LONG-TERM DEBT AND OTHER FINANCING ARRANGEMENTS (Tables)

6 Months Ended

Jun. 30, 2016

Debt Disclosure [Abstract]

Schedule of Debt

Summary

	June 30, 2016			December 31, 2015
Long-term debt	$	1,051,317		$	906,028
Other credit facilities and capital leases	3,283			3,648
Total long-term debt and other financing arrangements	1,054,600			909,676
Less: current maturities	(1,157		)	(1,155		)
Total non-current long-term debt and other financing arrangements	$	1,053,443		$	908,521

Schedule of Long-term Debt Instruments

Total long-term debt and credit facilities comprised the following at June 30, 2016:

	Principal Amount of Liability Component		Debt Issuance Costs (1)			Net Carrying Amount
2018 Euro Term Loan	$	278,438	$	(850	)	$	277,588
2019 Euro Term Loan	261,269		(586		)	260,683
2021 Euro Term Loan	520,462		(7,416		)	513,046
2021 Revolving Credit Facility	—		—			—
Total long-term debt and credit facilities	$	1,060,169	$	(8,852	)	$	1,051,317

⁽¹⁾ 

Schedule of Senior Debt

Long-term Debt

Our long-term debt comprised the following at June 30, 2016 and December 31, 2015:

	Carrying Amount				Fair Value
	June 30, 2016		December 31, 2015		June 30, 2016		December 31, 2015
2017 PIK Notes	$	—	$	359,789	$	—	$	552,338
2017 Term Loan	—		27,592		—		41,525
2018 Euro Term Loan	277,588		272,189		278,438		273,046
2019 Euro Term Loan	260,683		246,458		261,269		256,210
2021 Euro Term Loan	513,046		—		520,462		—
	$	1,051,317	$	906,028	$	1,060,169	$	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
2018 Euro Term Loan	1.50	%	0.21	%	(1)	6.79	%	8.50	%
2019 Euro Term Loan	1.50	%	0.31	%		6.69	%	8.50	%
2021 Euro Term Loan	1.50	%	0.28	%		8.22	%	10.00	%
2021 Revolving Credit Facility (2)	10.00	%	—	%		—	%	10.00	%

⁽¹⁾  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 the all-in borrowing rate remains 8.50%.

Credit Facilities And Capital Lease Obligations

Other credit facilities and capital lease obligations comprised the following at June 30, 2016 and December 31, 2015:

	June 30, 2016			December 31, 2015
Credit facilities (1) – (3)	$	—		$	—
Capital leases	3,283			3,648
Total credit facilities and capital leases	3,283			3,648
Less: current maturities	(1,157		)	(1,155		)
Total non-current credit facilities and capital leases	$	2,126		$	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 June 30, 2016, we had deposits of US$ 17.6 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 June 30, 2016 and December 31, 2015, there were no drawings outstanding under a CZK 800.0 million (approximately US$ 32.7 million) factoring framework agreement with Factoring Ceska Sporitelna (“FCS”). Under this facility up to CZK 800.0 million (approximately US$ 32.7 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 June 30, 2016, the maturity of our long-term debt and credit facilities, excluding any future elections to pay interest in kind, was as follows:

2016	$	—
2017	—
2018	278,438
2019	261,269
2020	—
2021 and thereafter	520,462
Total long-term debt and credit facilities	1,060,169
Debt issuance costs	(8,852		)
Carrying amount of long-term debt and credit facilities	$	1,051,317

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 June 30, 2016:

2016	$	631
2017	1,186
2018	919
2019	574
2020	83
2021 and thereafter	—
Total undiscounted payments	3,393
Less: amount representing interest	(110		)
Present value of net minimum lease payments	$	3,283