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Long-Term and Other Debt
 3 Months Ended
Mar. 31, 2016
Debt Disclosure [Abstract]  
Long-Term and Other Debt
Long-Term and Other Debt
Outstanding Debt and Capital Leases
The following reflects our outstanding debt as of the dates indicated below:
 
 
Principal
 
Unamortized debt discount
 
Unamortized deferred financing costs
 
Book value March 31, 2016
Senior Secured Credit Facilities:
 
 
 
 
 
 
 
 
Revolver, varying interest rate, due 2018
 
$
80.0

 
$
—

 
$
—

 
$
80.0

Term Loan, varying interest rate, due 2020
 
2,248.3

 
(7.4
)
 
(49.9
)
 
2,191.0

Term Loan, varying interest rate, due 2021
 
1,975.0

 
(15.9
)
 
(47.0
)
 
1,912.1

2018 Notes
 
250.0

 
—

 
(1.9
)
 
248.1

2020 Notes
 
300.0

 
—

 
(3.4
)
 
296.6

2021 Notes
 
350.0

 
(1.8
)
 
(5.4
)
 
342.8

Secured Notes
 
950.0

 
—

 
(15.7
)
 
934.3

Unsecured Notes
 
2,200.0

 
—

 
(40.6
)
 
2,159.4

Capital lease obligations, 3.9% interest as of March 31, 2016 payable monthly through 2019
 
22.8

 
—

 
—

 
22.8

Total long-term debt outstanding
 
$
8,376.1

 
$
(25.1
)
 
$
(163.9
)
 
$
8,187.1

Less: current portion of long-term debt
 
 
 
 
 
 
 
(50.0
)
Long-term debt, excluding current portion
 


 
 
 
 
 
$
8,137.1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Principal
 
Unamortized debt discount
 
Unamortized deferred financing costs
 
Book value December 31, 2015
Senior Secured Credit Facilities:
 
 
 
 
 
 
 
 
Revolver, varying interest rate, due 2018
 
$
95.0

 
$
—

 
$
—

 
$
95.0

Term Loan, varying interest rate, due 2020
 
2,254.0

 
(7.8
)
 
(52.5
)
 
2,193.7

Term Loan, varying interest rate, due 2021
 
1,980.0

 
(16.7
)
 
(49.2
)
 
1,914.1

2018 Notes
 
250.0

 
—

 
(2.0
)
 
248.0

2020 Notes
 
300.0

 
—

 
(3.6
)
 
296.4

2021 Notes
 
350.0

 
(1.8
)
 
(5.6
)
 
342.6

Secured Notes
 
950.0

 
—

 
(16.4
)
 
933.6

Unsecured Notes
 
2,200.0

 
—

 
(42.1
)
 
2,157.9

Capital lease obligations, 3.9% interest as of December 31, 2015 payable monthly through 2019
 
25.7

 
—

 
—

 
25.7

Total long-term debt outstanding
 
$
8,404.7

 
$
(26.3
)
 
$
(171.4
)
 
$
8,207.0

Less: current portion of long-term debt
 
 
 
 
 
 
 
(50.3
)
Long-term debt, excluding current portion
 


 
 
 
 
 
$
8,156.7


Senior Secured Credit Facilities
The Company and certain of its subsidiaries are party to a credit agreement dated as of October 18, 2013, by and among SGI, as the borrower, the Company, as a guarantor, Bank of America, N.A., as administrative agent, and the lenders and other agents party thereto. Prior to the increase in the revolving credit facility and the assumption of the incremental term loans referred to below, the credit agreement provided for senior secured credit facilities in an aggregate principal amount of $2,600.0 million, including a $300.0 million revolving credit facility, which has USD and multi-currency tranches, and a $2,300.0 million term B-1 loan facility.
On October 1, 2014, in connection with the Bally acquisition, we amended our existing credit agreement pursuant to which our $300.0 million revolving credit facility was increased by $267.6 million effective upon the consummation of the Bally acquisition. In addition, we entered into an escrow credit agreement providing for a $2.0 billion senior secured incremental term B-2 loan facility (which became an incremental term B-2 loan facility under our existing credit agreement upon the consummation of the Bally acquisition).
On February 11, 2015, SGI entered into a lender joinder agreement to the credit agreement with an additional commitment lender. Pursuant to the joinder agreement, the amount of the revolving credit facility under the credit agreement was increased by $25.0 million to $592.6 million. Up to $350.0 million of the revolving credit facility is available for issuances of letters of credit.
The term B-1 loans incurred in 2013 under the credit agreement are scheduled to mature on October 18, 2020, the term B-2 loans incurred in 2014 under the credit agreement are scheduled to mature on October 1, 2021 and the revolving credit facility under the credit agreement is scheduled to mature on October 18, 2018. All of the debt incurred under the Credit Agreement is subject to accelerated maturity depending on our liquidity at the time our 2018 Notes, 2020 Notes and 2021 Notes become due.
For additional information regarding our senior secured credit facilities, see Note 15 (Long-Term and Other Debt) in our 2015 Annual Report on Form 10-K.
Capital Lease Obligations
During the three months ended March 31, 2016, we did not enter into any new capital lease arrangements and our remaining obligation at March 31, 2016 was $22.8 million.
For additional information regarding our 2018 Notes, 2020 Notes, 2021 Notes, Secured Notes, Unsecured Notes and capital lease obligations, see Note 15 (Long-Term and Other Debt) in our 2015 Annual Report on Form 10-K.
Fair Value of Debt
We believe that the fair value of our fixed interest rate debt approximated $3,327.9 million and $2,975.1 million as of March 31, 2016 and December 31, 2015, respectively, based on quoted market prices for our securities. We believe that the fair value of our variable interest rate debt as of March 31, 2016 and December 31, 2015 approximated $4,153.5 million and $3,956.5 million, respectively, based on quoted market prices for our securities. We estimate the fair value of debt based on quoted market prices of our publicly-traded debt and senior credit facility. We categorize inputs used to measure the fair value of debt as Level 2 in the fair value hierarchy due to the volume and frequency of transactions in the market.