Long-Term Debt and Other Financing Arrangements (Tables)

9 Months Ended

Sep. 30, 2014

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt consists of the following (in thousands): 

	September 30, 2014				December 31, 2013
	Principal Amount		Carrying Value		Principal Amount		Carrying Value
Facility Agreement	$	586,342	$	586,342	$	586,342	$	586,342
Thermo Loan Agreement	66,106		30,307		60,383		22,854
8.00% Convertible Senior Notes Issued in 2013	23,032		14,392		46,971		26,291
8.00% Convertible Senior Unsecured Notes Issued in 2009	—		—		51,652		33,795
Total Debt	675,480		631,041		745,348		669,282
Less: Current Portion	7,271		7,271		4,046		4,046
Long-Term Debt	$	668,209	$	623,770	$	741,302	$	665,236

Summary of Warrants Outstanding

As a result of the Company’s financing arrangements described above, as of September 30, 2014 and December 31, 2013, warrants were outstanding to purchase 45.1 million and 93.5 million shares, respectively, of the Company’s common stock as shown in the table below:

	Outstanding Warrants		Strike Price
	September 30, 2014	December 31, 2013	September 30, 2014		December 31, 2013
Contingent Equity Agreement (1)	37,088,418	41,467,980	$	0.01	$	0.01
Thermo Loan Agreement (2)	—	4,205,608	—		0.01
5.0% Notes (3)	8,000,000	8,000,000	0.32		0.32
8.00% Notes Issued in 2009 (4)	—	39,842,813	—		0.32
	45,088,418	93,516,401

(1) Pursuant to the terms of the Contingent Equity Agreement, the Company has issued to Thermo warrants to purchase shares of common stock pursuant to the annual availability fee and subsequent reset provisions in the Contingent Equity Agreement. These warrants have a five-year exercise period from issuance. These warrants were issued between June 2009 and June 2012, and the exercise periods expire between June 2014 and June 2017. As of September 30, 2014, Thermo had exercised warrants to purchase approximately 4.4 million of these shares prior to the expiration of the associated warrants.

(2) As consideration for the Loan Agreement with Thermo, the Company issued Thermo warrants to purchase shares of common stock. The exercise period of the warrants issued in connection with the Thermo Loan Agreement was five years from issuance, which expired in June 2014. Thermo exercised all of these warrants in the second quarter of 2014.

(3) The 5.0% Warrants are exercisable until June 2016, which is five years after their issuance.

(4) The exercise period for the 8.00% Warrants began on December 19, 2009 and ended on June 14, 2014. All 8.00% Warrants were exercised in the second quarter of 2014.