Note 10—Debt

Our total debt as of March 31, 2018 and December 30, 2017 was as follows:


	March 31, 2018						December 30, 2017
(in millions of U.S. dollars)	Principal		Unamortized Debt Costs		Net		Principal		Unamortized Debt Costs		Net
10.000% senior notes due in 2021¹	$	—	$	—	$	—	$	269.9	$	—	$	269.9
5.375% senior notes due in 2022		—		—		—		525.0		6.0		519.0
5.500% senior notes due in 2024		554.4		8.8		545.6		539.1		9.5		529.6
5.500% senior notes due in 2025		750.0		10.7		739.3		750.0		11.0		739.0
ABL facility		—		—		—		220.3		—		220.3
GE Term Loan		—		—		—		2.0		—		2.0
Short-term borrowings		3.7		—		3.7		0.8		—		0.8
Capital leases		5.9		—		5.9		6.4		—		6.4

*Total debt*		1,314.0		19.5		1,294.5		2,313.5		26.5		2,287.0
Less: Short-term borrowings and current debt:
ABL facility		—		—		—		220.3		—		220.3

*Total short-term borrowings required to be repaid or extinguished as part of divestiture*		—		—		—		220.3		—		220.3
GE Term Loan—current maturities		—		—		—		2.0		—		2.0
Short-term borrowings		3.7		—		3.7		0.8		—		0.8
Capital leases—current maturities		2.1		—		2.1		2.3		—		2.3

*Total current debt*		5.8		—		5.8		225.4		—		225.4
Less: Debt required to be repaid or extinguished as part of divestiture 5.375% senior notes due in 2022		—		—		—		525.0		6.0		519.0

*Total debt required to be repaid or extinguished as part of divestiture*		—		—		—		525.0		6.0		519.0

*Total long-term debt*	$	1,308.2	$	19.5	$	1,288.7	$	1,563.1	$	20.5	$	1,542.6

^1.	Includes unamortized premium of $19.9 million at December 30, 2017.

10.000% Senior Notes due in 2021

On January 30, 2018, we used a portion of the proceeds from the Transaction to redeem the remaining $250.0 million aggregate principal amount of the DSS Notes. The redemption of the DSS Notes included $12.5 million in premium payments, accrued interest of $10.3 million and the write-off of $19.6 million of unamortized premium.

5.375% Senior Notes due in 2022

On January 30, 2018, we used a portion of the proceeds from the Transaction to redeem the 2022 Notes. The redemption of the 2022 Notes included $21.2 million in premium payments, $2.2 million in accrued interest and the write-off of $5.9 million of deferred financing fees.

GE Term Loan

On January 30, 2018, we used a portion of the proceeds from the Transaction to pay the remaining $1.9 million outstanding balance of the GE Term Loan.

ABL Facility

On January 30, 2018, we used a portion of the proceeds from the Transaction to repay $262.5 million of our outstanding balance on the ABL facility.

On January 30, 2018, we amended and restated the Amended and Restated Credit Agreement, dated as of August 3, 2016, as amended, which governed our prior ABL facility. Under the credit agreement governing the ABL facility, as amended and restated, Cott and its restricted subsidiaries are subject to a number of business and financial covenants, including a minimum fixed charge coverage ratio, which measures our ability to cover financing expenses. The minimum fixed charge coverage ratio of 1.0 to 1.0 is effective if and when there exists an event of default or aggregate availability is less than the greater of 10% of the Line Cap under the ABL facility or $22.5 million. Line Cap is defined as an amount equal to the lesser of the lenders’ commitments or the borrowing base at such time. If an event of default exists or the excess availability is less than the greater of 10% of the aggregate availability under the ABL facility or $22.5 million, the lenders will take dominion over the cash and will apply excess cash to reduce amounts owing under the facility.

The amendment to the ABL facility was considered to be a modification of the original agreement under GAAP. We wrote off $2.5 million of existing deferred financing fees and the remaining $2.5 million of unamortized deferred financing costs along with $1.5 million of deferred financing costs incurred in connection with the amendment to the ABL facility are being amortized using the straight-line method over the duration of the ABL facility.