Long-term Debt

Our long-term debt outstanding consists of the following (in millions):



	September 30, 2014			December 31, 2013
Credit Agreement—
Advances under revolving credit facility	$	—		$	45.0
Term loan facility	—			—
Bonds payable—
7.25% Senior Notes due 2018	272.3			272.4
8.125% Senior Notes due 2020	286.9			286.6
7.75% Senior Notes due 2022	252.4			252.5
5.75% Senior Notes due 2024	456.3			275.0
2.0% Convertible Senior Subordinated Notes due 2043	255.8			249.5
Other notes payable	41.9			47.6
Capital lease obligations	84.3			88.9
	1,649.9			1,517.5
Less: Current portion	(208.5		)	(12.3		)
Long-term debt, net of current portion	$	1,441.4		$	1,505.2

The following chart shows scheduled principal payments due on long-term debt for the next five years and thereafter (in millions):



	Face Amount		Net Amount
October 1 through December 31, 2014*	$	273.3	$	274.2
2015	9.0		9.0
2016	9.0		9.0
2017	8.1		8.1
2018	8.6		8.6
2019	11.5		11.5
Thereafter	1,389.1		1,329.5
Total	$	1,708.6	$	1,649.9

*See discussion below regarding the notice and redemption of our 7.25% Senior Notes due 2018.

On September 18, 2014, we issued an additional $175 million of our existing 5.75% Senior Notes due 2024 at a price of 103.625% of the principal amount, which resulted in approximately $182 million in net proceeds from the public offering. The additional notes will be governed by the previously executed agreements for our 5.75% Senior Notes due 2024.

On September 22, 2014, we amended our existing credit agreement to, among other things:


•	add a new $150 million term loan facility in addition to our existing $600 million revolving credit facility;


•	permit additional restricted payments so long as the senior secured leverage ratio remains less than or equal to 1.75x (previously 1.50x);


•	increase the amount of permitted capital expenditures in a given year from $250 million to $300 million; and


•	set the maturity date for both the revolving credit and term loan facilities to September 20, 2019, which represents a one-year extension for our existing revolving credit facility.

We may borrow amounts under the term loan facility on or before March 31, 2015. Amounts drawn under the term loan facility are subject to the same applicable interest rate schedule as amounts drawn under our existing revolving credit facility, which rate is currently LIBOR plus 1.75 percent. Amounts drawn under the term loan facility are payable in equal consecutive quarterly installments, commencing on March 31, 2015, of 1.25% of the aggregate principal amount of the term loan outstanding as of March 31, 2015. We have the right at any time to prepay, in whole or in part, any borrowing under the term loan facility.

On August 29, 2014, we gave notice of, and made an irrevocable commitment for, the redemption of all the outstanding principal amount of our 7.25% Senior Notes due 2018. On October 1, 2014, we used the net proceeds from the additional offering of our 5.75% Senior Notes due 2024, a $75 million draw under our term loan facility, and cash on hand to execute the redemption. Pursuant to the terms of the 7.25% Senior Notes due 2018, this redemption was made at a price of 103.625%, which resulted in a total cash outlay of approximately $281 million to retire the approximately $271 million in principal. Additionally, on October 24, 2014, we gave notice of the redemption of approximately $25 million of the outstanding principal amount of our existing 7.75% Senior Notes due 2022. Pursuant to the terms of the 7.75% Senior Notes due 2022, this optional redemption will represent 10% of the outstanding principal amount of the notes at a price of 103%, which will result in a total cash outlay of approximately $26 million when the transaction closes in December 2014. As a result of these redemptions, we expect to record an approximate $13 million loss on early extinguishment of debt in the fourth quarter of 2014.

For additional information regarding our indebtedness, see Note 8, Long-term Debt, to the consolidated financial statements accompanying the 2013 Form 10-K.