Debt and Financing

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Debt and Financing

3. Debt and Financing

Our outstanding debt as of March 31, 2022, consisted of the following:

(in millions)	Par Value			Discount			Commitment Fee			Debt Issuance Costs			Book Value				Effective Interest Rate
UST Loan Tranche A(a)	$	313.8		$	—		$	(11.8	)	$	(3.1	)	$	298.9		(b)		6.4	%
UST Loan Tranche B		400.0			—			(15.7	)		(4.1	)		380.2		(b)		6.5	%
Term Loan (a)		605.3			(13.3	)		—			(6.0	)		586.0		(c)		9.5	%
ABL Facility		—			—			—			—			—
Secured Second A&R CDA		23.5			—			—			—			23.5				7.7	%
Unsecured Second A&R CDA		42.5			—			—			—			42.5				7.7	%
Lease financing obligations		221.8			—			—			(0.1	)		221.7		(d)		17.4	%
Total debt	$	1,606.9		$	(13.3	)	$	(27.5	)	$	(13.3	)	$	1,552.8
Current maturities of Second A&R CDA		(66.0	)		—			—			—			(66.0	)
Current maturities of lease financing obligations		(4.7	)		—			—			—			(4.7	)
Long-term debt	$	1,536.2		$	(13.3	)	$	(27.5	)	$	(13.3	)	$	1,482.1

(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.

Maturities

The principal maturities over the next five years and thereafter of total debt as of March 31, 2022 are as follows:

(in millions)	Principal Maturity Amount
2022 - remaining portion	$	69.3
2023		5.7
2024		1,323.2
2025		3.6
2026		0.3
Thereafter		204.8
Total	$	1,606.9

Fair Value Measurement

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

	March 31, 2022				December 31, 2021
(in millions)	Book Value		Fair Value		Book Value		Fair Value
UST Loans	$	679.1	$	645.3	$	673.3	$	636.5
Term Loan		586.0		605.3		590.9		612.9
Second A&R CDA		66.0		66.0		66.5		66.6
Lease financing obligations		221.7		220.7		223.8		223.7
Total debt	$	1,552.8	$	1,537.3	$	1,554.5	$	1,539.7

The fair values of the Term Loan and Second A&R CDA are estimated based on observable prices (level two inputs for fair value measurements). The fair value of the UST Loans is estimated using certain inputs that are unobservable (level three input for fair value measurement), which are based on the discounted amount of future cash flows using our current estimated incremental rate of borrowing for similar liabilities or assets. The fair value of the lease financing obligations are estimated using a publicly traded secured loan with similar characteristics (level three input for fair value measurement).