
$
298.1

 
$
37.7

 
$
335.8

 
10.0
%
 
—
%
Term A Facility (capacity $175.0, borrowing base $156.5, availability $51.5)
105.0

 
(2.1
)
 
102.9

 
8.5
%
 
15.8
%
Term B Facility (capacity $219.9, borrowing base $219.9, availability $0.0)
219.9

 
(3.9
)
 
216.0

 
11.25
%
 
15.0
%
Series A Notes
177.8

 
(17.8
)
 
160.0

 
10.0
%
 
18.3
%
Series B Notes
69.2

 
(10.5
)
 
58.7

 
10.0
%
 
25.6
%
6% Notes
69.4

 
(1.1
)
 
68.3

 
6.0
%
 
15.5
%
A&R CDA
124.2

 
(0.2
)
 
124.0

 
3.25-18.3%

 
7.3
%
Lease financing obligations
297.5

 
—

 
297.5

 
10.0-18.2%

 
11.9
%
Other
0.2

 
—

 
0.2

 
 
 
 
Total debt
$
1,361.3

 
$
2.1

 
$
1,363.4

 
 
 
 
Current maturities of lease financing obligations
(8.4
)
 
—

 
(8.4
)
 
 
 
 
Current maturities of other
(0.2
)
 
—

 
(0.2
)
 
 
 
 
Long-term debt
$
1,352.7

 
$
2.1

 
$
1,354.8

 
 
 
 

Conversions

Our Series A Notes were 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 discussed in the “2014 Financing Transactions” footnote, in February 2014, the Company deposited $89.6 million with the trustee in order to fund the redemption of our outstanding Series A Notes on August 5, 2014.

Our Series B Notes are convertible into our common stock, at any time at the conversion price per share of approximately $18.5334 and a conversion rate of 53.9567 common shares per $1,000 of the Series B Notes (such conversion price and conversion rate applying also to the Series B Notes make whole premium). As of March 31, 2014, the effective conversion price and conversion rate for our Series B Notes (after taking into account the make whole premium) was $16.8103 and 59.4873 common shares per $1,000 of Series B Notes, respectively.

As of March 31, 2014, there was $16.5 million in aggregate principal amount of Series B Notes outstanding that are convertible into approximately 981,000 shares of our common stock (after taking into account the make whole premium). As discussed in the “2014 Financing Transactions” footnote, on January 31, 2014, certain holders of our Series B Notes exchanged their outstanding notes as part of an exchange agreement. Outside of these exchange agreements, during the three months ended March 31, 2014 and 2013, $1.2 million and $5.8 million of aggregate principal amount of Series B Notes were converted into 75,900 and 398,000 shares of our common stock, which includes the make whole premium.  Upon conversion, during the three months ended March 31, 2014, we recorded $0.4 million of additional interest expense representing the $0.2 million make whole premium and $0.2 million of accelerated amortization of the discount on converted Series B Notes. 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. There were no Series B Note conversions from March 31, 2014 through April 25, 2014.

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, 2014
 
December 31, 2013
(in millions)
Carrying amount
 
Fair Value
 
Carrying amount
 
Fair Value
New Term Loan
$
691.4

 
$
704.0

 
$
—

 
$
—

Restructured Term Loan
—

 
—

 
335.8

 
289.2

ABL Facility
—

 
—

 
318.9

 
326.1

Series A Notes and Series B Notes
93.9

 
103.2

 
218.7

 
225.8

Lease financing obligations
295.2

 
295.2

 
297.5

 
297.5

Other
124.4

 
125.4

 
192.5

 
179.8

Total debt
$
1,204.9

 
$
1,227.8

 
$
1,363.4

 
$
1,318.4



The fair values of the New Term Loan, New ABL Facility, Restructured Term Loan, ABL Facility, Series A Notes, Series B Notes, 6% Notes (included in “Other” above) Secured and Unsecured A&R CDA (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 (level two input for fair value measurement).