Quarterly report pursuant to Section 13 or 15(d)

DEBT AND CREDIT FACILITIES

v3.19.1
DEBT AND CREDIT FACILITIES
 3 Months Ended
Mar. 31, 2019
Debt Disclosure [Abstract]  
DEBT AND CREDIT FACILITIES
NOTE 7 - DEBT AND CREDIT FACILITIES
The following represents a summary of our long-term debt:
(In Millions)
March 31, 2019
Debt Instrument
 
Annual Effective
Interest Rate
 
Total Principal Amount
 
Debt Issuance Costs
 
Unamortized Discounts
 
Total Debt
Secured Notes:
 
 
 
 
 
 
 
 
 
 
$400 Million 4.875% 2024 Senior Notes
 
5.00%
 
$
400.0

 
$
(5.5
)
 
$
(2.1
)
 
$
392.4

Unsecured Notes:
 
 
 
 
 
 
 
 
 
 
$700 Million 4.875% 2021 Senior Notes
 
4.89%
 
114.0

 
(0.2
)
 
—

 
113.8

$316.25 Million 1.50% 2025 Convertible Senior Notes
 
6.26%
 
316.3

 
(5.3
)
 
(73.0
)
 
238.0

$1.075 Billion 5.75% 2025 Senior Notes
 
6.01%
 
1,073.3

 
(9.5
)
 
(14.1
)
 
1,049.7

$800 Million 6.25% 2040 Senior Notes
 
6.34%
 
298.4

 
(2.2
)
 
(3.3
)
 
292.9

ABL Facility
 
N/A
 
450.0

 
N/A

 
N/A

 
—

Fair Value Adjustment to Interest Rate Hedge
 
 
 
 
 
 
 
 
 
0.2

Long-term debt
 
 
 
 
 
 
 
 
 
$
2,087.0

(In Millions)
December 31, 2018
Debt Instrument
 
Annual Effective
Interest Rate
 
Total Principal Amount
 
Debt Issuance Costs
 
Unamortized Discounts
 
Total Debt
Secured Notes:
 
 
 
 
 
 
 
 
 
 
$400 Million 4.875% 2024 Senior Notes
 
5.00%
 
$
400.0

 
$
(5.7
)
 
$
(2.2
)
 
$
392.1

Unsecured Notes:
 
 
 
 
 
 
 
 
 
 
$700 Million 4.875% 2021 Senior Notes
 
4.89%
 
124.0

 
(0.2
)
 
—

 
123.8

$316.25 Million 1.50% 2025 Convertible Senior Notes
 
6.26%
 
316.3

 
(5.5
)
 
(75.6
)
 
235.2

$1.075 Billion 5.75% 2025 Senior Notes
 
6.01%
 
1,073.3

 
(9.9
)
 
(14.6
)
 
1,048.8

$800 Million 6.25% 2040 Senior Notes
 
6.34%
 
298.4

 
(2.3
)
 
(3.3
)
 
292.8

ABL Facility
 
N/A
 
450.0

 
N/A

 
N/A

 
—

Fair Value Adjustment to Interest Rate Hedge
 
 
 
 
 
 
 
 
 
0.2

Long-term debt
 
 
 
 
 
 
 
 
 
$
2,092.9


Debt Extinguishment
The following is a summary of the debt extinguished with cash and the respective loss on extinguishment:
 
(In Millions)
 
Three Months Ended
March 31, 2019
Debt Instrument
Debt Extinguished
 
Loss on Extinguishment
$700 Million 4.875% 2021 Senior Notes
$
10.0

 
$
0.3

 
$
10.0

 
$
0.3


Debt Maturities
The following represents a summary of our maturities of debt instruments based on the principal amounts outstanding at March 31, 2019:
 
 
(In Millions)
 
 
Maturities of Debt
2019
 
$
—

2020
 
—

2021
 
114.0

2022
 
—

2023
 
—

2024
 
400.0

2025 and thereafter
 
1,688.0

Total maturities of debt
 
$
2,202.0


ABL Facility
The following represents a summary of our borrowing capacity under the ABL Facility:
 
(In Millions)
 
March 31, 2019
 
December 31, 2018
Available borrowing base on ABL Facility1
$
305.4

 
$
323.7

Letter of credit obligations and other commitments2
(65.4
)
 
(55.0
)
Borrowing capacity available3
$
240.0

 
$
268.7

 
 
 
 
1 The ABL Facility has a maximum borrowing base of $450 million, determined by applying customary advance rates to eligible accounts receivable, inventory and certain mobile equipment.
2 We issued standby letters of credit with certain financial institutions in order to support business obligations including, but not limited to, workers compensation, environmental obligations and certain Metallics' contracts.
3 As of March 31, 2019 and December 31, 2018, we had no loans drawn under the ABL Facility.