Long-term Debt and Other Financing (Notes)

3 Months Ended

Mar. 31, 2018

Debt balances at March 31, 2018 and December 31, 2017, are presented below:



	March 31, 2018			December 31, 2017
Credit Facility	$	440.0		$	450.0
7.50% Senior Secured Notes due July 2023 (effective rate of 8.3%)	380.0			380.0
5.00% Exchangeable Senior Notes due November 2019 (effective rate of 10.8%)	150.0			150.0
7.625% Senior Notes due October 2021	406.2			406.2
6.375% Senior Notes due October 2025 (effective rate of 7.1%)	280.0			280.0
7.00% Senior Notes due March 2027	400.0			400.0
Industrial Revenue Bonds due 2020 through 2028	99.3			99.3
Unamortized debt discount and issuance costs	(52.2		)	(55.4		)
Total long-term debt	$	2,103.3		$	2,110.1

During the three months ended March 31, 2018, we were in compliance with all the terms and conditions of our debt agreements. In the three months ended March 31, 2017, we recognized other expense of $9.7 for expenses related to the repurchase of senior unsecured notes.

Credit Facility

We have a $1,350.0 revolving credit facility (the “Credit Facility”), which expires in September 2022 and is guaranteed by AK Holding and by AK Tube LLC (“AK Tube”), AK Steel Properties, Inc. and Mountain State Carbon LLC, three 100%-owned subsidiaries of AK Steel (referred to together as the “Subsidiary Guarantors”). The Credit Facility contains customary restrictions, including limitations on, among other things, distributions and dividends, acquisitions and investments, dispositions, indebtedness, liens and affiliate transactions. The Credit Facility requires that we maintain a minimum fixed charge coverage ratio of one to one if availability under the Credit Facility is less than $135.0. The Credit Facility’s current

availability significantly exceeds $135.0. Availability is calculated as the lesser of the Credit Facility commitments or eligible collateral after advance rates, less outstanding revolver borrowings and letters of credit. We do not expect any of these restrictions to affect or limit our ability to conduct business in the ordinary course. We secure our Credit Facility obligations with our inventory and accounts receivable, and the Credit Facility’s availability fluctuates monthly based on the varying levels of eligible collateral.

As of March 31, 2018, we had outstanding borrowings of $440.0 under the Credit Facility. At March 31, 2018, our eligible collateral, after application of applicable advance rates, was $1,331.3. Availability as of March 31, 2018, was $819.8 after reductions of $71.5 for outstanding letters of credit.