Long-Term Debt

6 Months Ended

Jun. 30, 2015

NOTE 3 – LONG-TERM DEBT
Long-term debt outstanding as of June 30, 2015 and December 31, 2014 consisted of the following:

(In thousands)		June 30,		December 31,
		2015		2014
Senior Secured Credit Facilities⁽¹⁾			$6,300,000		$7,231,222
Receivables Based Credit Facility Due 2017⁽²⁾			-		-
9.0% Priority Guarantee Notes Due 2019			1,999,815		1,999,815
9.0% Priority Guarantee Notes Due 2021			1,750,000		1,750,000
11.25% Priority Guarantee Notes Due 2021			575,000		575,000
9.0% Priority Guarantee Notes Due 2022			1,000,000		1,000,000
10.625% Priority Guarantee Notes Due 2023			950,000		-
Subsidiary Revolving Credit Facility Due 2018⁽³⁾			-		-
Other Secured Subsidiary Debt⁽⁴⁾			17,404		19,257
Total Consolidated Secured Debt			12,592,219		12,575,294

14.0% Senior Notes Due 2021⁽⁵⁾			1,678,314		1,661,697
The Company's Legacy Notes⁽⁶⁾			667,900		667,900
10.0% Senior Notes Due 2018			730,000		730,000
Subsidiary Senior Notes due 2022			2,725,000		2,725,000
Subsidiary Senior Subordinated Notes due 2020			2,200,000		2,200,000
Other Subsidiary Debt			302		1,024
Purchase accounting adjustments and original issue discount			(219,207)		(234,897)
Total debt			20,374,528		20,326,018
Less: current portion			2,725		3,604
Total long-term debt		$	20,371,803	$	20,322,414

⁽¹⁾	Term Loan D and Term Loan E mature in 2019.
⁽²⁾	The Receivables Based Credit Facility provides for borrowings up to the lesser of $535.0 million (the revolving credit commitment) or the borrowing base, subject to certain limitations contained in the Company's material financing agreements.
⁽³⁾	The Subsidiary Revolving Credit Facility provides for borrowings up to $75.0 million (the revolving credit commitment).
⁽⁴⁾	Other secured subsidiary debt matures at various dates from 2015 through 2045.
⁽⁵⁾	The 14.0% Senior Notes due 2021are subject to required payments at various dates from 2018 through 2021.
⁽⁶⁾	The Company's Legacy Notes, all of which were issued prior to the acquisition of the Company by Parent in 2008, consist of Senior Notes maturing at various dates in 2016, 2018 and 2027.

The Company’s weighted average interest rates as of June 30, 2015 and December 31, 2014 were 8.4% and 8.1%, respectively. The aggregate market value of the Company’s debt based on market prices for which quotes were available was approximately $19.2 billion and $19.7 billion as of June 30, 2015 and December 31, 2014, respectively. Under the fair value hierarchy established by ASC 820-10-35, the market value of the Company’s debt is classified as either Level 1 or Level 2.

Debt Issuance

On February 26, 2015, the Company issued at par $950.0 million aggregate principal amount of 10.625% Priority Guarantee Notes due 2023. The notes mature on March 15, 2023 and bear interest at a rate of 10.625% per annum, payable semi-annually in arrears on March 15 and September 15 of each year, beginning on September 15, 2015. The Company used the net proceeds from the offering primarily to prepay its term loan facilities due 2016.

During the first quarter of 2015, the Company borrowed $120.0 million principal amount under its receivables based credit facility due 2017. During the second quarter of 2015, all outstanding amounts under the receivables based credit facility were repaid.

Debt Repayments, Maturities and Other

On February 26, 2015, the Company prepaid at par $916.1 million of loans outstanding under its Term Loan B facility and $15.2 million of loans outstanding under its Term Loan C asset sale facility, using the net proceeds of the Priority Guarantee Notes due 2023 issued on such date.

Surety Bonds, Letters of Credit and Guarantees

As of June 30, 2015, the Company had outstanding surety bonds, commercial standby letters of credit and bank guarantees of $57.8 million, $108.6 million and $54.2 million, respectively. Bank guarantees of $13.2 million were cash secured. These surety bonds, letters of credit and bank guarantees relate to various operational matters including insurance, bid, concession and performance bonds as well as other items.