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Debt (Tables)
3 Months Ended
Apr. 01, 2017
Debt Disclosure [Abstract]  
Components of 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.