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Long-Term and Other Debt
 3 Months Ended
Mar. 31, 2017
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
 
 
March 31, 2017
 
December 31, 2016
 
 
Face value
 
Unamortized debt (discount) premium
 
Unamortized deferred financing costs
 
Book value
 
Book value
Senior Secured Credit Facilities:
 
 
 
 
 
 
 
 
 
 
Revolver, varying interest rate, due 2018
 
$
—

 
$
—

 
$
—

 
$
—

 
$
45.0

Revolver, varying interest rate, due 2020
 
—

 
—

 
—

 
—

 
—

Term Loan B-1
 
—

 
—

 
—

 
—

 
2,183.5

Term Loan B-2
 
—

 
—

 
—

 
—

 
1,905.8

Term Loan B-3
 
3,291.0

 
(16.3
)
 
(58.2
)
 
3,216.5

 
—

Senior Notes:
 
 
 
 
 
 
 
 
 
 
Secured Notes
 
2,100.0

 
67.5

 
(31.8
)
 
2,135.7

 
936.3

Unsecured Notes
 
2,200.0

 
—

 
(34.5
)
 
2,165.5

 
2,164.0

Subordinated Notes:
 
 
 
 
 
 
 
 
 
 
2018 Notes
 
—

 
—

 
—

 
—

 
248.7

2020 Notes
 
243.5

 
—

 
(2.1
)
 
241.4

 
241.2

2021 Notes
 
340.6

 
(1.4
)
 
(4.3
)
 
334.9

 
334.5

Capital lease obligations, 3.9% interest as of March 31, 2017 payable monthly through 2019
 
13.7

 
—

 
—

 
13.7

 
15.2

Total long-term debt outstanding
 
$
8,188.8

 
$
49.8

 
$
(130.9
)
 
$
8,107.7

 
$
8,074.2

Less: current portion of long-term debt
 
 
 
 
 
 
 
(39.3
)
 
(49.3
)
Long-term debt, excluding current portion
 
 
 
 
 
 
 
$
8,068.4

 
$
8,024.9

Fair value of debt(1)
 
$
8,379.2

 
 
 
 
 
 
 
$
8,221.8

(1) Fair value of our fixed rate and variable interest rate debt is classified within level 2 in the fair value hierarchy and has been calculated based on the quoted market prices of our securities.
We were in compliance with the financial covenants under our debt agreements as of March 31, 2017.
February 2017 Refinancing Transactions
On February 14, 2017, we entered into an amendment to our credit agreement which provides for a $3,291.0 million senior secured term B-3 loan facility which matures in 2021 and reduces the commitments on the revolving credit facility to $556.2 million through October 2018, with a step-down in availability at that time to $381.7 million until the extended maturity in October 2020. We also successfully completed an additional offering of our Secured Notes in the aggregate principal amount of $1.15 billion (the "additional Secured Notes"). The net proceeds of the term B-3 loan facility and the additional Secured Notes were used to (a) prepay the balances on the term B-1 and term B-2 loans and the existing revolving credit facility, (b) redeem all $250.0 million aggregate principal amount of our outstanding 2018 Notes at a redemption price equal to 100% of the principal amount of the 2018 Notes, plus accrued and unpaid interest to but not including the redemption date (which redemption was completed on March 17, 2017) and (c) pay related fees and expenses (the "February 2017 Refinancing").
In connection with the February 2017 Refinancing, we recorded $27.9 million in financing costs presented primarily as a reduction to long-term debt.
Term Loan B-3

The new term B-3 loans that were entered into as part of the February 2017 Refinancing mature in October 2021 and will amortize in equal quarterly installments in an amount equal to 1.00% per annum of the stated principal amount thereof, with the remaining balance due at final maturity.    

7.000% Senior Secured Notes due 2022

In connection with the February 2017 Refinancing, SGI issued $1.15 billion in aggregate principal amount of additional Secured Notes under the existing indenture governing the Secured Notes. Therefore the additional Secured Notes have the same terms as the previously issued $950.0 million in aggregate principal amount of Secured Notes initially issued in November 2014 except for the issue date and offering price. The additional Secured Notes and the initial Secured Notes will be treated as a single series of debt securities for all other purposes under the indenture governing the Secured Notes.

For additional information regarding terms of our credit agreement and Secured Notes, see Note 16 (Long-Term and Other Debt) in our 2016 10-K.

Loss on Extinguishment and Modification of Debt

The following are components of the loss on extinguishment and modification of debt for the three months ended March 31, 2017:
 
 
 
Unamortized debt discount and deferred financing costs
 
$
(25.8
)
Third party debt issuance fees
 
(3.9
)
Total loss on extinguishment and modification of debt
 
$
(29.7
)