| Schedule Of Long-Term Debt |
The following represents a summary of our long-term debt as of September 30, 2013 and December 31, 2012:
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($ in Millions) |
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September 30, 2013 |
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Debt Instrument |
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Type |
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Annual Effective Interest Rate |
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Final Maturity |
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Total Face Amount |
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Total Debt |
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$700 Million 4.875% 2021 Senior Notes |
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Fixed |
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4.89% |
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2021 |
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$ |
700.0 |
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$ |
699.4 |
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(2) |
$1.3 Billion Senior Notes: |
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$500 Million 4.80% 2020 Senior Notes |
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Fixed |
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4.83% |
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2020 |
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500.0 |
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499.2 |
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(3) |
$800 Million 6.25% 2040 Senior Notes |
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Fixed |
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6.34% |
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2040 |
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800.0 |
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790.4 |
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(4) |
$400 Million 5.90% 2020 Senior Notes |
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Fixed |
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5.98% |
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2020 |
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400.0 |
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398.4 |
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(5) |
$500 Million 3.95% 2018 Senior Notes |
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Fixed |
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4.14% |
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2018 |
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500.0 |
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496.3 |
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(6) |
$1.75 Billion Credit Facility: |
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Revolving Loan |
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Variable |
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2.08% |
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2017 |
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1,750.0 |
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380.0 |
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(7) |
Equipment Loans |
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Fixed |
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Various |
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2020 |
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62.1 |
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62.1 |
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Fair Value Adjustment to Interest Rate Hedge |
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1.7 |
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Total debt |
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$ |
4,712.1 |
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$ |
3,327.5 |
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Less current portion |
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7.9 |
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Long-term debt |
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$ |
3,319.6 |
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($ in Millions) |
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December 31, 2012 |
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Debt Instrument |
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Type |
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Annual Effective Interest Rate |
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Final Maturity |
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Total Face Amount |
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Total Debt |
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$1.25 Billion Term Loan |
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Variable |
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1.83% |
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2016 |
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$ |
847.1 |
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(1) |
$ |
847.1 |
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(1) |
$700 Million 4.875% 2021 Senior Notes |
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Fixed |
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4.88% |
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2021 |
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700.0 |
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699.4 |
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(2) |
$1.3 Billion Senior Notes: |
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$500 Million 4.80% 2020 Senior Notes |
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Fixed |
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4.80% |
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2020 |
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500.0 |
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499.2 |
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(3) |
$800 Million 6.25% 2040 Senior Notes |
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Fixed |
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6.25% |
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2040 |
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800.0 |
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790.2 |
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(4) |
$400 Million 5.90% 2020 Senior Notes |
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Fixed |
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5.90% |
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2020 |
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400.0 |
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398.2 |
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(5) |
$500 Million 3.95% 2018 Senior Notes |
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Fixed |
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4.14% |
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2018 |
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500.0 |
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495.7 |
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(6) |
$1.75 Billion Credit Facility: |
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Revolving Loan |
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Variable |
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2.02% |
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2017 |
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1,750.0 |
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325.0 |
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(7) |
Total debt |
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$ |
5,497.1 |
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$ |
4,054.8 |
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Less current portion |
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94.1 |
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Long-term debt |
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$ |
3,960.7 |
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(1) |
During the first quarter of 2013, the term loan was repaid in full through repayments totaling $847.1 million. As of December 31, 2012, $402.8 million had been paid on the original $1.25 billion term loan and, of the remaining term loan, $94.1 million was classified as Current portion of debt. The current classification was based upon the principal payment terms of the arrangement requiring principal payments on each three-month anniversary following the funding of the term loan.
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(2) |
As of September 30, 2013 and December 31, 2012, the $700 million 4.875 percent senior notes were recorded at a par value of $700 million less unamortized discounts of $0.6 million for each period, based on an imputed interest rate of 4.89 percent.
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(3) |
As of September 30, 2013 and December 31, 2012, the $500 million 4.80 percent senior notes were recorded at a par value of $500 million less unamortized discounts of $0.8 million for each period, based on an imputed interest rate of 4.83 percent.
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(4) |
As of September 30, 2013 and December 31, 2012, the $800 million 6.25 percent senior notes were recorded at par value of $800 million less unamortized discounts of $9.6 million and $9.8 million, respectively, based on an imputed interest rate of 6.34 percent.
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(5) |
As of September 30, 2013 and December 31, 2012, the $400 million 5.90 percent senior notes were recorded at a par value of $400 million less unamortized discounts of $1.6 million and $1.8 million, respectively, based on an imputed interest rate of 5.98 percent.
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(6) |
As of September 30, 2013 and December 31, 2012, the $500 million 3.95 percent senior notes were recorded at a par value of $500 million less unamortized discounts of $3.7 million and $4.3 million, respectively, based on an imputed interest rate of 4.14 percent.
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(7) |
As of September 30, 2013 and December 31, 2012, $380.0 million and $325.0 million revolving loans were drawn under the credit facility, respectively, and the principal amount of letter of credit obligations totaled $27.7 million for each period, thereby reducing available borrowing capacity to $1.3 billion and $1.4 billion for each period, respectively.
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| Schedule of Maturities of Long-term Debt [Table Text Block] |
Debt Maturities
The following represents a summary of our maturities of debt instruments, excluding borrowings on the amended credit agreement, based on the principal amounts outstanding at September 30, 2013:
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(In Millions) |
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Maturities of Debt |
2013 (October 1 - December 31) |
$ |
1.9 |
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2014 |
7.9 |
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2015 |
8.3 |
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2016 |
8.6 |
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2017 |
8.9 |
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2018 and thereafter |
2,926.5 |
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Total maturities of debt |
$ |
2,962.1 |
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