Debt

Debt consisted of the following (dollars in thousands):



	September 30, 2014			December 31, 2013			Weighted Average Stated Interest Rate at September 30, 2014	Final Maturity
2011 term loan A(1)	$	—		$	406,566		—	—
2011 term loan B(2)	978,178			978,178			7.25%	2018
Revolving credit facility(2)	—			—			—	2016/2017
9.875% senior notes(3)	440,000			500,000			9.875%	2020
8.50% senior notes	450,000			450,000			8.50%	2021
9.50% senior secured notes	450,000			450,000			9.50%	2019
9.50% add-on senior secured notes	200,000			—			9.50%	2019
9.50% add-on senior secured notes	320,000			—			9.50%	2019
11.00% / 12.00% senior secured PIK toggle notes	350,000			—			11.00%	2020
Other(4)	21,877			14,876			Various	Various
Debt discount, net	(19,658		)	(20,788		)	—	—
Total debt	3,190,397			2,778,832
Less: current debt(4)	(14,178		)	(9,210		)
Total long-term debt	$	3,176,219		$	2,769,622

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(1)	On March 27, 2014, the Company issued $200.0 million 9.50% Senior Notes due 2019 and $350.0 million 11.00%/12.00% Senior Secured PIK toggle notes due 2020 and utilized the proceeds to repay in full term loan A debt, increase liquidity and pay related fees and expenses.


(2)	As of September 30, 2014, the revolving credit facility and term loan B interest rates were tied to LIBOR or CDOR, plus a credit spread of 550 basis points for the revolving credit facility ("revolver") and 675 basis points with a minimum LIBOR floor of 100 basis points for the term loan B.

(3)

On April 23, 2014 and August 7, 2014, the Company issued an aggregate of 3.15 million shares and 2.25 million shares of its common stock, respectively, in exchange for $35.0 million and $25.0 million of its 9.875% Senior Notes due 2020, respectively. The Company recognized a net gain of $9.9 million and $21.3 million for the three and nine months ended September 30, 2014, respectively, in gain (loss) on extinguishment of debt in the Condensed Consolidated Statements of Operations.


(4)	Includes capital lease obligations and an equipment financing agreement.

Credit Agreement Amendments

In July 2014, the Company entered into two amendments (the “Seventh Amendment” and the "Eighth Amendment") to the 2011 Credit Agreement dated as of April 1, 2011 (as amended, the “Credit Agreement”), which, among other things, modified the financial maintenance ratio to be unlimited for the quarter ended June 30, 2014 and reduced the revolver to $76.9 million, both predicated on the issuance of additional first lien notes. On July 14, 2014, the Company issued $320.0 million of 9.50% Senior Secured Notes (the “New First Lien Notes”).

The Company recognized expense of $6.5 million of accelerated amortization of previously capitalized debt issuance costs related to the credit agreement amendment, which is included in gain (loss) on extinguishment of debt in the Condensed Consolidated Statements of Operations.

New First Lien Notes

On July 14, 2014, the Company issued the New First Lien Notes. The New First Lien Notes are an addition to the $450.0 million of the Company’s 9.50% Senior Secured Notes due 2019 that were issued in September 2013 and the $200.0 million of 9.50% Senior Secured Notes due 2019 (the “Add-On 2019 Notes”) that were issued in March 2014 (collectively, the “First Lien Notes”). The First Lien Notes will mature on October 15, 2019, and interest is payable on April 15 and October 15 of each year. The next interest payment date for the First Lien Notes is April 15, 2015.

The First Lien Notes are unconditionally guaranteed, jointly and severally, by certain 100% owned U.S. domestic restricted subsidiaries of the Company (the "Guarantors") and are secured on a first priority basis, equally and ratably with the Company’s Credit Agreement and any future pari passu secured obligations (subject to permitted liens) on substantially all of the Company’s and the Guarantor’s property and assets, which also secure the Company’s 11.0%/12.0% Senior Secured PIK Toggle Notes due 2020 (the “Second Lien Notes”) on a second priority basis.

At any time prior to October 15, 2016, the Company may redeem up to 35% of the First Lien Notes with the net cash proceeds from certain equity offerings, at a redemption price of 109.50% of the principal amount. The Company may redeem the First Lien Notes, in whole or in part, prior to October 15, 2016, at a redemption price equal to 100% of the principal amount plus a “make-whole” premium. The Company may redeem the First Lien Notes, in whole or in part, at redemption prices equal to 107.125% of principal amount for the year commencing October 15, 2016, 102.375% of principal amount for the year commencing October 15, 2017 and 100% of principal amount beginning on October 15, 2018. Upon the occurrence of a change of control, unless the Company has exercised its right to redeem the First Lien Notes, the Company will be required to offer to repurchase each holder’s First Lien Notes at a price equal to 101% of the principal amount.

The Company's minimum debt repayment schedule, excluding interest, as of September 30, 2014 is as follows (in thousands):



	Payments Due
	2014		2015		2016		2017		2018		Thereafter
2011 term loan B	$	—	$	—	$	—	$	—	$	978,178	$	—
9.875% senior notes	—		—		—		—		—		440,000
8.50% senior notes	—		—		—		—		—		450,000
9.50% senior secured notes	—		—		—		—		—		450,000
9.50% add-on senior secured notes	—		—		—		—		—		200,000
9.50% add-on senior secured notes	—		—		—		—		—		320,000
11.0% / 12.0% senior secured PIK toggle notes	—		—		—		—		—		350,000
Other	3,580		12,535		5,762		—		—		—
	$	3,580	$	12,535	$	5,762	$	—	$	978,178	$	2,210,000