Debt And Financing (Tables)

12 Months Ended

Dec. 31, 2015

Our outstanding debt as of December 31, 2015 and December 31, 2014 consisted of the following:



As of December 31, 2015 (in millions)	Par Value			Discount			Book Value			Stated Interest Rate			Effective Interest Rate
Term Loan	$	686.0		$	(4.3	)	$	681.7		8.25	%	^(a)	8.45	%
ABL Facility	—			—			—			N/A			N/A
Secured Second A&R CDA	44.7			—			44.7			3.3-18.3%			7.3	%
Unsecured Second A&R CDA	73.2			—			73.2			3.3-18.3%			7.3	%
Lease financing obligations	278.0			—			278.0			10.0-18.2%			12.0	%
Total debt	$	1,081.9		$	(4.3	)	$	1,077.6
Current maturities of Term Loan	$	(7.0	)	$	—		$	(7.0	)
Current maturities of lease financing obligations	(8.9		)	—			(8.9		)
Long-term debt	$	1,066.0		$	(4.3	)	$	1,061.7



As of December 31, 2014 (in millions)	Par Value			Premium/ (Discount)			Book Value			Stated Interest Rate			Effective Interest Rate
Term Loan	$	693.0		$	(5.7	)	$	687.3		8.25	%	^(a)	8.45	%
ABL Facility	—			—			—			N/A			N/A
Series B Notes	17.7			(0.6		)	17.1			10.00	%		25.6	%
Secured Second A&R CDA	47.0			—			47.0			3.3-18.3%			7.3	%
Unsecured Second A&R CDA	73.2			—			73.2			3.3-18.3%			7.3	%
Lease financing obligations	285.1			—			285.1			10.0-18.2%			12.0	%
Other	0.2			—			0.2
Total debt	$	1,116.2		$	(6.3	)	$	1,109.9
Current maturities of Term Loan	(7.0		)	—			(7.0		)
Current maturities of Series B Notes	(17.7		)	0.6			(17.1		)
Current maturities of lease financing obligations	(6.8		)	—			(6.8		)
Current maturities of other	(0.2		)	—			(0.2		)
Long-term debt	$	1,084.5		$	(5.7	)	$	1,078.8

Cash Flow Activity Related To Restructuring [Table Text Block]

The table below summarizes the cash flow activity for the 2014 Financing Transactions:



Cash Sources (in millions)			Cash Uses (in millions)
Term Loan	$	700.0	Extinguish Prior ABL Facility (includes accrued interest)	$	326.0
Proceeds from sale of common stock	215.0		Extinguish Prior Term Loan (includes accrued interest)	299.7
Proceeds from sale of preferred stock	35.0		Retire 6% Notes	71.5
Cash proceeds from restricted amounts held in escrow - existing ABL facility	90.0		Repurchase Series A Notes (upon transaction closing and includes accrued interest)	93.9
ABL Facility	—		Redeem Series A Notes (on August 5, 2014 and includes accrued interest)	89.6
			Fees, Expenses and Original Issuance Discount	50.8
			Restricted Cash to Balance Sheet^(a)	92.0
			Cash to Balance Sheet	16.5
Total sources	$	1,040.0	Total uses	$	1,040.0


(a)	Under the terms of the ABL Facility, this amount was classified as “restricted cash” in the consolidated balance sheet at the closing date of the ABL Facility.

Non cash activity related to restructuring [Table Text Block]

The table below summarizes the non-cash activity for the 2014 Financing Transactions:



Non-Cash Sources (in millions)			Non-Cash Uses (in millions)
Secured Second A&R CDA	$	51.0	A&R CDA	$	124.2
Unsecured Second A&R CDA	73.2		Exchange/conversion of Series B Notes to common stock	50.6
Exchange/conversion of Series B Notes to common stock	50.6
Total sources	$	174.8	Total uses	$	174.8

Schedule of Maturities of Long-term Debt [Table Text Block]

The principal maturities over the next five years and thereafter of total debt as of December 31, 2015 was as follows:



(in millions)	Term Loan		ABL Facility		Second A&R CDA		Lease Financing Obligations^(a)		Total
2016	$	7.0	$	—	$	—	$	8.9	$	15.9
2017	7.0		—		—		10.5		17.5
2018	7.0		—		—		12.2		19.2
2019	665.0		—		117.9		6.6		789.5
2020	—		—		—		4.1		4.1
Thereafter	—		—		—		235.7		235.7
Total	$	686.0	$	—	$	117.9	$	278.0	$	1,081.9


(a)	Lease financing obligations subsequent to 2020 of $235.7 million represent principal cash obligations of $11.6 million and the estimated net book value of the underlying assets at the expiration of their associated lease agreements of $224.1 million.

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]

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



	December 31, 2015				December 31, 2014
(in millions)	Book Value		Fair Value		Book Value		Fair Value
Term Loan	$	681.7	$	594.6	$	687.3	$	685.4
ABL Facility	—		—		—		—
Series B Notes	—		—		17.1		17.7
Lease financing obligations	278.0		282.9		285.1		282.2
Other	117.9		102.1		120.4		119.1
Total debt	$	1,077.6	$	979.6	$	1,109.9	$	1,104.4

Schedule of Maximum Total Leverage Ratio for Remaining Test Periods [Table Text Block]

Our total maximum leverage ratio covenants are as follows:



Four Consecutive Fiscal Quarters Ending	Maximum Total Leverage Ratio	Four Consecutive Fiscal Quarters Ending	Maximum Total Leverage Ratio
December 31, 2015	4.25 to 1.00	March 31, 2017	3.25 to 1.00
March 31, 2016	4.00 to 1.00	June 30, 2017	3.25 to 1.00
June 30, 2016	3.75 to 1.00	September 30, 2017	3.25 to 1.00
September 30, 2016	3.75 to 1.00	December 31, 2017 and thereafter	3.00 to 1.00
December 31, 2016	3.50 to 1.00