Note 7—Debt

Our total debt as of April 1, 2017 and December 31, 2016 was as follows:


	April 1, 2017						December 31, 2016
(in millions of U.S. dollars)	Principal		Unamortized Debt Issuance Costs		Net		Principal		Unamortized Debt Issuance Costs		Net
6.750% senior notes due in 2020	$	422.7	$	5.8	$	416.9	$	625.0	$	9.3	$	615.7
10.000% senior notes due in 2021 ¹		382.6		—		382.6		384.2		—		384.2
5.375% senior notes due in 2022		525.0		6.9		518.1		525.0		7.1		517.9
5.500% senior notes due in 2024		480.7		9.6		471.1		474.1		9.8		464.3
5.500% senior notes due in 2025		750.0		11.6		738.4		—		—		—
ABL facility		146.8		—		146.8		207.0		—		207.0
GE Term Loan		3.7		0.1		3.6		4.3		0.2		4.1
Capital leases and other debt financing		6.7		—		6.7		7.5		—		7.5

*Total debt*		2,718.2		34.0		2,684.2		2,227.1		26.4		2,200.7
Less: Short-term borrowings and current debt:
ABL facility		146.8		—		146.8		207.0		—		207.0

*Total short-term borrowings*		146.8		—		146.8		207.0		—		207.0
GE Term Loan - current maturities		2.3		—		2.3		2.3		—		2.3
Capital leases and other debt financing - current maturities		2.6		—		2.6		3.4		—		3.4

*Total current debt*		151.7		—		151.7		212.7		—		212.7

*Total long-term debt*	$	2,566.5	$	34.0	$	2,532.5	$	2,014.4	$	26.4	$	1,988.0

^1.

The outstanding aggregate principal amount of $350.0 million of our 10.000% senior secured notes (“DSS Notes”) was assumed by Cott at fair value of $406.0 million in connection with Cott’s acquisition of DSS. The premium of $56.0 million is being amortized as an adjustment to interest expense using the effective interest method over the remaining contractual term of the DSS Notes. The effective interest rate is 7.515%. The remaining unamortized premium was $32.6 million and $34.2 million at April 1, 2017 and December 31, 2016, respectively.

5.500% Senior Notes due in 2025

On March 22, 2017, we issued $750.0 million of 2025 Notes to qualified purchasers in a private placement offering under Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and outside the United States to non-U.S. purchasers pursuant to Regulation S under the Securities Act and other applicable laws. The 2025 Notes were issued by our wholly-owned subsidiary Cott Holdings Inc., and most of our U.S., Canadian, U.K., Luxembourg and Dutch subsidiaries guarantee the 2025 Notes. The 2025 Notes will mature on April 1, 2025 and interest is payable semi-annually on April 1st and October 1st of each year commencing on October 1, 2017.

We incurred $11.6 million of financing fees in connection with the issuance of the 2025 Notes. The financing fees are being amortized using the effective interest method over an eight-year period, which represents the term to maturity of the 2025 Notes.

6.750% Senior Notes due in 2020

On March 22, 2017, we used a portion of the proceeds from the issuance of the 2025 Notes to purchase $202.3 million in aggregate principal amount of the 2020 Notes in a cash tender offer. The tender offer included $7.1 million in premium payments, accrued interest of $3.1 million, the write-off of $2.9 million in deferred financing fees and other costs of $0.1 million. In addition, as of April 1, 2017, $444.4 million of the proceeds from the issuance of the 2025 Notes were deposited with the trustee to satisfy and discharge our obligations under the 2020 Notes, and as a result, such amount was recorded to restricted cash.

On April 5, 2017, we redeemed all of the remaining $422.7 million aggregate principal amount of our 2020 Notes. The redemption included $14.3 million in premium payments as well as accrued interest of $7.4 million.