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Debt and Financing (Tables)
 6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
Schedule of Outstanding Debt

Our outstanding debt as of June 30, 2021, which includes our $129.8 million and $306.3 million of additional United States Treasury (“UST”) Loan Tranche B draws during the three and six months then ended, respectively, consisted of the following:

 

(in millions)

 

Par Value

 

 

Discount

 

 

Commitment Fee

 

 

Debt

Issuance

Costs

 

 

Book Value

 

 

Effective

Interest

Rate

 

Term Loan

 

$

612.9

 

 

$

(18.0

)

 

$

—

 

 

$

(8.0

)

 

$

586.9

 

(a)

 

9.5

%

ABL Facility

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

N/A

 

UST Loan Tranche A(b)

 

 

306.7

 

 

 

—

 

 

 

(15.3

)

 

 

(4.0

)

 

 

287.4

 

(c)

 

6.4

%

UST Loan Tranche B

 

 

381.1

 

 

 

—

 

 

 

(19.5

)

 

 

(5.1

)

 

 

356.5

 

(c)

 

6.5

%

Secured Second A&R CDA

 

 

24.1

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

24.1

 

 

 

7.7

%

Unsecured Second A&R CDA

 

 

43.9

 

 

 

—

 

 

 

—

 

 

 

(0.1

)

 

 

43.8

 

 

 

7.7

%

Lease financing obligations

 

 

225.2

 

 

 

—

 

 

 

—

 

 

 

(0.2

)

 

 

225.0

 

(d)

 

17.2

%

Total debt

 

$

1,593.9

 

 

$

(18.0

)

 

$

(34.8

)

 

$

(17.4

)

 

$

1,523.7

 

 

 

 

 

Current maturities of Unsecured Second A&R CDA

 

 

(1.3

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1.3

)

 

 

 

 

Current maturities of lease financing obligations

 

 

(3.6

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(3.6

)

 

 

 

 

Long-term debt

 

$

1,589.0

 

 

$

(18.0

)

 

$

(34.8

)

 

$

(17.4

)

 

$

1,518.8

 

 

 

 

 

 

(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 $6.7 million as of June 30, 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

 

$

2.8

 

2022

 

 

70.7

 

2023

 

 

5.0

 

2024

 

 

1,303.2

 

2025

 

 

0.3

 

Thereafter

 

 

211.9

 

Total

 

$

1,593.9

 
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:

 

 

 

June 30, 2021

 

 

December 31, 2020

 

(in millions)

 

Book Value

 

 

Fair Value

 

 

Book Value

 

 

Fair Value

 

Term Loan

 

$

586.9

 

 

$

615.8

 

 

$

582.7

 

 

$

611.0

 

UST Loans

 

 

643.9

 

 

 

602.2

 

 

 

349.2

 

 

 

322.0

 

Second A&R CDA

 

 

67.9

 

 

 

68.3

 

 

 

67.8

 

 

 

67.8

 

Lease financing obligations

 

 

225.0

 

 

 

224.8

 

 

 

225.7

 

 

 

225.8

 

Total debt

 

$

1,523.7

 

 

$

1,511.1

 

 

$

1,225.4

 

 

$

1,226.6