Long-Term Debt

9 Months Ended

Sep. 30, 2011

Long-Term Debt [Abstract]

LONG-TERM DEBT

NOTE 5 — LONG-TERM DEBT

A summary of long-term debt at September 30, 2011 and December 31, 2010, including related interest rates at September 30, 2011, follows (dollars in millions):

	September 30, 2011		December 31, 2010
Senior secured asset-based revolving credit facility (effective interest rate of 1.7%)	$	1,730	$	1,875
Senior secured revolving credit facility (effective interest rate of 1.9%)		460		729
Senior secured term loan facilities (effective interest rate of 7.4%)		7,473		7,530
Senior secured first lien notes (effective interest rate of 7.7%)		7,079		4,075
Other senior secured debt (effective interest rate of 7.0%)		314		322
First lien debt		17,056		14,531
Senior secured notes (effective interest rate of 11.0%)		196		4,501
Senior secured toggle notes		—		1,578
Second lien debt		196		6,079
Senior unsecured notes (effective interest rate of 7.2%)		9,344		7,615
Total debt (average life of 7.1 years, rates averaging 7.0%)		26,596		28,225
Less amounts due within one year		725		592
	$	25,871	$	27,633

On May 4, 2011, we completed amendments to our senior secured credit agreement and senior secured asset-based revolving credit agreement, as well as extensions of certain of our term loans. The amendments extend $594 million of our term loan A facility with a final maturity of November 2012 to a final maturity of May 2016 and $2.373 billion of our term loan A and term loan B-1 facilities with final maturities of November 2012 and November 2013, respectively, to a final maturity of May 2018.

On June 2, 2011, we redeemed all $1.000 billion aggregate principal amount of our 9 ¹/ ₈% senior secured notes due 2014, at a redemption price of 104.563% of the principal amount, and $108 million aggregate principal amount of our 9⁷/ ₈% senior secured notes due 2017, at a redemption price of 109.875% of the principal amount. The pretax loss on retirement of debt related to these redemptions was $75 million.

On August 1, 2011, we issued $5.000 billion aggregate principal amount of notes, comprised of $3.000 billion of 6.50% senior secured first lien notes due 2020 and $2.000 billion of 7.50% senior unsecured notes due 2022. On August 26, 2011, after the payment of related fees and expenses, we used the net proceeds from these debt issuances to redeem all of our outstanding $1.578 billion 9 ⁵/8 %/10  ³/8% second lien toggle notes due 2016, at a redemption price of 106.783% of the principal amount, and all of our outstanding $3.200 billion 9 ¹/4% second lien notes due 2016, at a redemption price of 106.513% of the principal amount. The pretax loss on retirement of debt related to these redemptions was $406 million.

On September 30, 2011, we refinanced our $2.000 billion asset-based revolving credit facility maturing on November 16, 2012 to increase the total capacity to $2.500 billion and extend the maturity to 2016.