LONG-TERM DEBT AND OTHER FINANCING ARRANGEMENTS (Tables)

3 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Schedule of Debt

Summary

	March 31, 2016			December 31, 2015
Senior Debt	$	943,210		$	906,028
Other credit facilities and capital leases	3,677			3,648
Total long-term debt and other financing arrangements	946,887			909,676
Less: current maturities	(1,202		)	(1,155		)
Total non-current long-term debt and other financing arrangements	$	945,685		$	908,521

Schedule of Long-term Debt Instruments

Total senior debt and credit facilities comprised the following at March 31, 2016:

	Principal Amount of Liability Component		Debt Issuance Costs			Unamortized Discount			Net Carrying Amount
2017 PIK Notes (1)	$	502,504	$	(2,652	)	$	(128,674	)	$	371,178
2017 Term Loan (2)	38,194		(268		)	(9,473		)	28,453
2018 Euro Term Loan	285,536		(742		)	—			284,794
2019 Euro Term Loan	267,930		(9,145		)	—			258,785
2021 Revolving Credit Facility (3)	—		—			—			—
Total senior debt and credit facilities	$	1,094,164	$	(12,807	)	$	(138,147	)	$	943,210

⁽¹⁾  The principal amount represents the original principal amount of US$ 400.0 million plus interest paid in kind by adding such amount to the original principal amount. The 2017 PIK Notes were redeemed on April 8, 2016. See Note 21, "Subsequent Events".

⁽²⁾  The principal amount represents the original principal amount of US$ 30.0 million plus interest paid in kind by adding such amount to the original principal amount. The 2017 Term Loan was repaid on April 7, 2016. See Note 21, "Subsequent Events".

⁽³⁾ 

Schedule of Senior Debt

Senior Debt

Our senior debt comprised the following at March 31, 2016 and December 31, 2015:

	Carrying Amount				Fair Value
	March 31, 2016		December 31, 2015		March 31, 2016		December 31, 2015
2017 PIK Notes	$	371,178	$	359,789	$	502,504	$	552,338
2017 Term Loan	28,453		27,592		38,194		41,525
2018 Euro Term Loan	284,794		272,189		285,536		273,046
2019 Euro Term Loan	258,785		246,458		267,930		256,210
	$	943,210	$	906,028	$	1,094,164	$	1,123,119

Schedule of Interest Rate Summary

Interest Rate Summary

	Base Rate		Rate Fixed Pursuant to Interest Rate Hedges		Guarantee Fee Rate		All-in Borrowing Rate
2017 PIK Notes (1)	15.00	%	—	%	—	%	15.00	%
2017 Term Loan (1)	15.00	%	—	%	—	%	15.00	%
2018 Euro Term Loan (2)	1.50	%	0.21	%	6.79	%	8.50	%
2019 Euro Term Loan	1.50	%	0.31	%	6.69	%	8.50	%
2021 Euro Term Loan (3)	1.50	%	0.28	%	8.72	%	10.50	%

⁽¹⁾  The 2017 PIK Notes were redeemed on April 8, 2016 and the 2017 Term Loan was repaid on April 7, 2016 with the proceeds from the 2021 Euro Term Loan and cash on hand. See Note 21, "Subsequent Events".

⁽²⁾  The rate fixed pursuant to interest rate hedges presented is effective until November 1, 2017. From November 1, 2017 through maturity on November 1, 2018, the rate fixed pursuant to interest rate hedges will decrease to 0.14%, with a corresponding increase in the guarantee fee rate, such that all-in borrowing rate remains 8.50%.

⁽³⁾  The 2021 Euro Term Loan was undrawn as at March 31, 2016. These rates represent the rates in effect on April 7, 2016, the date the 2021 Euro Term Loan was drawn.

Credit Facilities And Capital Lease Obligations

Other credit facilities and capital lease obligations comprised the following at March 31, 2016 and December 31, 2015:

	March 31, 2016			December 31, 2015
Credit facilities (1) – (3)	$	—		$	—
Capital leases	3,677			3,648
Total credit facilities and capital leases	3,677			3,648
Less: current maturities	(1,202		)	(1,155		)
Total non-current credit facilities and capital leases	$	2,475		$	2,493

⁽¹⁾  We have a cash pooling arrangement with Bank Mendes Gans (“BMG”), a subsidiary of ING Bank N.V. (“ING”), which enables us to receive credit across the group in respect of cash balances which our subsidiaries deposit with BMG. Cash deposited by our subsidiaries with BMG is pledged as security against the drawings of other subsidiaries up to the amount deposited.

As at March 31, 2016, we had deposits of US$ 67.8 million in and no drawings on the BMG cash pool. Interest is earned on deposits at the relevant money market rate. As at December 31, 2015, we had deposits of US$ 19.6 million in and no drawings on the BMG cash pool.

⁽²⁾ As at March 31, 2016 and December 31, 2015, there were no drawings outstanding under a CZK 800.0 million (approximately US$ 33.7 million) factoring framework agreement with Factoring Ceska Sporitelna (“FCS”). Under this facility up to CZK 800.0 million (approximately US$ 33.7 million) of receivables from certain customers in the Czech Republic may be factored on a recourse or non-recourse basis. The facility has a factoring fee of 0.3% of any factored receivable and bears interest at one-month PRIBOR plus 2.5% per annum for the period that receivables are factored and outstanding.

Maturity Of Senior Debt And Credit Facility

At March 31, 2016, the maturity of our senior debt and credit facilities, excluding any future elections to pay interest in kind, was as follows:

2016	$	—
2017 (1)	826,234
2018	—
2019	267,930
2020	—
2021 and thereafter	—
Total senior debt and credit facilities	1,094,164
Debt issuance costs	(12,807		)
Less: net discount	(138,147		)
Carrying amount of senior debt and credit facilities	$	943,210

⁽¹⁾  On April 7, 2016, we drew the 2021 Euro Term Loan, the proceeds of which, together with cash on hand, were applied toward the repayment of the 2017 Term Loan and the redemption and discharge of the 2017 PIK Notes. Also on April 7, 2016, we extended the maturity date of the 2018 Euro Term Loan to November 1, 2018 and extended the maturity date of the 2021 Revolving Credit Facility at the current borrowing capacity until January 1, 2018 and with a borrowing capacity US$ 50.0 million from January 1, 2018 to the maturity date on February 19, 2021. See Note 21, "Subsequent Events".

Schedule of Future Minimum Lease Payments for Capital Leases

The future minimum lease payments, by year and in the aggregate, under capital leases with initial or remaining non-cancellable lease terms in excess of one year, consisted of the following at March 31, 2016:

2016	$	973
2017	1,216
2018	947
2019	589
2020	86
2021 and thereafter	—
Total undiscounted payments	3,811
Less: amount representing interest	(134		)
Present value of net minimum lease payments	$	3,677