Long-Term Debt and Financing Obligations (Notes)

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Long-term Debt

Long-Term Debt and Financing Obligations

Pollution Control Bonds. The Company had three series of tax-exempt unsecured PCBs in aggregate principal amount of $159.8 million as of December 31, 2018. The 2009 Series A 7.25% PCBs and the 2009 Series B 7.25% PCBs with an aggregate principal amount, together, of $100.6 million had optional redemptions beginning in February 2019 and April 2019, respectively.

The Company purchased in lieu of redemption all of the 2009 Series A 7.25% PCBs with an aggregate principal amount of $63.5 million, and all of the 2009 Series B 7.25% PCBs with an aggregate principal amount of $37.1 million, on February 1, 2019 and April 1, 2019, respectively, utilizing funds borrowed under the RCF. The Company is currently holding the PCBs and may remarket them or replace them with debt instruments of equivalent value at a future date depending on the Company's financing needs and market conditions, and in accordance with the Company's regulators' approvals.