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Debt and Financing (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Outstanding Debt

Our outstanding debt as of December 31, 2021 and December 31, 2020 consisted of the following:

As of December 31, 2021 (in millions)

 

Par Value

 

 

Discount

 

 

Commitment
 Fee

 

 

Debt
Issuance
Costs

 

 

Book Value

 

 

Effective
Interest
Rate

 

UST Loan Tranche A(a)

 

$

311.4

 

 

$

—

 

 

$

(12.9

)

 

$

(3.4

)

 

$

295.1

 

(b)

 

6.4

%

UST Loan Tranche B

 

 

400.0

 

 

 

—

 

 

 

(17.3

)

 

 

(4.5

)

 

 

378.2

 

(b)

 

6.5

%

Term Loan (a)

 

 

612.5

 

 

 

(15.0

)

 

 

—

 

 

 

(6.6

)

 

 

590.9

 

(c)

 

9.5

%

ABL Facility

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

N/A

 

Secured Second A&R CDA

 

 

24.1

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

24.1

 

 

 

7.7

%

Unsecured Second A&R CDA

 

 

42.5

 

 

 

—

 

 

 

—

 

 

 

(0.1

)

 

 

42.4

 

 

 

7.7

%

Lease financing obligations

 

 

224.0

 

 

 

—

 

 

 

—

 

 

 

(0.2

)

 

 

223.8

 

(d)

 

17.4

%

Total debt

 

$

1,614.5

 

 

$

(15.0

)

 

$

(30.2

)

 

$

(14.8

)

 

$

1,554.5

 

 

 

 

Current maturities of Term Loan

 

 

(1.5

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1.5

)

 

 

 

Current maturities of Secured and Unsecured Second A&R CDA

 

 

(66.6

)

 

 

—

 

 

 

—

 

 

 

0.1

 

 

 

(66.5

)

 

 

 

Current maturities of lease financing obligations

 

 

(4.3

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(4.3

)

 

 

 

Long-term debt, less current portion

 

$

1,542.1

 

 

$

(15.0

)

 

$

(30.2

)

 

$

(14.7

)

 

$

1,482.2

 

 

 

 

 

(a)
The Par Value and the Book Value both reflect the accumulated cash funds that have been drawn, plus the accumulated paid-in-kind interest.
(b)
Variable interest rate based on the Eurodollar rate, which is currently determined by the 1, 2, 3 or 6-month USD LIBOR, with a floor of 1.0%, plus a fixed margin of 3.5%.
(c)
Variable interest rate based on the Eurodollar rate, which is currently determined by the 1, 3 or 6-month USD LIBOR, with a floor of 1.0%, plus a fixed margin of 7.5%.
(d)
Interest rate for lease financing obligations is derived from the difference between total rent payment and calculated principal amortization over the life of lease agreements.

 

As of December 31, 2020 (in millions)

 

Par Value

 

 

Discount

 

 

Commitment Fee

 

 

Debt
Issuance
Costs

 

 

Book Value

 

 

Effective
Interest
Rate

 

UST Loan Tranche A(a)

 

$

302.3

 

 

$

—

 

 

$

(17.7

)

 

$

(4.6

)

 

$

280.0

 

(b)

 

6.5

%

UST Loan Tranche B

 

 

74.8

 

 

 

—

 

 

 

(4.4

)

 

 

(1.2

)

 

 

69.2

 

(b)

 

6.5

%

Term Loan

 

 

613.0

 

 

 

(21.0

)

 

 

—

 

 

 

(9.3

)

 

 

582.7

 

(c)

 

9.5

%

ABL Facility

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

N/A

 

Secured Second A&R CDA

 

 

24.1

 

 

 

—

 

 

 

—

 

 

 

(0.1

)

 

 

24.0

 

 

 

7.7

%

Unsecured Second A&R CDA

 

 

43.9

 

 

 

—

 

 

 

—

 

 

 

(0.1

)

 

 

43.8

 

 

 

7.7

%

Lease financing obligations

 

 

225.9

 

 

 

—

 

 

 

—

 

 

 

(0.2

)

 

 

225.7

 

(d)

 

17.2

%

Total debt

 

$

1,284.0

 

 

$

(21.0

)

 

$

(22.1

)

 

$

(15.5

)

 

$

1,225.4

 

 

 

 

Current maturities of Unsecured Second A&R CDA

 

 

(1.4

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1.4

)

 

 

 

Current maturities of lease financing obligations

 

 

(2.6

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2.6

)

 

 

 

Long-term debt, less current portion

 

$

1,280.0

 

 

$

(21.0

)

 

$

(22.1

)

 

$

(15.5

)

 

$

1,221.4

 

 

 

 

 
Schedule of Maturities of Long-term Debt

The principal maturities over the next five years and thereafter of total debt as of December 31, 2021 was as follows:

 

(in millions)

 

UST Tranche A(a)

 

 

UST Tranche B

 

 

Term Loan

 

 

ABL Facility

 

 

Second A&R
CDA

 

 

Lease Financing
Obligations(b)

 

 

Total

 

2022

 

$

—

 

 

$

—

 

 

$

1.5

 

 

$

—

 

 

$

66.6

 

 

$

4.3

 

 

$

72.4

 

2023

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5.6

 

 

 

5.6

 

2024

 

 

311.4

 

 

 

400.0

 

 

 

611.0

 

 

 

—

 

 

 

—

 

 

 

3.9

 

 

 

1,326.3

 

2025

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3.4

 

 

 

3.4

 

2026

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.2

 

 

 

0.2

 

Thereafter

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

206.6

 

 

 

206.6

 

Total

 

$

311.4

 

 

$

400.0

 

 

$

612.5

 

 

$

—

 

 

$

66.6

 

 

$

224.0

 

 

$

1,614.5

 

 

(a)
A portion of the applicable interest is paid-in-kind, which may impact the relevant principal maturities prospectively.
(b)
Lease financing obligations subsequent to 2026 of $206.6 million consist primarily of interest payments.
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

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, 2021

 

 

December 31, 2020

 

(in millions)

 

Book Value

 

 

Fair Value

 

 

Book Value

 

 

Fair Value

 

UST Loans

 

$

673.3

 

 

$

636.5

 

 

$

349.2

 

 

$

322.0

 

Term Loan

 

 

590.9

 

 

 

612.9

 

 

 

582.7

 

 

 

611.0

 

Second A&R CDA

 

 

66.5

 

 

 

66.6

 

 

 

67.8

 

 

 

67.8

 

Lease financing obligations

 

 

223.8

 

 

 

223.7

 

 

 

225.7

 

 

 

225.8

 

Total debt

 

$

1,554.5

 

 

$

1,539.7

 

 

$

1,225.4

 

 

$

1,226.6

 
Schedule of Cash and Cash Equivalents and Managed Accessibility

The table below summarizes cash and cash equivalents and Managed Accessibility at December 31:

 

(in millions)

 

2021

 

 

2020

 

Cash and cash equivalents

 

$

310.7

 

 

$

439.3

 

Less: amounts placed into restricted cash subsequent to year-end

 

 

—

 

 

 

(3.1

)

Managed Accessibility

 

 

48.1

 

 

 

4.0

 

Total cash and cash equivalents and Managed Accessibility

 

$

358.8

 

 

$

440.2