LONG-TERM DEBT AND OTHER FINANCING ARRANGEMENTS (Tables)

9 Months Ended

Sep. 30, 2016

Debt Disclosure [Abstract]

Schedule of Debt

Summary

	September 30, 2016			December 31, 2015
Long-term debt	$	1,057,442		$	906,028
Other credit facilities and capital leases	3,486			3,648
Total long-term debt and other financing arrangements	1,060,928			909,676
Less: current maturities	(1,258		)	(1,155		)
Total non-current long-term debt and other financing arrangements	$	1,059,670		$	908,521

Schedule of Long-term Debt Instruments

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

	Principal Amount of Liability Component		Debt Issuance Costs (1)			Net Carrying Amount
2018 Euro Term Loan	$	279,918	$	(764	)	$	279,154
2019 Euro Term Loan	262,658		(545		)	262,113
2021 Euro Term Loan	523,228		(7,053		)	516,175
2021 Revolving Credit Facility	—		—			—
Total long-term debt and credit facilities	$	1,065,804	$	(8,362	)	$	1,057,442

⁽¹⁾ 

Schedule of Senior Debt

Long-term Debt

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

	Carrying Amount
	September 30, 2016		December 31, 2015
2017 PIK Notes	$	—	$	359,789
2017 Term Loan	—		27,592
2018 Euro Term Loan	279,154		272,189
2019 Euro Term Loan	262,113		246,458
2021 Euro Term Loan	516,175		—
	$	1,057,442	$	906,028

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	%	(2)	10.00	%	(2)
2021 Revolving Credit Facility (3)	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 September 30, 2016 and December 31, 2015:

	September 30, 2016			December 31, 2015
Credit facilities (1) – (3)	$	—		$	—
Capital leases	3,486			3,648
Total credit facilities and capital leases	3,486			3,648
Less: current maturities	(1,258		)	(1,155		)
Total non-current credit facilities and capital leases	$	2,228		$	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 September 30, 2016, we had deposits of US$ 28.7 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 September 30, 2016 and December 31, 2015, there were no drawings outstanding under a CZK 800.0 million (approximately US$ 33.0 million) factoring framework agreement with Factoring Ceska Sporitelna (“FCS”). Under this facility, up to CZK 800.0 million (approximately US$ 33.0 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 September 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	279,918
2019	262,658
2020	—
2021 and thereafter	523,228
Total long-term debt and credit facilities	1,065,804
Debt issuance costs	(8,362		)
Carrying amount of long-term debt and credit facilities	$	1,057,442

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 September 30, 2016:

2016	$	353
2017	1,304
2018	1,034
2019	699
2020	196
2021 and thereafter	6
Total undiscounted payments	3,592
Less: amount representing interest	(106		)
Present value of net minimum lease payments	$	3,486