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Debt and Financing (Tables)
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Schedule of Outstanding Debt

Our outstanding debt as of December 31, 2020 and December 31, 2019 consisted of the following:

As of December 31, 2020 (in millions)

 

Par Value

 

 

Discount

 

 

Commitment Fee

 

 

Debt

Issuance

Costs

 

 

Book Value

 

 

Effective

Interest

Rate

 

Term Loan

 

$

613.0

 

 

$

(21.0

)

 

$

—

 

 

$

(9.3

)

 

$

582.7

 

(a)

 

9.5

%

ABL Facility

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

N/A

 

UST Loan Tranche A(b)

 

 

302.3

 

 

 

—

 

 

 

(17.7

)

 

 

(4.6

)

 

 

280.0

 

(c)

 

6.5

%

UST Loan Tranche B

 

 

74.8

 

 

 

—

 

 

 

(4.4

)

 

 

(1.2

)

 

 

69.2

 

(c)

 

6.5

%

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

 

 

 

 

 

 

(a)

Variable interest rate based on the Eurodollar rate, which is currently determined by the 1, 3 or 6-month LIBOR, with a floor of 1.0%, plus a fixed margin of 7.5%.

(b)

The Par Value and the Book Value both reflect the accumulated cash funds that have been drawn and the accumulated paid-in-kind interest, which was $2.3 million as of December 31, 2020.

(c)

Variable interest rate based on the Eurodollar rate, which is currently determined by the 1, 2, 3 or 6-month LIBOR, with a floor of 1.0%, plus a fixed margin of 3.5%.

(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, 2019 (in millions)

 

Par Value

 

 

Discount

 

 

Commitment Fee

 

 

Debt

Issuance

Costs

 

 

Book Value

 

 

Effective

Interest

Rate

 

Term Loan

 

$

600.0

 

 

$

(28.1

)

 

$

—

 

 

$

(12.0

)

 

$

559.9

 

 

 

10.5

%

ABL Facility

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

N/A

 

Secured Second A&R CDA

 

 

26.0

 

 

 

—

 

 

 

—

 

 

 

(0.1

)

 

 

25.9

 

 

 

7.9

%

Unsecured Second A&R CDA

 

 

45.2

 

 

 

—

 

 

 

—

 

 

 

(0.1

)

 

 

45.1

 

 

 

7.9

%

Lease financing obligations

 

 

231.6

 

 

 

—

 

 

 

—

 

 

 

(0.3

)

 

 

231.3

 

(d)

 

16.5

%

Total debt

 

$

902.8

 

 

$

(28.1

)

 

$

—

 

 

$

(12.5

)

 

$

862.2

 

 

 

 

 

Current maturities of Unsecured Second A&R CDA

 

 

(1.4

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1.4

)

 

 

 

 

Current maturities of lease financing obligations

 

 

(2.7

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2.7

)

 

 

 

 

Long-term debt, less current portion

 

$

898.7

 

 

$

(28.1

)

 

$

—

 

 

$

(12.5

)

 

$

858.1

 

 

 

 

 
Schedule of Maturities of Long-term Debt

The principal maturities over the next five years and thereafter of total debt as of December 31, 2020 was as follows:

 

(in millions)

 

Term Loan

 

 

ABL Facility

 

 

UST Tranche A(b)

 

 

UST Tranche B

 

 

Second A&R

CDA

 

 

Lease Financing

Obligations(a)

 

 

Total

 

2021

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

1.4

 

 

$

2.5

 

 

$

3.9

 

2022

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

66.6

 

 

 

4.1

 

 

 

70.7

 

2023

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4.9

 

 

 

4.9

 

2024

 

 

613.0

 

 

 

—

 

 

 

302.3

 

 

 

74.8

 

 

 

—

 

 

 

2.4

 

 

 

992.5

 

2025

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.2

 

 

 

0.2

 

Thereafter

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

211.8

 

 

 

211.8

 

Total

 

$

613.0

 

 

$

—

 

 

$

302.3

 

 

$

74.8

 

 

$

68.0

 

 

$

225.9

 

 

$

1,284.0

 

 

(a)

Lease financing obligations subsequent to 2025 of $211.8 million consist primarily of interest payments.

(b)

A portion of the applicable interest is paid-in-kind, which may impact the relevant principal maturities prospectively.
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, 2020

 

 

December 31, 2019

 

(in millions)

 

Book Value

 

 

Fair Value

 

 

Book Value

 

 

Fair Value

 

Term Loan

 

$

582.7

 

 

$

611.0

 

 

$

559.9

 

 

$

559.3

 

UST Loans

 

 

349.2

 

 

 

322.0

 

 

 

—

 

 

 

—

 

Second A&R CDA

 

 

67.8

 

 

 

67.8

 

 

 

71.0

 

 

 

71.7

 

Lease financing obligations

 

 

225.7

 

 

 

225.8

 

 

 

231.3

 

 

 

233.7

 

Total debt

 

$

1,225.4

 

 

$

1,226.6

 

 

$

862.2

 

 

$

864.7

 
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)

 

2020

 

 

2019

 

Cash and cash equivalents

 

$

439.3

 

 

$

109.2

 

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

 

 

(3.1

)

 

 

(29.0

)

Managed Accessibility

 

 

4.0

 

 

 

0.2

 

Total cash and cash equivalents and Managed Accessibility

 

$

440.2

 

 

$

80.4