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

Our outstanding debt as of March 31, 2021, which includes our $176.5 million of additional United States Treasury (“UST”) Loan Tranche B draws during the three months then ended, consisted of the following:

 

(in millions)

 

Par Value

 

 

Discount

 

 

Commitment Fee

 

 

Debt

Issuance

Costs

 

 

Book Value

 

 

Effective

Interest

Rate

 

Term Loan

 

$

613.0

 

 

$

(19.5

)

 

$

—

 

 

$

(8.6

)

 

$

584.9

 

(a)

 

9.5

%

ABL Facility

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

N/A

 

UST Loan Tranche A(b)

 

 

304.4

 

 

 

—

 

 

 

(16.5

)

 

 

(4.3

)

 

 

283.6

 

(c)

 

6.5

%

UST Loan Tranche B

 

 

251.3

 

 

 

—

 

 

 

(13.8

)

 

 

(3.6

)

 

 

233.9

 

(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

 

 

225.5

 

 

 

—

 

 

 

—

 

 

 

(0.2

)

 

 

225.3

 

(d)

 

17.3

%

Total debt

 

$

1,462.2

 

 

$

(19.5

)

 

$

(30.3

)

 

$

(16.9

)

 

$

1,395.5

 

 

 

 

 

Current maturities of Unsecured Second A&R CDA

 

 

(1.3

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1.3

)

 

 

 

 

Current maturities of lease financing obligations

 

 

(3.1

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(3.1

)

 

 

 

 

Long-term debt

 

$

1,457.8

 

 

$

(19.5

)

 

$

(30.3

)

 

$

(16.9

)

 

$

1,391.1

 

 

 

 

 

 

(a)

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%.

(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 $4.4 million as of March 31, 2021.

(c)

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%.

(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.
Schedule of Maturities of Long-term Debt

The principal maturities of long-term debt for the next five years are as follows:

 

(in millions)

 

Principal Maturity Amount

 

2021 - remaining portion

 

$

3.4

 

2022

 

 

70.7

 

2023

 

 

4.9

 

2024

 

 

1,171.1

 

2025

 

 

0.2

 

Thereafter

 

 

211.9

 

Total

 

$

1,462.2

 
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, are summarized as follows:

 

 

 

March 31, 2021

 

 

December 31, 2020

 

(in millions)

 

Book Value

 

 

Fair Value

 

 

Book Value

 

 

Fair Value

 

Term Loan

 

$

584.9

 

 

$

615.8

 

 

$

582.7

 

 

$

611.0

 

UST Loans

 

 

517.5

 

 

 

481.4

 

 

 

349.2

 

 

 

322.0

 

Second A&R CDA

 

 

67.8

 

 

 

68.3

 

 

 

67.8

 

 

 

67.8

 

Lease financing obligations

 

 

225.3

 

 

 

224.8

 

 

 

225.7

 

 

 

225.8

 

Total debt

 

$

1,395.5

 

 

$

1,390.3

 

 

$

1,225.4

 

 

$

1,226.6