LONG-TERM DEBT

A summary of the Company’s consolidated long-term debt as of March 31, 2016 and December 31, 2015 is outlined in the table below:



	Maturity Date	As of March 31, 2016			As of December 31, 2015
Revolving Credit Facility⁽¹⁾	April 2018	$	1,450.0		$	250.0
Series A-1 Tranche A Term Loan Facility⁽¹⁾	April 2016	—			140.4
Series A-2 Tranche A Term Loan Facility⁽¹⁾	April 2016	—			137.3
Series A-3 Tranche A Term Loan Facility⁽¹⁾	October 2018	1,780.6			1,881.5
Series A-4 Tranche A Term Loan Facility⁽¹⁾	April 2020	939.4			951.3
Series D-2 Tranche B Term Loan Facility⁽¹⁾	February 2019	1,089.2			1,087.5
Series C-2 Tranche B Term Loan Facility⁽¹⁾	December 2019	836.4			835.1
Series E-1 Tranche B Term Loan Facility⁽¹⁾	August 2020	2,532.1			2,531.2
Series F Tranche B Term Loan Facility⁽¹⁾	April 2022	4,047.8			4,055.8
Senior Notes:
7.00%	October 2020	688.1			688.0
6.75%	August 2021	646.3			646.1
7.25%	July 2022	542.4			542.1
6.375%	October 2020	2,227.7			2,226.5
6.75%	August 2018	1,589.9			1,588.8
7.50%	July 2021	1,610.4			1,609.7
5.625%	December 2021	893.5			893.2
5.50%	March 2023	991.0			990.6
5.375%	March 2020	1,981.0			1,979.9
5.875%	May 2023	3,216.1			3,215.0
4.50%⁽²⁾	May 2023	1,689.2			1,611.8
6.125%	April 2025	3,215.1			3,214.3
Other⁽³⁾	Various	12.3			12.3
		31,978.5			31,088.4
Less current portion		(675.1		)	(823.0		)
Total long-term debt		$	31,303.4		$	30,265.4

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(1)	Together, the “Senior Secured Credit Facilities” under the Company’s Third Amended and Restated Credit and Guaranty Agreement, as amended (the “Credit Agreement”).


(2)	Represents the U.S. dollar equivalent of Euro-denominated debt (discussed below).


(3)	Relates primarily to the debentures assumed in the acquisition of B&L.

The Company’s Senior Secured Credit Facilities and indentures governing its senior notes contain customary affirmative and negative covenants, including, among other things, and subject to certain qualifications and exceptions, covenants that restrict the Company’s ability and the ability of its subsidiaries to: incur or guarantee additional indebtedness; create or permit liens on assets; pay dividends on capital stock or redeem, repurchase or retire capital stock or subordinated indebtedness; make certain investments and other restricted payments; engage in mergers, acquisitions, consolidations and amalgamations; transfer and sell certain assets; and engage in transactions with affiliates. The indentures relating to the senior notes issued by the Company’s subsidiary Valeant contain similar covenants.

The Company’s Senior Secured Credit Facilities also contain specified financial maintenance covenants (consisting of a secured leverage ratio and an interest coverage ratio) and specified events of default. The Company’s and Valeant’s senior note indentures also contain certain specified events of default.

In addition, the recent amendment to the Credit Agreement, effective April 11, 2016 (the “April 2016 amendment”), imposes a number of additional restrictions on the Company until the Company achieves specified leverage ratios. See Note 18 for additional details on these restrictions.

The Company's delay in filing its 2015 Form 10-K resulted in a violation of covenants contained in the Company's Credit Agreement and senior note indentures, for which the Company received several notices of default in April 2016 in respect of certain series of the Company's senior notes. All defaults under the Credit Agreement resulting from the failure to timely deliver the 2015 Form 10-K were waived by the requisite lenders under the Credit Agreement by the April 2016 amendment, and the 2015 Form 10-K was filed within the extended timeframe granted to the Company as part of that amendment and waiver. The default under the Company’s senior note indentures arising from the failure to timely file the 2015 Form 10-K was cured in all respects by the filing of the 2015 Form 10-K on April 29, 2016. In addition, the Company's delay in filing this Form 10-Q resulted in a violation of covenants contained in the Company's senior note indentures, for which the Company received a notice of default in May 2016 and an additional notice of default in June 2016 in respect of certain series of the Company's senior notes. Any defaults under the Credit Agreement resulting from the failure to timely deliver the Form 10-Q were waived by the requisite lenders under the Credit Agreement by the April 2016 amendment and this Form 10-Q has been filed within the extended timeframe granted to the Company as part of that amendment and waiver. The default under the Company’s senior note indentures arising from the failure to timely file this Form 10-Q has been cured in all respects by the filing of this Form 10-Q. See Note 18 for additional information regarding the amendment and waiver to the Credit Agreement and these notices of default.

The total fair value of the Company’s long-term debt, with carrying values of $31.98 billion and $31.09 billion at March 31, 2016 and December 31, 2015, was $27.72 billion and $29.60 billion, respectively. The fair value of the Company’s long-term debt is estimated using the quoted market prices for the same or similar debt issuances (Level 2).

Senior Secured Credit Facilities

The effective rates of interest for the three-month period ended March 31, 2016 and the applicable margins available as of March 31, 2016 on the Company's borrowings under the Senior Secured Credit Facilities were as follows:



			Margins⁽²⁾
	Effective Interest Rate		Base Rate Borrowings		LIBO Rate Borrowings
Revolving Credit Facility	2.87	%	1.25	%	2.25	%
Series A-1 Tranche A Term Loan Facility	2.68	%	1.25	%	2.25	%
Series A-2 Tranche A Term Loan Facility	2.68	%	1.25	%	2.25	%
Series A-3 Tranche A Term Loan Facility	2.72	%	1.25	%	2.25	%
Series A-4 Tranche A Term Loan Facility	2.90	%	1.25	%	2.25	%
Series D-2 Tranche B Term Loan Facility⁽¹⁾	3.52	%	1.75	%	2.75	%
Series C-2 Tranche B Term Loan Facility⁽¹⁾	3.77	%	2.00	%	3.00	%
Series E-1 Tranche B Term Loan Facility⁽¹⁾	3.75	%	2.00	%	3.00	%
Series F Tranche B Term Loan Facility⁽¹⁾	4.00	%	2.25	%	3.25	%

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(1)	Subject to a 1.75% base rate floor and a 0.75% LIBO rate floor.


(2)	The applicable margins included in the table do not reflect the changes from the April 2016 amendment. See Note 18 for additional information regarding the amendment and waiver to the Credit Agreement.

On April 1, 2016, the Company made a voluntary prepayment in the amount of $125 million that was applied pro rata across the Company's term loans. The voluntary prepayment represented an estimate of the mandatory excess cash flow payment for the fiscal year ended December 31, 2015 based on preliminary 2015 results at the time.