XML 54 R20.htm IDEA: XBRL DOCUMENT v2.4.0.8
Debt And Financing (Tables)
 6 Months Ended
Jun. 30, 2014
Debt Disclosure [Abstract]  
Schedule of Debt [Table Text Block]
As of June 30, 2014 (in millions)
Par Value
 
Discount
 
Book
Value
 
Stated
Interest Rate
 
Effective
Interest Rate
New Term Loan
$
696.5

 
$
(6.5
)
 
$
690.0

 
8.0
%
 
8.2
%
New ABL Facility(a) 
—

 
—

 
—

 
NA

 
NA

Series A Notes
88.8

 
(5.4
)
 
83.4

 
10.0
%
 
18.3
%
Series B Notes
16.9

 
(1.8
)
 
15.1

 
10.0
%
 
25.6
%
Secured Second A&R CDA
47.8

 
—

 
47.8

 
3.3-18.3%

 
7.3
%
Unsecured Second A&R CDA
73.2

 
—

 
73.2

 
3.3-18.3%

 
7.3
%
Lease financing obligations
285.5

 
—

 
285.5

 
10.0-18.2%

 
11.9
%
Other
0.2

 
—

 
0.2

 


 


Total debt
$
1,208.9

 
$
(13.7
)
 
$
1,195.2

 
 
 
 
Current maturities of New Term Loan
(7.0
)
 
—

 
(7.0
)
 
 
 
 
Current maturities of Series A Notes
(88.8
)
 
5.4

 
(83.4
)
 
 
 
 
Current maturities of Series B Notes
(16.9
)
 
1.8

 
(15.1
)
 
 
 
 
Current maturities of lease financing obligations
(6.1
)
 
—

 
(6.1
)
 
 
 
 
Current maturities of other
(0.2
)
 
—

 
(0.2
)
 
 
 
 
Long-term debt
$
1,089.9

 
$
(6.5
)
 
$
1,083.4

 
 
 
 
(a) 
As of June 30, 2014, the borrowing base and availability on our New ABL Facility were $446.8 million and $79.3 million, respectively. The availability is calculated in accordance with the terms of the New ABL Facility and is derived by reducing the borrowing base by our $367.5 million of outstanding letters of credit as of June 30, 2014. The amount which is actually able to be drawn is limited by certain financial covenants in the New ABL Facility to $35.5 million. In comparison, the borrowing base, availability and amount able to be drawn as of March 31, 2014 were $450.0 million, $82.5 million and $42.7 million, respectively.

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

 
 
 
 
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]
The carrying amounts and estimated fair values of our long-term debt, including current maturities and other financial instruments, are summarized as follows:
 
 
June 30, 2014
 
December 31, 2013
(in millions)
Carrying amount
 
Fair Value
 
Carrying amount
 
Fair Value
New Term Loan
$
690.0

 
$
708.4

 
$
—

 
$
—

Restructured Term Loan
—

 
—

 
335.8

 
289.2

ABL Facility
—

 
—

 
318.9

 
326.1

Series A Notes and Series B Notes
98.5

 
105.7

 
218.7

 
225.8

Lease financing obligations
285.5

 
287.8

 
297.5

 
297.5

Other
121.2

 
123.3

 
192.5

 
179.8

Total debt
$
1,195.2

 
$
1,225.2

 
$
1,363.4

 
$
1,318.4